Audit & Assurance

Auditing service is a comprehensive process that provides assurance on credibility of the financial information.

Need for Statutory Audit:

An audit is the most comprehensive examination of your financial records, systems, and statements. An audit provides the highest level of assurance. As per the requirements of Companies Act,2013 each and every company be it a Public Company or a Private Company must get its Financial Statements audited. So it’s a Regulatory requirement and it is a compulsion on the company whether it is operating or not.

Apart from the regulatory requirements, it also provides the insight into the financial information and other relevant details for variety of user like share holders, bankers etc.

How our service will assist:

  • We conduct the above audits and Limited Reviews as per the rules and regulations prescribed by the Companies Act, Accounting Standards and Auditing & Assurance Standards as issued by Institute of Chartered Accountants of India.

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Need for Tax Audit:

As per the Income tax Act,1962 Each and Every person whose turnover exceeds Rs.1 Cr. in a year who carries on business and Rs.25 lacs in a year who carries on Profession are required to get their accounts audited and need to submit the report to the Income tax Department.

How our service will assist:

  • We conduct the above audits as per the rules and regulations prescribed by the Income tax Act, Accounting Standards and Auditing & Assurance Standards as issued by Institute of Chartered Accountants of India.

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Need for Internal Audit:

Apart from regulatory requirements, conducting the Internal Audit is necessary in other situations like:

  1. Increased size and complexity of business
  2. Intensive use of information technology
  3. An increasingly competitive environment
  4. Stringent norms mandated by regulators to protect investors
  5. Enhanced compliance requirements

How our services will assist:

  • We carry out internal review of the business operations as an outside agency also as an additional support to the In house Internal Audit Team and cater to all size and sectors of business setups. We maintain the basic principles of Internal Audit of Integrity, Objectivity, Independence, Confidentiality, and Due Professional Care, Skills and Competence.

Need for Concurrent Audit and Information System Audit(ISA):

RBI directed all the banks to introduce system of concurrent audit for the first time in 1993 based on the recommendations of Ghosh committee on frauds and malpractices in Banks.With a view to bringing about an ongoing improvement in the standard of internal House Keeping and identifying areas of weakness and deficiency and with a view to energizing the process of rectification, this system of audit has been introduced at selected branches. The object is to carry out certain audit tasks on an on going basis.Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilant internal audit.

How our Services will assist:

  • With Specialized staff we carry out the Concurrent audit keeping in mind the Objective of Management as well as the relevant RBI or NABARD guidelines, Notifications, Circulars etc., issued from time to time. Also we play Major role in identifying the Potential Non-Performing Assets (NPA) which helps management to take necessary action before the Assets become bad.
  • We are empanelled as Bank Auditors Panel of ICAI with MEF No.11803.

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Need For Payroll Audits

In a Larger organizations specially the sectors like oils and mineral Extractions, Information Technology service providers, BPO service Providers, KPO Service Providers, etc., Human Resource(Manpower) is very large in numbers and is very crucial for them. And hence they need to form various HR policies like Recruitment Policy, Attendance Records, Leave Policy, Overtime Policy, etc., so to make their Human Resource happy and clear on its engagements. Due to various pay heads and various Benefits plans or contribution plans, there is a need for conducting such audits to assure that Employer and employee relations stand for long time and both are having Win –Win situation.

How our service will assist:

  • We conduct such audits so to assure that all the payroll processes are done as per the HR policies/Manual and there is no default on any statutory compliance on the part of Employer.