Audit & Assurance

Statutory Audit

The basic purpose of statutory audits is to check if the company is true with the representation of it’s statement or not. This is done by checking the book keeping records, bank balances and statements. The Firm, based on years of expertise has developed, employs and implements the latest methods of audit ,for maximizing audit efficiency through a risk based international audit approach. This enables timely delivery and value added advisory services to clients.

The Firms delivers international expertise with a domestic approach for a cross section of industries and entities which are professionally managed or family run enterprises

Internal Audit

Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.

Internal audits help companies in risk management and evaluation. This strategy can be derived to mitigate the risk which will help the company working effectively, efficiently and any non compliances are timely detected.. Also it keeps a check on the company’s Internal Control and Corporate Governance.

Risk management is a big concern for both audit committees and senior management in Corporates. Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. With commitment to integrity and accountability, internal auditing provides value to senior management as an objective source of independent advice.

Income Tax Audits

Tax audits are to ensure if a company is paying taxes or not, or if a company is using unethical means to reduce taxes or is not paying the accurate taxes. It is mandatory for all the tax payers above a certain turnover to go through this process.

Our process of Income Tax Audits assures that that the business are tax compliant and there will be no penalties or disallowance at the time of Departner Assessment.

GST Audits

Goods and Services Tax, implemented on 1st July 2017, in India has bought in rapid changes in how businesses operate. Unlike the older regime, compliances under Goods and Services Tax are self assessed. Thus, many businesses complete the compliances at their end which brings along multiple challenges. These challenges in the new GST Law makes taxpayers prone to errors. This further leads into unintentional drain of Government’s revenue and thus, Interest and penalties being imposed on businesses.

GST Audit provides a final opportunity to all such Businesses to revisit their filings and be compliant with ever changing and tough GST Laws. GST too necessitates audit beyond certain turnover limits by tax professionals.

Concurrent Audits

They are similar to Internal Audits and are done on the regular interval basis. They ensure the standard of the operations being conducted in the company and also the effectiveness and efficiency of the same. They assist the business internally on a regular basis.

Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of all transactions. Concurrent Audits is usually done for Banks, Insurance Companies, Government Entities or Financial Institutions.

Forensic Audit

Forensic Audit is basically another upward level of assurance which involves a mix of Auditing Skill Set along with Investigative Abilities of a detective. The requirement of Forensic Accounting comes due to a high rate of white collar crimes all across the businesses. These could be either manipulated financial statements, vendor favoritism, dummy vendors/customers and such other frauds.

To detect, improve or mitigate chances of fraud or misappropriation of resources or funds the businesses appoint experts to conduct the Forensic Audits.

IT Audits

Technology plays a major role in facilitating all functions of business in this era, not just in transaction capturing and processing but even in lesser known areas like Corporate Governance and Risk Management.

An IT audit is the examination and evaluation of an organization’s information technology infrastructure, policies and operations. Information technology audits determine whether IT controls protect corporate assets, ensure data integrity and are aligned with the business’s overall goals.

SOP Audits

Standard Operating Procedures Audit is another form of Management Audit. Standard Operating Procedures is a step by step instructions compiled by any organisation to help workers carry out complex daily operations. This document needs to enable plenty of Internal Controls to achieve working efficiency, quality of output and uniformity of working styles across all work force. This also reduces miscommunications and reduces the points of failures and dependency.

Auditors are appointed to study the SOPs drafted and suggest, guide and improve the controls and failure points. Further, the auditors also verify concurrently the process for flaws and deviations.

Revenue Audits

A revenue audit is a two-tier process that scrutinizes the figures and information as given in tax returns against those found in its business records of an entity. Further, it also checks and plugs the revenue leakages in the business.

Further the other types of additional Audits are:

• Cost Reduction Audit – Audit of business operations, processes and transactions, identifying loopholes and providing suggestive cost effective measures.

• Management Audit – Audit of specific operational management functions (viz. purchase, sales, inventory, fixed assets, special purpose accounting, mergers, acquisitions etc.) wherein we closely work with the management in improving overall efficiency.

• Mystery Audit –   Set of activities that enable the organization to monitor its performance in an anonymous and confidential manner. Mystery audit enables to check the performance levels of a service and malfunctions, better understand the customer’s expectations, assess the competence of the staff and the effectiveness of the training provided, compare their efficiency in terms of productivity, quality and business practices with competitors, collect data and information to new market research.

• Review of Financial Statements – Ensuring financial statements in accordance with Indian GAAP, US GAAP and IFRS.