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).
Issuing certificates required for several statutory or compliance requirements. It includes certification related to bank borrowings, export-import compliance and other regulatory matters.
- Preparation of Returns of Income.
- Wealth and appeals (where necessary) appearing for assessment and Appellate matters.
- Domestic & International Transfer Pricing.
- We advise on Indian Tax Laws. We specialize in tax advice for individuals, partnership firms and companies.
- We are well versed with taxation of Joint Venture Companies set up in India.
- We advise Non-resident Indians as well as Foreign/nationals-companies on taxation matters.
Our range of Services across Indirect Tax services span across the following:
- Review under Negative List Regime
- Verification of the credit availed in input services
- Verification of the final tax liability of the client
Sales Tax [VAT]:
- Verification of the total set-off eligible against purchases/expenses
- Verification of the total sales tax liability for the particular period
- Verification of the final tax liability of the client
- Filing of monthly/quarterly/ half yearly returns
Excise and Export-Import related Licenses
- Verification/correlation between goods received, (raw materials, stores, capital goods etc.), among stores accounts and excise records.
- Review of input/output statement of each production centre/plant.
- Verification/correlation between goods received, (finished goods, by-products), among stores accounts and excise records.
- Business process 1 to 3 as above with relation to duty free imports, advance licenses, CT 2 purchases, EPCG scheme inputs etc. for receipt of goods, for exports with relation to dispatches and consumption.
Verification of export dispatches on duty paid basis and raising of appropriate rebate claims to central excise authorities.
Management Advisory Services
Have successfully devised and rendered professional services in innovative areas of:
- Designing system of Periodical “Review of Operations” / Budgeting.
- Contribute in implementing Costing structure, Budgetary and Budgeting control.
- Forecasting Profitability statement, Balance sheet & Cash flow statements; with sensitivity analysis.
- Assisting in adapting to fast changing business environment.
- Evaluation of Accounting and Management Information Systems (MIS) for identifying systems weaknesses and advising on corrective measures.
- Advising on EDP based systems and carrying out a software/application review.
- Designing, implementation and special review of system controls.
- Optimization of working capital management.
- Export & Import functions; Compliance & incentives review.
- Valuation, Due Diligence and related services in Mergers and Acquisitions.
- Physical verification of stocks at plants, depots, mines, dock and other locations.
- Strategizing on entry in India & business startups.
- Adoption of Indian fiscal laws.
- Consultancy on various intricate matters pertaining to Income tax.
- Effective tax management, tax structuring and advisory services.
- Tax Planning for Corporates and others.
- Designing / restructuring salary structure to minimise tax burden.
- Obtaining Advance tax Rulings.
- Obtaining No Objection Certificates from Income tax department.
- Obtaining PAN for assessees, employees etc.
- Advance tax estimation and deposit.
- Assessing the liability towards deferred taxes.
- Providing regular updates on amendments, circulars, notifications & judgments.
- Filing Income Tax and Wealth Tax returns for all kinds of assessees.
- Filing Income tax returns for employees of corporate clients.
- Liaison with Income tax department for rectification, assessment, obtaining refunds etc.
- Expertise in complicated direct tax assessments.
- Filing and pleading appeals under various provisions of IT Act.
- Special expertise in search, seizure and prosecution litigation.
- Advice on future tax implications in respect of the potential acquisition.
- Opinions on the various Double Tax Avoidance Agreement related issues.
- Settlement of various issues raised under FEMA.
- Budgeting & Budgetary control.