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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 audi-

'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, 2020 has included additional reporting requirements and is an Audit Report forming Annexure to the main Statutory Audit Report as per The Companies Act, 2013. The order applies to all companies except:
    • One person company
    • Small companies (Companies with paid up capital less than/equal to Rs 50 lakh and with a last reported turnover which is less than/equal to Rs 2 crore)
    • Banking companies
    • Companies registered for charitable purposes
    • Insurance companies
    • Private companies whose
    • gross receipts or revenue (including revenue from discontinuing operations) is less than or equal to Rs 10 crore in the financial year -
    • Whose paid up share capital plus reserves is less than or equal to Rs 1 crore as on the balance sheet date (i.e. usually at the end of the FY) -
    • Not a holding or subsidiary of a Public company –
    • Whose borrowings is less than or equal to Rs 1 crore at any time during the FY.
  • Tax Audit under Section 44AB of The Income Tax Act, 1961- Every person carrying on business and maintaining books of account is required to get them audited from a Chartered Accountant if total sales, turnover or gross receipt from business during the previous year exceeds Rs. 1 crore. This limit is Rs. 5 crore if cash receipt and payment made during the year does not exceed 5% of total receipt or payment, as the case may be.
  • Transfer Pricing Audit under Section 92E of the Income Tax Act, 1961- Every international transaction between two or more associated enterprises have to be done at arms’ length price. Every person having such transaction have to get Transfer Pricing audit done through Chartered Accountant and report to be furnished in Form No.3CEB. We conduct audit of such transactions as required under Section 92.
  • GST Audit- Reconciliation with GSTR9, 2A, 8A, books of accounts and finally preparation of Audit Report in GSTR9C.
  • Information System (IS) Audit - This is technology based audit 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, Algorithms 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.
  • 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.
 
     
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