Audit


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Audit and Assurance

Broadly, Audit involves the following :

Indepth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
Ensuring compliance with policies, procedures and statutes.
Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
Checking the genuineness of the expenses booked in accounts.
Reporting inefficiencies at any operational level.
Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
Issue of Audit Reports under various laws.

In order to achieve the audit objectives the following key principles are followed

Focussing audit effort on risk and problem areas.
Placing a degree of reliance on internal controls and management information systems

One of the most important factors contributing to the achievement of audit objectives is effective communication and comprehensive follow-up with the client, for which we :

Meet with the client to ascertain whether any changes have taken place, which are material to the conduct of the audit.
Discuss the results of interim audit as well as internal audit reports

The Types of Audit which we conduct are broadly described as follows:

Statutory Audit:-

We perform statutory audits of companies in various sectors. Auditing is a specialized function having complex legal, economic and ethical implications. Sectoral expertise developed over a period of time through audit engagements has helped us do effective planning, which is essential to the success of each audit. Our audit approach is based on a well drawn up audit program adhering to the legal requirements and focusing on key control and risk areas enabling us to provide a straight forward, cost effective audit. Effective planning addresses the key issues of establishing an audit time table, selecting and deploying the right type of staff, reviewing the internal controls and internal checks, ascertaining the key areas where controls are required and laying down a program for the scheduled completion of work.

We ensure that the financial statements of the Company (ies) are prepared as per INTERNATIONAL ACCOUNTING STANDARDS.
We examine and attest the Company(ies) financial statements
We analyze the performance and provide the Management Reports to the Company (ies)
We evaluate and report on the internal controls
We provide assurance to the shareholders regarding the performance of the Company
We provide assurance to the lenders of the Company (ies) regarding the stability and financial position of the business
We provide assurance to the various regulatory authorities
Reviewing internal audit reports and placing due reliance on work carried out by internal audit teams wherever available.

Financial and Internal Audit:-

Increased pressures of working in competitive environment with multi-location businesses, has made it necessary for the management to be assured that the various key systems and operations are functioning according to the policies laid down by the management.

We analyze in depth, the internal controls and accounting policies
We provide regular reports on on-going working of the Company
We verify transactions and report compliance with respect to the Company(ies) policies & procedures
We ensure early detection of fraud and mitigate its effect on the business
We provide suggestions for improvement in the performance of the Company
We assist companies in improving their accounting and internal control systems.
We conduct Independent reviews for enhancement of productivity.
We Conduct Organisation Structure Studies and Strategic Planning with focus on core competencies
Services designed to provide recommendations, which translates into cost reductions and improved profitability.
We provide service of designing budgetary and control system
We conduct Financial Appraisals on behalf of lenders.
We provide Control Assurance Services that provide a reasonable degree of assurance to the top management about the day to day functioning of the enterprise.

Other Audit:-

Tax Audit under Section 44AB of the Income Tax Act, 1961.
Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
Concurrent Audits.
Revenue Audit of Banks.
Branch Audits of Banks.
Audit of Charitable Trusts, Schools, etc.
Audit of Co-operative Societies
Management Audit
Systems Control and special Review
Reviews for cost-savings and profitability Improvement