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Audit and Assurance
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Audit and Assurance Services
Audit and Assurance Services
The firm has wide experience in the field of audit and assurance services for over 30 years. Our clients operate in various industries including but not limited to automobile, engineering, Restaurants, Retail Chains, food processing, textile, aviation industries, healthcare and medical, hospitality, logistics, real estate and construction, tour and travels, Banking and Financial services, IT and ITES, BPO's, NGO's.
The firm has audit experience in businesses of all sizes operating as Limited Companies, Private Limited Companies, Charitable Trusts, Partnership Firms, Proprietorship Concerns, Societies, Limited Liability Partnerships and other Social and Business Organizations.
Objective and scope of Audit and Assurance assignments are framed as per the nature of assignment i.e. statutory mandated requirements in the case of Audit under the Companies Act, 1956 (Commonly known as Statutory Audit) or Audit under Income Tax Act, 1961 (Commonly known as Tax Audit) or based on specific client requirements to ensure reliability & authenticity of financial statements and accounting procedures such as Internal Audit, special investigative audit, concurrent audit etc.
The Firm executes audit work of the clients strictly in accordance with audit standards with high degree of ethical and professional standards. The audit is performed with an objective of protecting the interests of concerned stakeholders. Our qualified and experienced team of the audit executives under the leadership of a senior auditors works with Senior Management of the client to study their working systems, nature and volume of business, applicable regulatory provisions, compliances to prepare the detailed audit program and conducts audit to produce reports to meet the objective of assignment with advise and suggestions as value addition on suitable changes, corrective measures required to provide efficient, valuable and beneficial services to clients.
Our Auditing services Include :
1. Statutory audit
2. Regulatory compliance & reporting
3. Independent controls & systems process assurance
4. Internal audit
5. Concurrent audits
6. Follow up audits
7. Consultation reviews
8. Special Investigations & Management Audit
The firm is well equipped with essential manpower and infrastructure to provide effective Assurance and Audit Services to the clients. The services are ethically carried out by our qualified and experienced professionals.
Statutory Audit Services
The statutory audit team of the Firm consists of experienced team of professionals trained extensively in auditing function and are updated on the ever changing compliance requirements and latest developments in corporate and taxation laws. The Statutory Audit approach of the Firm is to focus on key control and risk areas and follow an efficient and focused audit process.
The statutory audit department of the Firm is professionally qualified and trained to conduct audits under any applicable statute including The Companies' Act, 1956. During the audit process various Accounting, Auditing, Review and Other Standards are followed to ensure compliances, reliability and usability of the Financial Statements for most of the stakeholders.
Internal Audit Services
The Internal Audit Department ensures that the Internal Audit is conducted with the highest standards and auditing procedures to ensure total delivery of client's requirements. The reports are prepared keeping in view the scope of the audit and its objectivity and to provide assurance as to the error free running of the business systems by evaluating existing controls of an organisation and suggesting improvements.
While conducting internal audits we devise means and methods to streamline the working processes and advise maintenance of appropriate internal records and controls to establish fool proof systems & processes and to plan strategies for overall improvement of business. Our internal audit services go beyond ensuring the correctness of financial and accounting records and also include advising on better utilization of resources, better management of financial as well as non-financial functions etc based on our best understanding and findings of internal audit procedure. Accordingly, our recommendations are designed in a way to offer effective solutions and translate into cost reductions and improved productivity and sustainability for the enterprise. As part of the process, we regularly interact with the management, in order to provide constructive and value added feedback not only on the business of the company but also of the industry.
The Internal Audits that we conduct comprises of the following:
1. Accounting procedures manual
2. Compliance with management controls
3. System and process improvements
4. Financial improprietry and fraud audits
Tax Audit Services
The Tax Audit services include various audit procedures and reports prescribed under the Indian Income Tax Act, 1961. Essentially the Tax audit reports are done in legal compliance to the statutory provision of the act, however at the same time tax audit procedures also ensure compliance of various other acts such as ESIC, PF, Payment of Bonus goes beyond the common thinking of a mere compulsory compliance report. A designated team comprising of a professionals conducts the audit and also advices the clients on tax compliances.
Special/ Operational/ System Audits
System audits are undertaken as per special requirement and the audit programs are designed to address the issues based on scope and objective of the audits. A team of professionals are deputed to go through the processes and their respective compliance at each stage to ensure proper compliance as well as to detect and report deficiencies and weaknesses of the systems. The firm has specialized knowledge and expertise to conduct information system audits, to monitor and audit software based transactions.
During the history of 30 years of the firm, various statutory/ concurrent and stock audits have been performed for various nationalized and private banks. The wide experience of the firm in various fields enables a more comprehensive approach while conducting stock audits of the borrowers of a bank.
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