Audit & Assurance
Our Audit & Assurance services are designed to provide first-rate support which provides a response to the change that takes place within the organization or within the industry. We help you in meeting all relevant professional standards and also help to effectively identify key risks with our robust assurance services. Every insight we provide helps to improve opportunities.
The systems or processes we help put in place are:
Statutory Audit
Under various kinds of statutes, all the businesses or entities require to have their accounts audited properly. We ensure that the financial reports and statements disclose a true and fair view of the operations of the organization.
Internal Financial Control Audit (IFC) (IFRS/Ind AS/AS)
Assurance services are at the core of any successful and visionary Financial Management setup. Employing advanced techniques and creative approach in Auditing for better financial and administrative controls, we also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls.
- Compliance with regulations
- Advice on controls and processing system weaknesses
- Confirmation of accounting treatments with respect to complex transactions
- Increased monitoring of prospective accounting and regulatory changes
- Independent review of externally reported information
- Accountants’ reports
Internal, Concurrent, Revenue, Stock Audit
An effective internal audit is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organization. Organizations are increasingly leveraging internal audit as a strategic resource, recognizing that internal auditors' broad and deep perspective of operations, risks and potential opportunities can help inform business decision-making.
Income Tax and GST Audit
Income tax and GST audit seeks to verify the books of accounts of assessee to comply with Income Tax Act and GST Act respectively. Tax Audits are mandatory where the turnover crosses the specified limits.
We conduct audit of books of accounts under GST which would cover following aspects:
- Review of inward and outward supplies declared in return to ensure that it included all outward supplies made.
- Review of liability calculated under reverse charge mechanism.
- Review of all deductions claimed including sales returns, abatements, exemptions.
- Review of classification, rate of goods which should be according to provisions of GST.
- Review of input tax credits claimed on inputs, input services and capital goods.
- Review of reconciliation statements are to be filed along with a certified audit report.
- Conducting audit in accordance with all other requirements as per GST Act.
Transfer Pricing Audit
Transfer pricing (TP) is a term used to describe intercompany pricing arrangements relating to transactions between related entities. Such inter-company transactions, domestically and across borders, are growing rapidly and are becoming much more complex. We assist in the development of tax-efficient structures that help increase compliance with local country requirements, prepare for audit response, resolve transfer pricing disputes and decrease transfer pricing exposure in future periods.
System Audit
Information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure. With the increasing use of technology, it has become necessary to be protected from data security. The purposes of an IT audit is to evaluate the system’s internal control design and effectiveness.
Forensic Audit and Due Diligence Audit
A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a court of law or legal proceeding. Forensic auditing is a specialization within the field of accounting. A forensic audit is conducted to prosecute a party for fraud, embezzlement, or other financial crimes. Investigation, Fraud Risk Management, Software Management are the core areas to be covered during this Audit.
Due diligence is used to inspect and analyse a business possibility. The term implies a universal responsibility to exercise vigilance in the firm’s proceedings. It looks into the past, present as well as the probable future of the enterprise.
Key Offerings:
- Buying a company due diligence
- M&A due diligence
- Financial due diligence
- Customer due diligence
- Vendor due diligence
Bank Audits
Banks are the cornerstone of an economy. They handle huge amounts of public deposits and savings, so they have to be closely monitored and reviewed. A bank audit is one important process of this monitoring. Other than this, there are other special transactions which include the provisions for NPAs (non-performing assets), maintaining credit ratios, fulfilling RBI’s statutory requirements etc.
Cost Audit
Cost audit work has been beneficial for Cost Optimization, Logical identification of Cost Drivers, Transfer Pricing Assessments, Understanding the cost impact of various overheads on products and profitability, Revision of prices for products based on the audited numbers.
