AUDIT & ASSURANCE
We endeavor to bring value to our clients through our Audit and Assurance services and believe that it should be undertaken with the positive outlook of ensuring that reasonable assurance can be made on financial statements and adequate disclosures are made in order to give a fair understanding to the readers of financial statement.
We give attention to details in a manner which is appreciated by our clients leading to greater client satisfaction. In our opinion, Audit when carried out as per client needs and regulatory requirements, adds value by assisting management in identifying risks, evaluating systems, and ensuring corrective action and fair disclosures. We also advise on the sound risk mitigation methodologies with futuristic outlook.
Auditing & Assurance Services include:
- Statutory Audits: We undertake audits of Corporate and Non-Corporate entities such as Companies, LLPs, Partnership Firms Proprietorships, Trusts etc. An auditor is required to express an opinion on whether the financial statements of an entity are true and fair as per applicable accounting standards (GAAP, Ind-AS, IFRS etc). As the change is the rule in any commercial environment, we keep track of changes in corporate and other laws, modifications in applicable accounting standards and broad emerging macroeconomic scenarios in which corporates and other entities operate.
- Tax Audits: Every business whose turnover exceeds Rs. 1 crore (Rs. 2 crores if the income is more than the threshold prescribed under 44AD) and a professional whose gross receipts exceeds Rs. 50 Lakhs, is required to get their financial statements audited as per the provisions of Indian Income Tax laws section 44AB. We cater to a variety of small, medium and large number of Corporate and Non-Corporate entities.
- Limited Reviews: Every Company who is listed on the Stock Exchange of India is required to get a quarterly Limited Review conducted.
- Internal/System audits: We undertake internal/system audits based on a risk focused approach. We discuss and identify, in consultation with the management, the overall risk management framework and the major types of risks impacting operational performance and financial position of the entity. We evaluate the operative effectiveness of design and implementation of internal controls as a preventive measure of risk management. We also identify, evaluate and continuously monitor various risk mitigation techniques report to management whether the financial impacts of risk events are kept well within the bounds of risk appetite of the management. We have extensive experience in handling internal audits and opining on the Internal Financial Controls (IFC) of companies. We also extend our professional experience in developing Standard operating procedures.
- Management Audits/ Operational Audits: This involves Audit of specific management functions wherein we assist the management in improving the overall efficiency and productivity by conducting Audit of select, specified management functions.
- IND AS / IFRS Convergence: India is in the process of converging the accounting practices and standards to International Standards and has adopted International Financial Reporting Standards (IFRS) and notified its modified version of IFRS called Indian Accounting Standards (Ind-AS), to suit the domestic environment in which entities operate. The accounting and reporting requirements under the current Accounting Standards in India are different as compared to Ind-AS. We have successfully assisted companies in India adopt and converge their accounting to Ind-AS from the currently applicable Accounting Standards. We also assist international companies situated in India to report their financial results– as per IFRS applicable to their parent organizations to facilitate seamless consolidation of holding subsidiary company financial statements as well as on the basis of locally applicable framework of accounting standards – Indian GAAP – which consist of the family of accounting standards and the recently adopted IND-AS.
- Management Information System (MIS) development: We assist entities to develop MIS reporting which would help the managements take informed and timely decisions. We design the MIS reports in a way to provide management with both Macro and Micro level view of the organization.
- Due diligence reviews: Due diligence is a key activity for any M&A transaction. We have successfully provided due diligence review reports of target (buy side or sell side) companies to our clients. The scope of our review covers financial due diligence, tax due diligence and corporate and secretarial due diligence.
- Forensic Audit / Investigation Audits: The Audit involves in detecting or mitigating the chances of fraud or misappropriation of enterprise resources.
- Certification and Attestation: CA Certificates are required for various matters in India. We undertake this activity and provide timely certificates to our clients.