Audit & Assurance Services
Audit & Assurance is one of our core services. Our domain experts understand your business before understanding your accounts. We create trust before creating value.
Besides financial reporting, we also help you identify major risks and opportunities. Our comprehensive services are designed to deliver value and help clients develop their business.
What we offer:
Time: End of the period/financial year
– Check financial statements for material misstatement
due to fraud or error in accordance with IFRSs.
– Meet the specific requirements of relevant authorities
and regulatory regimes.
– Risk assessment of financials in accordance
with International Standards on Auditing.
– Helping principle investors to decide whether to:
expand or consolidate existing operations.
– Identifying client specific risks, including frauds
and taking evasive actions.
– Identifying areas with weak internal controls and advising the management effective, business-specific controls that can be implemented.
– Facilitating major changes in ownership. Helping companies
merge their business to form new partnerships.
– Obtaining loan by providing adequate disclosures
– Restrain employees from committing frauds and errors
– Assuring shareholders and stakeholders
transparency in managing the business.
Internal Audit specialists
Most prefer an independent audit by a third party
to in-house internal auditors.
Time: Based on the requirement of the client.
These are not year-end audits
Carried out at any point of time as per managements’ requirement
– For obtaining a 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.)
– Restrain employees from committing frauds and errors
(Regular audit of accounts creates an attitude of responsibility among the employees who would exercise greater diligence and adhere to ethical behaviour,
thereby restraining them from committing frauds and errors.)
– Assuring shareholders and stakeholders transparency in managing the business.
(In case of Companies where ownership is separated from management, audit of accounts assures the shareholders that the 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 stakeholders with regard to their expectations about the business and its actual performance.)
Benefits of carrying out the audit include:
– Assessment and evaluation of the existing internal control systems
– Identifying the root problem that helps in taking
corrective and preventive actions.
– Timely checks to assess the overall financial health of the company.
– Information for continuous improvement in the
internal control procedures.
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 is
the checking of all transactions
contrary to the test check methodology
adopted while performing statutory audit
Time: During the year/accounting period.
– Mitigate the recurring mistakes, errors and frauds
by doing the audit on a continuous basis.
– Offer valuable insights by assessing
productivity and profitability.
– Reporting any inefficiency and irregularities in operations
– Reporting to appropriate levels of management
for appropriate remedial actions.
– Scrutinizing (the completeness of) documents
submitted for availing advances and other facilities
– Physical checking of stocks and other assets at relevant places.
– Follow up with authorities to ensure
timely rectification of reported irregularities
which were not rectified on the spot.
The main objectives of concurrent audit include:
– Ensuring compliance of systems, procedures and policies.
<Ex: Ascertaining whether sanction for advances
and expenditures is taken as per the operating procedures.>
– Examining books of accounts records and registers
to ensure that they follow the prescribed systems.
– Prevent frauds by taking adequate measures in advance.
– Check if cash, inventory and fixed assets, etc., exist, are valued properly and are in agreement with the books.
– Identifying any possible revenue loss and suggesting corrective measures.
Conducting a thorough search and audit on the contents of inventory
(as to its) – Existence – Age – Suitability – Movement – Classification – Valuation
Checks to find out whether:
– The company has adequate internal controls
regarding purchase, sales and storage of materials.
– The physical stock has been assigned identification codes using unique no.
(Stock nos., batch nos., etc.).
– The high value items have been given due consideration during the audit.
– The procedures for treating slow-moving or non-moving items of inventory.
– The deviations reported in audit have been clarified/acknowledged
by the management.
Companies must have a sound policy to ensure –
they order the right quantity and quality,
at right price through the right source, at the right time.
With regular stock audits, companies can reduce
unnecessary investment on stocks.
The inventory audits are conducted
– to ensure that the inventory is valued properly and agrees with the books of accounts
– for the banks and financial institutions
who have lent (to their clients) against the security of stocks.
– To technically verify that the item pledged to the bank
are marketable and not obsolete or slow moving.
Form part of the due diligence process in mergers and acquisitions exercises:
– Where an independent third party assessment is required
by corporate clients, listed companies or by the potential buyer (in general).
Why Choose Us?
Personalised approach irrespective of the size of the business.
Services at par with international standards.
Deep insights in handling various industries
We belive in growing with you.