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Auditing & Assurance Services :
 
Our Audit team is well conversant with the Accounting Standards, Auditing & Assurance Standards, Companies Auditors’ Report Order, US GAAP, Indian Tax Laws and other statutes applicable to the client. We have a designed procedure to be followed for conducting the audit-
 
'Know Your Client'- Helps us to gain an understanding of the business processes of the client, need of audit, extent of audit required.
'Major Areas'- Involves identification of the key areas affecting the clients business and operations.
'Audit Programme'- Based on the areas identified Audit Programme is framed to suit the client’s objective of Audit.
'Query Log'- A note is prepared of the queries rose during the course of audit identifying its Financial impact, if any.
'Audit Report'- After discussion and disposal of queries rose during the course of audit, final audit report is prepared.
 
We specialize in following Audits:
  • Statutory Audit as required by The Companies Act, 2013- The new Companies Act has bought manifold changes and has required more compliance and the Law has become more stringent. It has become imperative for the companies to make sure the various Sections are followed to the extent applicable. Depending upon the size of the client, we undertake Limited Reviews every quarter or do half yearly accounts finalization or annual audit.

  • Companies Auditor's Report Order, 2015 is a 12 point Audit Report forming Annexure to our main Statutory Audit Report as per The Companies Act, 2013. It is a comprehensive report and is applicable to all companies except:

    1. (i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);
    2. (ii) an insurance company as defined under the Insurance Act,1938 (4 of 1938);
    3. (iii) a company licensed to operate under section 8 of the Companies Act;
    4. (iv) a One Person Company as defined under clause (62) of section 2 of the Companies Act and a small company as defined under clause (85) of section 2 of the Companies Act; and
    5. (v) a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year.


  • Tax Audit as required by The Income Tax Act, 1961- The changing scenario has made more compliance to be checked as part of Tax Audit.

  • Information System (IS) Audit - This is very tech savvy area wherein we audit the Computer Systems Controls and capabilities of the organization. Herein a checklist is prepared depending upon the client’s requirement, its existing policies and expected shortfalls. We verify Internal Controls in the systems, Physical controls in the premises, Logical Access Controls to the Computers and Servers, Risk management systems and its impact on failure, Password Controls, Network Integrity, Firewall Rules, Anti virus definition files, Vulnerability Assessments, Back up procedures and record maintenance, Business Continuity Plans & Disaster Recovery Plans, IT infrastructure and capacity management, Database security, Alogithms Audit. We also draft policies if needed and help them implement.

  • SEBI Audit - This is again a very cream area involving specialized knowledge. We do the audits of Share Broking Corporate houses who provide trading platforms for trading in Equity Market, futures & Options, Currency Derivatives, Commodities. We check the compliances as per the SEBI/Exchange directives, and advice our clients on the shortcomings and the focus areas requiring attention to avoid severe penalties.

  • Depository Audit - We audit Depository Participants where the depository accounts are maintained to keep the holdings of shares and other investment instruments in electronic mode. The audit is performed as the prescribed guidelines.

  • Internal and Concurrent Audit - We do the internal and concurrent audit to check the internal controls, highlight weaknesses, design internal processes.

  • Current Assets/ Stock Audit - is verification of current assets/ stocks of borrowers who have borrowed money from financial institutions against their current assets.

  • Due Diligence Audit & Review - Due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation. The terms may vary depending upon the requirements.

  • Special Purpose Audit - Service Tax Audit, VAT Audit, Income tax audit etc.
 
 
 
     
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