AUDITING AND ASSURANCE SERVICES
The audit may be required by statute; and if premeditated, it can become a handy management tool. 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 reflect a true and fair view of the state of affairs of the organization The thrust is to audit for the statutory requirements and at the same time report the irregularities and the weak points in the internal control and systems for suitable action and rectification.
The process of obtaining comprehensive understanding of the client's business, accounting system and internal controls enable us to focus on key areas in addition to 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 relentlessly brought to bear on a client's affairs.
Our approach allows 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 for money to the client. Over the years we have specialized in carrying out the internal-management audits of small to big sized business entities.
Types of Auditing Services Rendered by Us:
Statutory Audits: The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true & fair view and are free from any material misstatements. We undertake Statutory Audits of Public/Private Limited Companies involved in secondary and tertiary activities, IT Companies, Nationalized Banks, Financial Institutions, Non-Banking Finance Companies, Public Sector Undertaking (PSU), Charitable Institutions, NGO, Hotels, Schools, Hospitals, Cooperative Societies and other small and medium sized enterprises.
Tax Audits: Every business Company, Firm or Enterprises whose turnover exceeds Rs.100 Lakhs (w.e.f 01.04.12) or total receipts from any profession exceeds Rs.25 Lakhs (w.e.f 01.04.12) in any previous year, is required to get its accounts precisely & punctually audited and obtain a report under the Income Tax Act, 1961. Our Audit Department provides tax audit services to our clients upholding the highest standards of auditing and provides a comprehensive tax audit report based on the requirements of the Income Tax Act.
Internal & Management Audit: The focal point is to ensure sturdy internal & managerial control systems to curtail 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 Productivity and efficiency of management are key determinants of an organization's success. Our procedures aim to maximize management performance by focusing on improving processes within the organization.
Information System Audit (IS Audit): IS Audit assesses the adequacy of internal controls with respect 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 objectives of an organization to be pulled off effectively and efficiently. Our team includes skilled computers professionals and qualified system auditors to conduct Information System Audit.
Concurrent and Income & Expenditure Audit: Organizations and corporations working on large scale need to verify day-to-day business transactions. We have a team of qualified & experienced professionals and ancillary staff, to carry out such audits effectively and efficiently.
Inventory Audit: Our inventory audit services offer suggestions to the client regarding methods of cost reductions and best management of the inventory items. The audit report provided by us involves detailed checking of stock records and also physical verification of all of types of stocks. Internal inventory audit is undertaken to find out shortcoming in inventory records and to give solutions for inventory reduction and its control so that production of items may not stop due to deficiency of stock of material or blockage of funds
Any other Special Purpose Audit - It includes Special Audit under excise laws & Audit under service Tax Laws.