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Audit and Assurance

Our audit and assurances service offerings are based on a complete understanding of the clients’ business specifics, industry peculiarities and the applicable laws. The audit approach is based on the compliance issues, the nature and requirement for audit, the clients’ requirement and key risk issues involved. Our audit and assurance solutions range from statutory audits, internal audits, tax audits, transfer pricing audits, management audits, concurrent audits etc. The audit deliverables range from reporting for statutory compliances to enhancing the clients business financial and operational performance.

2.1 STATUTORY AUDIT

We conduct statutory and regulatory compliance audits for filing of annual or periodic financial results. Statutory audits are aimed at achieving compliance with regulations, assessing the strength of controls, confirmation of accounting treatments of recorded transactions, independent review of reported information and preparation of accountants report.

2.2 TAX AUDITS

We annually serve our clients in area of tax audit under various provisions of the tax laws. The firm has dedicated audit teams which specialize in conducting the audits effectively and diligently.

2.3 ADVISORY SERVICES

We offer multi-disciplinary advisory services to clients in its main areas of practice i.e. taxation and regulatory, audit and assurance and company law. Besides the firm also offers advisory solutions on partnership and LLP laws, societies and trusts laws, exchange control regulations, employee benefit regulations etc. Our advisory services deliverables are based on gaining an understanding of clients’ query, thorough research on the subject, in-house threadbare discussions on all possible solutions, considering myriad options, application of knowledge and experience on the issues and providing an informed opinion on the query.

2.4 INTERNAL AUDIT

Our audit and assurances service offerings are based on a complete understandin g of the clients business specifics, industry peculiarities a nd the applicable laws. The audit approach is based on the compliance issues, the nature and requirement for audit, the clients requirement and key risk issues involved. The audit deliverables range from reporting for statutory compliances to enhancing the clients business financial and operational performance.

We deal with issues that are funda mentally important to the survival and prosperity of any organisation. We look beyond financial risks and statements to consider wider issues such as the organizations reputation, growth, its impact on the environm ent and the way it treats its employees.

In sum, we help organizations to succeed. We do this through a combination of assurance and consulting. The assurance part of our work in volves telling managers and governors how well the systems and processes designed to keep the organisation on track are working. Then, we offer consulting help to improve those systems and processes where necessary.

Monitor and assist the Company with Risk Management

  • Assist with documentation and development of the Company’s internal control fra mework
  • Monitor/test the effectiveness of the internal control framework (SOX 404 requirement; some testing recommended for all companies)
  • Monitor/test the companys operational processes for compliance, efficiency, safety etc.

2.5 AUDITS OF INTERNAL FINANCIAL CONTROLS OVER FINNANCIALS REPORTING (IFC - FR)

Background of IFC
The Companies Act, 2013 has introduced a new requirement for listed companies, making the Board of Directors (Section 134), Audit Committee (Section 177) and Independent Directors (Schedule IV) responsible for laying down internal financial controls(IFC) and confirming the adequacy and operating effectiveness of the framework for Internal Financial Control (IFC).

Furthermore, under Section 143 of the Companies Act, the external auditors are required to separately issue opinion on the adequacy of IFC and the operating effectiveness of such controls

This framework focuses on financial controls effectiveness through a continuous cycle of self-assessment and independent credence based on various internal financial control elements.

We ensure the policies and procedure adopted by the company are:

  • Orderly and efficient conduct of its business, including adherence to company's policies.
  • Safeguarding of its assets
  • Prevention and detection of frauds and errors.
  • Accuracy and completeness of the accounting records
  • Timely preparation of reliable financial information.

How will IFC help beyond Compliances?

  • Helps in business process re-designing to plug revenue leakages & Cost containment opportunities.
  • Helps in rationalizing the number of controls across organisation moving to smart and automated controls and thereby making control environment efficient.
  • Helps in standardizing policies and procedures for multi-location/multi-business Companies.
  • Foster in control conscious work culture for people behind controls.
  • Provide assurance to the CEO/ CFOs well as improves business performance.
  • Improved investor confidence in entity’s operations and financial reporting process.
  • Process Owner Accountability and promoting culture of control consciousness within the entity.

Aimed at strengthening the processes to further improve business, identify cost containment opportunities as well as drive growth

2.6 GST AUDITS AND ADVISORY

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.

The scope of services is given below:

Develop an understanding of:

  • Transactions flow for each of the entities;
  • Recording of transactions and the applicable GST accounting in ERP or relevant electronic accounting system;
  • Interplay between Transaction Accounting and Reporting for relevant GST compliance
  • Review of reconciliation between revenue reported in financials and revenue adopted for periodic GST payment and related filings.
  • Advice on the treatment of differences encountered at the time of reconciliation between monthly return with annual return and books.
  • Review of input credit availment &Utilisation process and reporting thereof in periodic GST filings.
  • Analysis of inward supplies to identify payments which are not made within 180 days and reversal of ITC thereon.
  • Analysis of input tax credit register to verify the eligibility (on sample basis)
  • Identifying differences, if any, between tax amounts collected for services provided & tax liability discharged and advise on treatment thereof based on the reasons of differences.
  • Review of details and information required to be reported in GST annual return and GST audit Forms as prescribed under the GST laws and regulations (Form GSTR 9 & Form GSTR 9C).
  • Review of procedural compliances, statutory reporting along with timelines and formats as prescribed under GST legislation.

BANK AUDITS

The bank audits are conducted as per requirements of the bank depending upon the periodicity (Monthly, Quarterly) as well as stock debtors audit, statutory audit.

 
     
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