Audit and Assurance

The audit may be required by statute; and if properly planned, it can become a useful management tool. Our approach enables us to focus our time and effort on the most significant areas of the accounts and controls. So we not only keep our time cost to a minimum but also increase the effectiveness of the audit and thus provide maximum value to the client.

The process of obtaining comprehensive understanding of the client’s business, accounting system and internal controls enable us to focus on key areas besides doing the normal audit. This process also depends upon clients to clients’ requirements. This approach ensures that the professional and commercial experience of the members of the firm is constantly brought to bear on a client’s affairs.

Over the years we have specialized in carrying out the inter nal-management audits of small to big sized business entities. The thrust is to audit for the statutory requirements and also simultaneously report the irregularities and the weakness in the internal control and systems for proper action and rectification.

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 and that they represent a true and fair view of the state of affairs of the organization. This is possibly one of the most important functions of a CA where specialized training, skill and judgment are required.

Types of Auditing Services rendered by us

Statutory Audits: We undertake Statutory Audits of Public/Private Limited Companies in the Manufacturing/ Trading/ Service Sectors, IT Companies, Nationalized Banks, Financial Institutions, Non-Banking Finance Companies, Public Sector Undertaking (PSU), Charitable Institutions, NGO, Hotels, Hospitals, Cooperative Societies and other small and medium sized enterprises.

Tax Audits: Every business Company, Firm or Enterprises whose turnover exceeds specified limit or total receipts from any profession exceeds specified limit in any previous year, is required to get its accounts precisely & punctually audited and obtain a report under the section 44AB of the Income Tax Act. We have a team of mellow tax experts to conduct such type of audits. Internal & Management Audit: The focal point is to ensure strong internal & managerial control systems to minimize the risk of accidental or deliberate errors and omissions.

Apart from, Safeguarding of valuable assets, sufficient division of authority over key control areas and stringent compliance with the internal operating policies and corporate governance.

Information System Audit (IS Audit) : IS Audit evaluates the adequacy of internal controls with regard to specific computer programs and the data processing environment as a whole. It ascertains whether computer systems safeguard assets, maintain data integrity and allow the goals of an organization to be achieved effectively and efficiently.

Our team includes experienced computers professionals and qualified system Auditors (DISA) to conduct IS Audit.

TASK OF IS AUDITORS

1. Planning an efficient and effective audit approach by defining the objectives and scope, preparing the programs and scheduling the resources.
2. Obtaining the documenting evidence that the audit area is adequately controlled and the operations are effective and efficient by using appropriate audit techniques.
3. Evaluating the strengths and weaknesses of audit areas and reporting their efficiency, effectiveness and state of control by analyzing the audit evidence.
4. Presenting a report of findings, conclusions and recommendations to inform the management of the adequacy of controls and effectiveness of operations.
5. Assessing the action taken by the management regarding follow-up and reporting techniques.
6. Adhering to the norms of ethics and professional standards to ensure quality and consistency of audit work."
7. Concurrent and Income & Expenditure Audit: Large organizations and corporations need to verify day to day business transactions. We have a pool of qualified & experienced professionals and ancillary staff, to conduct such audits.

Current Asset / Stock Audit- Organizations needs to verify there debtors/stocks or the lender needs to verify its borrowers repaying capacity. We undertake current assets audit to enable companies assure the value of there book debts/stock.