Auditing & Assurance Services
The auditing and assurance services are designed to deliver high-quality, reliable solutions that meet the client’s reporting needs and help design an effective financial reporting and internal control system. The engagement team is committed to delivering services that offer assurance to stakeholders and governing bodies concerning the accuracy, reliability, and compliance of financial reports prepared by management. We ensure that your financial operations are transparent, efficient, and compliant through wide-ranging auditing & assurance services.
Forensic Audit
A specialized auditing area where expertise investigates more narrow, targeted aspects of financial misconduct. The forensic audit services are designed to identify the following financial irregularities:
Conflicts of Interest, Bribery, and Extortion
We can also help you identify any corruption that may tarnish your organization’s image and disrupt its financial standing, including all sorts of bribes and extortion.
Asset Misappropriation is the most common fraud. We have forensic auditing catered to detect or avoid misappropriations of your company’s assets to keep it on sound footing.
Intentional Forgery of Accounting Records
We conduct a very serious investigation of any suspicion about manipulation or forgery in accounting records, which ensures the correctness and integrity of financial statements.
Prevention of Non-Performing Assets
In providing the identification of potential NPAs, we extend the preventive measures to organizations through which they can abate risks of bad loans and non-performing financial assets.
Statutory Audit
A statutory audit assurance helps ensure conformity with the laws and regulations relevant to the applicable finances in your business. Some of the statutory audit services include the following:
Compliance with GAAP
We guarantee that the financial statements are completed according to the Generally Accepted Accounting Principles, meaning your financial statement audit will be transparent and consistent.
Detection of Material Misstatement
We follow it up further to trace material misstatements, errors, or discrepancies in your financial statement for assurance of the reliability and accuracy of the information presented in your financial statement.
Monitoring Organizational Ethics
Verifying your organizational ethics that ensure all points of your operations are carried out ethically with high ethical standards.
Review of Operational and Financial Performance
The auditors follow through with comprehensive reviews of the operational and financial performances to have major areas of improvement and growth.
Quality, Economy, and Efficiency Review
We review whether your operations are performed at the most economically efficient levels of quality.
Recommendations for Improvement
The statutory audit produces recommendations for continuous improvement which are designed to enable you to improve your financial performance and organizational efficiency.
Internal Audit
An internal audit, therefore, is a management tool. It gives your organization an inside look into its operations, internal procedures, and financial status. The internal audit services include:
Management-Oriented Advice
We provide strategic advice to the management of your business regarding the most effective means of structuring the organizational setup while optimizing both the structure and the operational processes for efficiency.
Performance and Financial Services
The intended management uses internal audit service to evaluate the performance and financial edges of a business, thereby deriving improvement opportunities.
Efficiency, Economy, and Effectiveness
We help to evaluate the management processes to ensure economical and effective operations and, therefore, cost efficiency and operational excellence.
Operation Reliability and Accuracy Improved
We add value to your operations by ensuring that the financial and operational reports are reliable and accurate.
Internal Financial Controls
We will support the development of the internal financial controls to ensure accountability and transparency in financial reporting, thus fostering respect for governance.
We will support the development of the internal financial controls to ensure accountability and transparency in financial reporting, thus fostering respect for governance.
Concurrent Bank Audit
Concurrent audits are very useful for the banking sector and help to keep a close eye on day-to-day banking activities. The concurrent bank audit services include:
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Review of Sanctioning and Processing of Loans
We ensure that the loan sanctioning and processing procedure is according to the internal policies and as requested by the regulatory aspect.
Cash Retention Limit Monitoring
We track the cash retention limit levels, which should be according to the regulatory guidelines and minimize the risk. We make sure to keep bank vouchers very well and according to the banking norms.
Audits that are performed include NPA Identification
The audit often watches out for the potential NPAs and suggests measures to eliminate a risk associated with bad loans, thus improving financial stability.
Goods and Service Tax (GST) Audit
GST audits are essential for observing conformity with the Goods and Service Tax laws. The GST audit services form part of the following:
Regular Audit
We conduct regular audits strictly in compliance with the GST requirements, keeping you posted on the latest tax laws.
Turnover Reconciliation
Turnover as per books matches the one mentioned on the GST portal, hence making the process consistent and accurate.
Input Tax Credit Verification
We check that the ITC your organization has claimed in its books tallys with the figures appearing on the GST portal in GSTR 2A. Thus, we ensure no chance of non-compliance discrepancy.
Checking Internal GST Controls
We check if enough internal controls have been put in place to ensure continuous GST compliance by the organization. It also puts forward the scope for improvement.
Tax Audit
A tax audit ensures that your business adheres to the Income Tax Act, of 1961 and it is the foundation for accurate and compliant tax filings. The tax audit services include:
Tax audit under Section 44AB of the Income Tax Act
We conduct tax audits according to the guidelines of Section 44AB so that your business shall follow all Indian tax laws. Preparing and filing the necessary audit forms 3CA, 3CB, and 3CD with the income tax department in advance to ensure that the tax filings are placed on record without any faults.
Filing Other Forms
This includes various forms such as 29B and 10B that we file in the corporate and trust audit to meet the reporting requirements for all aspects.
FAQ
Frequently Asked Questions
A statutory audit is a mandatory process, mainly used for evaluating compliance with financial regulations and laws such as GAAP (Generally Accepted Accounting Principle), for external reporting. On the other hand, An internal audit is done voluntarily by the management to enhance the organization’s processes and efficiency as well as its financial management of the same.
An audit of financial records involves an independent review of the financial statement to show a high level of accuracy, compliance with the adopted accounting standards, and reliability in assuring stakeholders of the health of the financial position of the company.
The Section 44AB tax audit is to ensure the proper and correct discharge of the Indian Income Tax Act by those businesses that have earned a turnover or income above a certain limit. It ensures that the various forms mentioned such as forms 3CA, 3CB, and 3CD, submitted to the income tax department are also prepared appropriately and submitted within the stipulated limit.
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