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| - Audit & Business Assurance Services - |
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Service Offerings: Statutory Audits Tax Audits Compliance Audits Special Investigation Audits Certification Services including Corporate Governance Statutory Audits: Continuing globalization increases the complexity of the environment in which organizations operate. Increasing compliance of legislation and regulations will have important implications. The principal objective of a statutory audit assignment is to ensure that the financial statements prepared by the management give a true and fair view and are free of any material misstatements resulting from frauds and errors. Our approach to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles and are free of any misstatements, errors and discrepancies. Our Approach: • Development of audit Plan • Conduct Internal Control &Risk evaluation • Perform Substantive Audit Test • Perform Compliance Audit Test • Discussion with Management • Obtain Management Representation Letter • Documentation & Presentation of the Report We for conducting Statutory Audit develop the audit plan, focusing on the risks inherent in client’s system of controls and plan our procedures accordingly. Our audit tools are tailored to organization’s environment. Our approach to Statutory Audit of the financial statements is to provide reasonable assurance of detecting any material misstatements in the financial statements resulting from frauds and errors. In undertaking the assignment we shall carry out the review of internal control procedures including the report of the Internal Auditor and solicit information from the management, after applying compliance and substantive tests based on an understanding of client’s operations and application of laws and regulatory compliances. We undertake risk evaluation based on the standard operating procedures available to identify risk deficiencies on various operational parameters of the client. Our approach provides assurance on the fairness of the financial statements for shareholders, management, creditors, vendors, regulators and investors. The audit results provide insights to help improve the client business and suggest ways that might strengthen the internal control over financial reporting, including safeguarding of assets. Tax Audits: We conduct Tax Audit of assessees as required under Section 44 AB of the Income Tax Act, 1961. A Tax Audit involves expression of opinion on the truth and correctness of certain factual details by assessees to the Income Tax Department to enable proper assessment of tax by the Department. Our endeavor is to mitigate the burden of tax and to review that disallowances and deductions if any, under the various provisions of Income Tax Act, 1961 are properly and correctly calculated, so that the income assessable can be computed correctly. Our Approach: • Development of audit Plan • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account as per the requirements of the Income Tax Act, 1961. • Checking the correctness of the Valuation of stock • Checking the correctness of the Claimable deductions as allowed in the Income Tax Act, 1961 including compliance norms as set out by the Income Tax Act, 1961. • Issuing the Report of Tax Audit as required by the Income Tax Rules in the prescribed format. Compliance Audits: Compliance audit provides a comprehensive insight into the functioning and effectiveness of compliance management processes. The process and controls review helps in identification of high-risk areas and suggesting suitable measures for compliance risk management to the existing compliance processes. It provides an independent assurance to the Board of Directors and members of the audit committee regarding compliance status. Compliance audit also evaluates the adequacy and effectiveness of the internal control system mechanism within the company. We Endeavor: • To evaluate the adequacy and effectiveness of the internal compliance monitoring mechanism within a company • To evaluate various regulatory compliances to be made by the Company • To provide an assurance to the Board and the audit committee about the policies of the company vis-à-vis the various compliance rules Special Investigation Audits: We also undertake special investigation audit of the books of account for special purposes including detection of fraud, causes of sickness, compliance of terms underlying an agreement, tax evasion. These Audits include assignments of Securities and Exchange Board of India (SEBI), Ministry of Company Affairs (MCA), Government of India, Income Tax Department, Comptoroller & Auditor General of India (CAG). Our Approach: • To ensure that the financial Statements are prepared as per Generally Accepted Accounting Policies, Practices and Standards • To carry out detailed analysis of the accounting statements to ensure that it has been prepared based on identified contingencies and provisions • To identifying the leakages of revenue to the organization, persons responsible for such leakages and various steps available for the recovery • To suggest corrective actions to be taken to prevent such incidents in future • To cover other financial investigation as per terms of assignment. Certification Services including Corporate Governance: Corporate governance is the mechanism by which values, principles, management policies and procedures of a Company are made manifest in the real world. It refers to the entire system by which a Company is managed and monitored, its corporate principles and guidelines and the system of internal and external controls and supervision to which the Company’s operations are subjected. Good transparent corporate governance ensures that the Company is managed and monitored in a responsible manner geared to value creation. Corporate governance is concerned with both the internal aspects of the Company, such as internal controls, and the external aspects such as an organisation’s relationship with its shareholders and other stakeholders. Transparency and accountability are the fundamental principles to good corporate governance. In a practical sense, corporate governance provides a structure through which the means of achieving an organisation’s set objectives and monitoring performance is determined. It involves a cohesive set of relationships among an organisation’s Board of Directors, its management, its shareholders and other stakeholders. The Board of Directors represents the interests of the Company’s shareholders, the owners of the Corporation, in optimising long-term value by providing the Company guidance and strategic vision on shareholders’ behalf. The Board is also responsible for ensuring that the Company’s management and employees operate with the highest degree of ethical standards. |
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