Our Assurance practice provides high quality, independent audit services that transcends beyond conventional financial reporting. We invest time and efforts to understand client’s business and needs and identify the key drivers, risks, and opportunities. A comprehensive second partner review of audit engagement helps to assure you of your business scenario. Our independent opinions, strong competency, value-addition approach, and partnership philosophy makes us highly respected by our clientele, who range from PSUs, listed companies to SMEs.
AGREED UPON PROCEDURES (AUP) - Agreed-upon procedures are performed in relation to financial information in line with SRS 4400 issued by ICAI.
- Procedures and tests are sufficiently detailed so as to be clear and unambiguous, and discussed and agreed in advance with the engaging parties so that the factual findings are useful to them and, depending upon the engagement, others to whom the report is made available.
- AUP Report does not express a conclusion, and therefore it is not an assurance engagement in the technical sense.
INTERNAL FINANCIAL CONTROLS (IFC) - Testing of design and operative effectiveness of organization’s process and entity level controls.
- Help organization transition to a process-based approach for financial control compliance, identifying effective ways to appropriately reduce effort through better risk assessment, scoping and use to technology.
- Approach and methodology are oriented towards a consultative and collaborative model, bringing to table good understanding of your industry
- Benefits of IFC include – Definition of clear accountability and Transparency, opportunities to plug leakages, streamlining & standardizing controls and enhancing governance framework.
BROADLY, AUDIT INVOLVES THE FOLLOWING:
- In depth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
- Ensuring compliance with policies, procedures and statutes.
- Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
- Checking the genuineness of the expenses booked in accounts.
- Reporting inefficiencies at any operational level.
- Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
- Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
- Issue of Audit Reports under various laws.
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Types of Audits conducted:
- Statutory Audit of Companies
- Tax Audit under Section 44AB of the Income Tax Act, 1961.
- Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
- Forensic Audits and investigation with Anti- Corruption Bureau
- Concurrent Audits.
- Revenue Audit of Banks.
- Branch Audits of Banks.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Societies.
- Information System Audit
- Internal Audits.
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