|Audit & Assurance
|Tax Audits- Under Section 44AB of Income-Tax Act
DUE DELIGENCE AUDIT
- Gather, analyze and interpret financial, commercial and tax information in detail
- Compilation and review of financial information to be provided to bidders
- Independent analysis and evaluation of financial and commercial information prepared at an early stage of a disposal or strategic divestment
- Audit of special purpose accounts
- Identifying contract warranties
- Interfacing with purchaser and their accounting advisors on accounting matters and challenging due diligence findings of the purchaser
- 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. Our approaches to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and are free of any misstatements, errors and discrepancies. In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies.
Tax Audits- Under Section 44AB of Income-Tax Act
- Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account as per the requirements of the Income Tax Act, 1961.
- Checking the various tax compliance norms as set out by the Income Tax Act, 1961.
- Checking the correctness of the Claimable deductions as allowed in the Income Tax Act, 1961.
- Issuing the Report of Tax Audit as required by the Income Tax Rules in the prescribed format.
SPECIAL INVESTIGATION AUDIT
- Review of the secretarial records, minutes book etc
- Physical Verification of the various assets
- Interviews of the concerned employees, executives, top management, past employees and related external parties
- A detailed investigation of the areas specified in the scope letter covering the financial records and relevant related documents
INTERNAL AUDIT, SYSTEM AND MANAGEMENT AUDIT
- Actual disbursements are made in accordance with the approved activities, work plan and approved Budgets, which shall be supported by adequate documentation
- Fair and accurate presentation of various financial reports, which reflect true financial position
- Review of appropriate management structure and internal controls
- Monitoring and evaluation of activities and progress as per the expected results according to the key considerations of the management Satisfactory measures are taken by the designated authority to comply with the recommendations of the prior audit (Follow ups on recommendations).
- Assessing whether the internal audit focus and planning process reflect the organizations needs
- Assessing whether there are clear reporting lines and that the whether the structure and status of Internal Audit within the organization is appropriate
- Reviewing work methodologies to ensure that they comply with relevant standards and current practices
- Bringing to light violations of procedures (if any)
- Ascertaining whether sanctions for advances and expenditures is taken from a competent authority
- Ensuring compliance with the procedures and policies
- Review of the Funds Flow Statement and analysis of the utilization of the funds & various resources that were available
- Detection and arresting of leakages of income, (if any)
- Systems review to understand the existing system and procedures, to enable us to suggest areas for system improvement and strengthening of controls
Corporate Governance Certification Services
- Participation in board of directors of Companies, to ensure good corporate governance.
- The prevalent corporate structure, culture and the management ethos of the corporate sector also have an overwhelming influence on the nature of corporate governance.
- The corporate governance system has taken place as per SEBI guidelines and amendment of listing agreements of the various stock exchanges.
- Formation of an independent audit committee for the board