Audit and Assurance

AUDIT AND ASSURANCE

People are only as good as the tools they possess. So, to consistently deliver high-quality auditing services, we are always investing in auditing methods. We keep our ear to the ground so we can closely follow the latest developments and share them throughout our network.

Staying alert to risk is always a priority. That’s why we devote a considerable amount of attention and resources to ensuring our methods are compliant with the International Standards on Auditing.

We are committed to providing exceptional audits by introducing transformational technologies that have the ability to reshape the audit process and exceed expectations.

Our Assurance practice provides high quality, independent audit services that transcends beyond conventional financial reporting. We invest time and efforts to understand client’s business and needs and identify the key drivers, risks and opportunities. A comprehensive second partner review of audit engagement helps to assure you of your business scenario. 

Refined over years, we deploy robust audit methodologies and bring in decades of insightful experience. Our people are highly skilled and trained to understand the nitty-gritties of your business and handle complexities. We employ people development programs to stay abreast of key issues, global best practices and latest technical updates (be it Accounting Standards or government notifications). 

Our independent opinions, strong competency, value-addition approach and partnership philosophy makes us highly respected by our clientele, who range from PSUs, listed companies to SMEs.

All companies registered in India are required to get their Financial Statements audited by Chartered Accountants under Companies Act, 2013. These audits are undertaken in accordance with the Indian Accounting Standards and guidelines issued from time to time by the Institute of Chartered Accountants of India.

Additionally, all businesses and professions which have turnover above a certain specified amount are required to have their records audited by Chartered Accountants under Income Tax Act which would also mandate disclosure of information in the prescribed format. Similarly, trusts and societies are also required to be audited as per the respective statutes applicable to them.

Additionally, all businesses and professions which have turnover above a certain specified amount are required to have their records audited by Chartered Accountants under Income Tax Act which would also mandate disclosure of information in the prescribed format. Similarly, trusts and societies are also required to be audited as per the respective statutes applicable to them.

Our internal audit specialists and risk advisory team understand the unique nature of each of our clients’ needs. Our endeavour is to guide you through the entire process step by step, addressing your key business concerns, helping you comply with regulatory norms and enhancing the overall effectiveness of corporate governance and reporting requirements within your organisation. The endgame is to see your operational efficiencies boosted and move you a big step closer to achieving your strategic business goals.

Our internal audit services typically include the following processes:

  1. Critical evaluation of internal controls, performing gap analysis and suggesting areas for improvement and efficiency
  2. Constructive review of operations – keeping your business needs and risks at the forefront of our mind
  3. Identification and recommendation of areas for cost reduction and revenue optimisation
  4. Critical evaluation of systems and procedures, including those which are embedded in information technology systems and processes
  5. Identification and assessment of risks, followed by suggestion of risk-mitigation measures
  6. Ensuring proper compliance with the various regulatory provisions and operations manuals
  7. Assisting in meeting the corporate governance requirements, particularly with respect to the far-reaching changes introduced by the Companies Act 2013

Forensic audit envisages examination and evaluation of a firm’s or individual’s financial information for use as an evidence in a court. We undertake financial investigations of misconduct, bribery and corruption; with focus on assessing financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, government agencies, municipalities, private equity firms, NGOs and HNIs/ industries that we serve. Our well trained and qualified business domain experts handle such issues with great proficiency. Broadly, we render the following services in this area:

  1. Detection of asset misappropriation
  2. Detection of fraud of financial statement
  3. Detection and checking of manipulation of records
Stock audit is an area of specialization and core competence for us. This is designed to provide credible assurance to a contributor that the amount released has been utilized for the purpose for which it was given and also for compliance monitoring of the other terms. Stocks and physical assets such as raw materials, WIP and finished goods pose a challenge of proper valuation. Moreover, control and management of the receivables is integral part to financial health of any business entity. As a large number of companies are operating across the country through multiple locations and channel partners; this makes the asset management a challenging assignment. We are committed to provide unmatched Stock Audit Services because of our unparalleled reach; our all India network and the command of our partners on all the regional languages spoken across the length and breadth of the country We thus aim at delivering focused services for keeping a close watch on their physical assets.

IND-AS stands for Indian Accounting Standard and are converged standards for IFRS (International Financial Reporting Standards) are to ensure that India converge globally accepted standards and were adopted by the country and was made mandatory for selected companies.

IND-AS at present can be viewed as the most important initiative in the financial reporting standards at the global podium. Approximately 120 nations and reporting jurisdictions permits/ requires IND-AS for domestic listed companies, while over 90 countries have fully conformed to IND-AS as promulgated by the International Accounting Standards Board (IASB) and include a statement acknowledging such conformity in their audit reports. We have qualified and trained resources to assist in IND-AS convergence, balancing both, the short term and the long term objectives of the businesses.

How we can help:

  1. Ind AS adoption:
  2. Assistance in analysis of difference between Indian GAAP (generally accepted accounting principles)and Ind AS
  3. Assistance in identifying / deciding new policies / procedures required to be implemented of under Ind AS
  4. Assistance in implementation of identified changes for convergence to Ind AS
  5. Training your staff on key Ind AS concepts and requirements
  6. Assistance in compilation of financial statements under Ind AS
  7. Ind AS consultancy on technical issues