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Auditing and Assurance Service

Assurance Service is an independent professional service, with the goal of improving the information so that decision makers can make more informed, and presumably better decisions. Assurance Services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information).
Audits can be considered a type of assurance services. The audit may be required by statute; and if properly implemented, it can become a useful management tool. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles together with Accounting Standards/ IAS/IFRS and that they represent a true and fair view of the state of affairs of the organization.
Our Services are categorised as under:

Statutory Audit :

  • Audit under Companies Act / LLP Act
  • Audit under Income Tax Act
  • Audit under GST Law

Internal Audit and Control :

  • Internal Audit and Risk Based Process Audit
  • Internal Financial Control
  • Special Purpose Audit

Audit may be required by Statute and if properly implemented, it can become a useful management tool. Certain audits are demanded by Laws such as Companies Act, Income Tax Act and GST Law.

Companies Audit :
The Companies Act, 2013 has made it mandatory for the Companies to get their books of accounts audited. We assist Companies to Audit their books as per the provisions of the Companies Act and comply with the requirement of Law. Under this Audit, we make sure that the accounts presented to stake holders are drawn up on correct accounting principles together with Accounting Standards/ Ind-AS and that they represent a true and fair view of the state of affairs of the organization.

Tax Audit :
The Income Tax Act has made it mandatory for specified person to get their books of accounts audited as per the requirements of the Income Tax Act. Tax Audit is carried out to ensure that the effect of the provisions of the Income Tax Act is being factored in accurately by the specified person and the same is being audited by the Independent Practicing Professional. This audit effectively curbs tax evasion and ensures tax compliances. Effective tax audits, brings on table in advance, the various errors in books of accounts which are prone to tax adjustment during assessment by Tax Authorities.
We assist such specified persons to Audit their books as per the provisions of the Income Tax Act and comply with the requirements of Tax Law.

GST Audit :
GST is the Goods and Services Tax levied by Centre and State both on the supply of goods and service. Audit is one of the four important pillars of GST Administration, the other three being Registration, Returns and Refunds.
If the turnover of any person exceeds the prescribed limit, Audit under GST Law is mandatory. We assist such Organisations in carrying out the Audit as per the provisions of the GST Law and comply with the requirements of Law.

The increased complexity of business has increased the risk in many folds. It has become very much important to scrutinise the high risk area or processes. Under an assurance engagement, we provide a variety of services like preparing Risk Based Internal Audit (IA) Plan, Risk Based Internal Audit, Preparing Internal Audit Manual etc.
Assurance services tend to be customized and implemented as per the requirement of the Management/Regulators.
Our Services are categorised as under:

  • Internal Audit and Risk Based Process Audit
  • Special Purpose Audit
  • Transaction Audit
  • Concurrent Audit

 Internal Audit and Risk Based Process Audit :
There are numerous processes in an Organisation. High risk is associated with certain critical process of an Organisation and some irregularities may directly affect the cash flow.
We help organisation to analyse the high risk processes and then audit such high risk processes with the objective to examine the effectiveness of existing policies and possible revenue leakages.

We assist in :
i. Identifying High Risk Areas of Business
ii. Preparing Risk Based Internal Audit (IA) Plan
iii. Preparing Internal Audit Manual
iv. Preparing Risk Radar

The example of Process Audit :
a. Purchase: Linking the receipt of product/service to Receipt of Invoice and then to Payments.
b. Sales: Linking the Sale of Goods/Service to Generating Invoice and then to Receipt of amount.
c. HR & Training: Verification of Recruitment and Training Process in the Organisation as per the set policies and procedures etc.

Internal Financial Control :
Transaction Audit is the traditional audit procedure wherein the accounting and records of each transaction is verified. Due to increasing number of transactions, a selected number of specific transactions are tested (Transaction Test) to see if controls are performing properly.
We verify the Invoice of Sales, Purchase and Expenses etc. with the policy of an organisation and provide management with the report of findings and possible suggestions to improve the effectiveness and accuracy.
We also assist in setting up Internal Control, Testing Control and Implementation of the same.

Special Purpose Audit :
There are number of non statutory audit assignments and other specific reviews. They are generally termed as Special Purpose Audit. Special Purpose Audits are the customised audit plans under which audit of special transactions/process are carried out as per the instructions of management. Such audits are generally done for the high value and/or high risk areas of business.
The example of Special Audit could be :

a. Physical Verification of Fixed Assets and Stock :
We assist management to identify and tag each and every fixed assets of an Organisation. We help to create the fixed assets register or stock register and reconciling with the fixed assets/stock report available with an Organisation.

b. Special Purpose Report :
Organisation may require a report on certain financial or non financial transaction to confirm that they are in agreement with the contractual obligations or regulations stipulated.

c. Others :
i. Review of Foreign Exchange transactions
ii. Audit of a segment or department
iii. Performance audit
iv. Audit for loan purpose (Background Check, KYC Documents Check)

 
     
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