Audit & Assurance Services

We believe that assurance goes beyond our statutory responsibilities to report on a company’s accounts, which is why Audit & Assurance is one of our firm’s core service lines.



In today’s changing global economy, before any business can create value, it must create trust - businesses need trusted advisers. Our audit & assurance experts take the time to understand your business as well as the sectors in which you operate. We can help you identify major risks and opportunities over and above performance of the traditional financial reporting function. We are constantly looking for ways to improve efficiencies and enhance client service. Our commitment to delivering high-quality assurance services is at the heart of what we do. We provide comprehensive audit and assurance services designed to deliver real value and to help clients develop their business.



Statutory Audit

Statutory audit is carried out at the end of the period/ financial year to provide reasonable, not absolute, assurance that the financial statements taken as a whole are free from material misstatement, whether from error or fraud and is in compliance with the International Financial Reporting Standards (IFRSs). The audit is carried out in line with the requirements of the relevant authorities and regulatory regimes wherever applicable. The audit is undertaken by critically examining the financials of the entity on risk assessment basis and with regard to established auditing procedures (International Standards on Auditing)


Benefits of carrying out the audit include:

For obtaining loan from financial institutions as adequate disclosures are provided which is detail enough to provide the present and prospective lenders, a neat and clear status of the entity “as it stands” and its capability in repaying the loan.

Regular audit of account create fear among the employees in the accounts department and exercise a great moral influence on clients’ staff thereby restraining them from committing frauds and errors

In case of Companies where ownership is separated from management, audit of accounts ensure the shareholders that accounts have been properly maintained, funds were utilized for the right purpose and the management have not taken any undue advantage of their position.

It provides the required assurance to its shareholders and stake holders with regard to their expectations about the business and its actual performance.


It helps the owners to decide whether to expand their business or consolidate their existing operations.

It helps in identifying client specific risks, including fraudsand taking evasive actions.

It helps in reinforcing and strengthening the internal controls in the entity.

Disputes between management may be more easily settled. For instance a partnership which has complicated profit sharing arrangements may require an independent examination of those accounts to ensure, as far as possible, an accurate assessment and distribution of the profits.

Major changes in ownership may be facilitated if past accounts contain an independent audit report, for instance, where two sole traders merge their business to form a new partnership.

Internal Audit

We are internal Audit specialists, most entities would like to conduct an independent internal audit by a third party (professional firm) rather than, in-house internal auditors. Internal Audits, unlike Statutory Audits are not year-end audits;they can be carried out at any point of time and help in the following:


Benefits of carrying out the audit include:

It tells you the health of the established internal control system.

It identifies the root of the problem and helps in preparing plans for corrective and preventive actions with strict adherence to time frame.

It helps to avoid small problems from being blown into uncontrollable proportions by performing timely checks.

It provides information for continuous improvement in the established internal control procedures.

We go deep into the procedures and test its effectiveness, suggest new procedures and make an internal assessment of the threats to the organization from frauds and such risks besides assessing the losses which otherwise were not apparent.


For obtaining loan from financial institutions as adequate disclosures are provided which is detail enough to provide the present and prospective lenders, a neat and clear status of the entity “as it stands” and its capability in repaying the loan.

Regular audit of account create fear among the employees in the accounts department and exercise a great moral influence on clients’ staff thereby restraining them from committing frauds and errors.

In case of Companies where ownership is separated from management, audit of accounts ensure the shareholders that accounts have been properly maintained, funds were utilized for the right purpose and the management have not taken any undue advantage of their position.

It provides the required assurance to its shareholders and stake holders with regard to their expectations about the business and its actual performance.

Concurrent Audit

Concurrent Audit is basically aimed to conduct the Audit as it goes with routine transactions or say “online” or better to call on the spot Audit as a continuing practice. Concurrent Audit in most cases is 100% checking of all transactions contrary to the test check methodology adopted while performing statutory audit which is usually after the close of the year/accounting period. Thus concurrent Audit mitigates the continuing of mistakes, errors and frauds as this could be spotted while doing the audit on a continuous basis.


The main objectives of concurrent audit include:

Ensuring compliance of laid down systems, procedures and policies and bringing any violation of procedure to light. For example, ascertaining whether sanction for advances and expenditures is taken from competent authority.

Examining books of accounts records and registers to ensure that they are maintained in accordance with the prescribed systems.

Adequate measures are being taken in advance to prevent future frauds, etc., to avoid difficulties, which may arise.

To check cash, securities, etc., to ensure that they are in due order and in agreement with books.

Detection and arresting of any leakage of income, if any.

Evaluating the quality of customer services provided and giving useful suggestions.


Assessing overall performance of the branch while assessing productivity and profitability and to offer useful comments on the basis of audit conducted.

Reporting any inefficiency in any operational level.

Reporting any irregularity in working which may result in financial or other loss to branch.

Reporting to appropriate levels of management for appropriate actions for remedial measures.

Scrutinizing the completeness of documents submitted for availing advances and other facilities and physical checking of stocks and other assets at relevant places.

To follow up with authorities to ensure timely rectification of irregularities reported which were not rectified on the spot.

To verify promptly, timely and regular submission of the periodical and statutory returns if any.

Inventory/Stock audit

As the name suggests, it is an Audit of Inventory wherein the Auditors have to conduct a thorough search and audit on the contents of inventory as to its age, suitability, movement, purchase price, market price, and direct and indirect cost allocation besides the fair valuation.


The main objectives of inventory audit include:

The inventory audits are mainly conducted for the banks and financial institutions who have lent to their clients against the security of stocks. These audits are thus for all independent third party evaluation as to the physical availability, correct value and also to technically verify that the item placed to the bank or to the lenders are marketable and not obsolete and slow moving.

These audits will also form part of the due diligence process normally in mergers and acquisitions exercises, where many a time, an independent third party assessment is required by corporate clients, listed companies or by the potential buyer in general.


It identifies the concern has adequate internal controls regarding purchase, sales and storage of materials.

Whether the physical stock has been identified with the help of unique no. (Stock nos., batch nos., etc.).

Whether value-more items has been given due consideration during the audit.

The procedures for movement of stock during the process of verification has been controlled by a competent authority

The deviations reported in audit has been clarified/ acknowledged by the management.

With respect to trading and manufacturing concerns, the investment in stock be it raw materials or finished goods, would constitute around 60 % of overall cost. Thus the company must have a sound policy with regard to ordering the right quantity, ordering at right price, ordering through right source, ordering at right time and ordering the right quality. By having a regular stock audit, the company can reduce unnecessary investment on stocks.