Audit & Advisory
- Indepth 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.
Types of Audit 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.
- Concurrent Audits.
- Revenue Audit of Banks.
- Branch Audits of Banks.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Socities.
- Information System Audit
- Internal Audits.
- AUDIT U/S 44AD
We perform Statutory Audit for Private, Public and Government Companies under The Companies Act. It primarily includes Tax audit of Companies, Firms and Proprietary concerns under The Income Tax Act and Audit of Charitable Trusts and other associations. Our audit practice is compliant with Standards of Quality Control (SQC) set by the ICAI.
Our Auditing Involves:
Risk Based Audit Programme and Sampling Techniques.
- Following materiality concept and Reviewing Internal Controls.
- Primary auditing / cross checking.
- Compliance with Indian Accounting Standards (AS) International Accounting Standards (IAS), Standard Auditing Practices (SAP).
- Our sampling, transactions analysis etc. would cover 80% of value and also check effectiveness of internal controls.
- We emphasize on communication with auditees/clients; whether personally or / and written in formal communications.
- Use of statistical tools and audit software packages.
ASSURANCE & RISK MANAGEMENT.
- As Internal Auditors, we draw an audit plan after analyzing risks and objectives of the client. We focus on Operational / Process audit and review of existing internal controls/procedures. It has ingredients of an efficiency audit. Our recommendations help in better utilization of existing resources, Cost saving and improved profitability. Comfort to promoters justifies our job.
- We contribute to developing efficiency and effectiveness thereafter.
- Our focus is on corporate governance, understanding the organization and its processes, drawing risk based audit plans and Value Addition.
- We follow Standards on Internal Audit set by ICAI.
- Our activities are oriented towards awareness, action plan, information and monitoring.
- Information System (IS) audit also includes Application (software package) review.
- We have significant experience working as a System auditor to a public limited company and a co-operative bank.
We are well versed with SAP, MFG.PRO, Oracle and other ERP packages. Our Information Systems Auditors contribute in exploiting software features and devising a better systems environment. We look into a disaster recovery plan (DRP).