Audit & Assurance
Audit and assurance services are essential components of financial reporting that enhance the reliability and credibility of financial information. These service help organizations meet regulatory requirements, manage risks, and improve overall business performance. Our services in Audit and Assurance includes:
Statutory Audit
a
A statutory audit is a legally required review of the accuracy of a company's financial statements and records. Its purpose is to ensure that the financial statements provide a true and fair view of the entity's financial position and comply with various statutory requirements. Statutory audits are vital for maintaining the integrity and reliability of financial information, fostering trust and confidence among various stakeholders in the business ecosystem.
Forensic Audit & Due Diligence
A forensic audit is a detailed investigation and examination of an entities financial records to detect and address potential fraud, embezzlement, or other financial misconduct. It goes beyond traditional auditing by focusing on identifying financial crimes and gathering evidence for legal proceedings.
Due diligence is an investigative process carried out to assess the financial, legal, and operational aspects of a company or investment opportunity. It is typically performed before significant business transactions such as mergers, acquisitions, and investments.
Risk Advisory, Internal & Management Audit
Risk advisory services involve identifying, assessing, and mitigating risks that could affect an organization's ability to achieve its objectives. These services provide strategic guidance to manage and mitigate a wide range of risks, including financial, operational, compliance, and strategic risks.
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by systematically evaluating and improving the effectiveness of risk management, control, and governance processes.
Management audit involves a systematic evaluation of an organization’s management practices and policies to assess their effectiveness in achieving organizational goals. It focuses on reviewing the efficiency and effectiveness of management operations and processes.
Internal Financial Controls (IFC)
Internal Financial Controls (IFC) refer to the procedures and policies implemented by an organization to ensure the integrity of its financial reporting, compliance with laws and regulations, and the efficient operation of its business. In India, IFC is mandated by the Companies Act, 2013, which requires companies to establish and maintain adequate and effective internal financial controls.
Operational Audit
An operational audit is a comprehensive review of the efficiency and effectiveness of an organization's operations. Unlike financial audits, which focus on financial records and compliance, operational audits evaluate the efficiency, effectiveness, and economy of operations, processes, and procedures within an organization. The primary goal is to improve operational performance and ensure that resources are being used effectively.
Bank Audit
a
A bank audit is a thorough examination of a bank's financial records, operations, and internal controls to ensure accuracy, compliance with laws and regulations, and operational efficiency. The primary goal of a bank audit is to provide an independent assessment of the bank's financial health, risk management practices, and adherence to regulatory requirements.
Tax Audit
a
A tax audit is a thorough examination of an organization's or individual's tax returns and financial records to ensure compliance with tax laws and regulations. In India, tax audits are mandated under Section 44AB of the Income Tax Act, 1961, for certain categories of taxpayers. The primary objective is to verify that the income declared and the deductions claimed by the taxpayer are accurate and in accordance with the provisions of the law.
Stock Audit
a
A stock audit, also known as an inventory audit, is a comprehensive review of an organization's inventory management and records. The primary goal is to ensure the accuracy of stock records, verify the physical existence of inventory, and assess the efficiency of inventory management practices. Stock audits are crucial for businesses with significant inventory holdings, such as manufacturers, wholesalers, and retailers, to maintain accurate financial records and optimize inventory management.
Ind-AS & Accounting Standards Advisory
