Auditing & Assurance
An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. Other areas which are commonly audited include: secretarial & compliance audit, internal controls, quality management, project management, water management, and energy conservation.
Maintaining an effective system of internal controls is vital for achieving a company business objectives, obtaining reliable financial reporting on its operations, preventing fraud and misappropriation of its assets.
We are providing services in the field of auditing to evaluate compliance with all statutory and regulatory requirements, including disclosure norms in complying with various statutory requirements and assisting in evaluating effectiveness of their internal control system. Our Audit and assurance services includes for:
Statutory audit under different laws
Tax Audit under Section 44AB of the Income Tax Act, 1961
GST Audit
Internal Auditing including audit of Processes, Systems and Controls of various activities of Business Entity
i.e.: Purchase, Sales, Stock, and Fixed Assets
Forensic Audit
Statutory Audit
Statutory audit refers to the audit based on the laws applicable on the entity for the time being in force. It is
governed by the Accounting Standards and Indian Accounting Standards (Ind-AS) issued by Institute of Chartered
Accountants of India from time to time. Although auditors may conduct audits of financial statements prepared and
for providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the
auditor gathers evidence to determine whether the statements contain material errors or other misstatements.
Out team of Audit experts helps you in preparing financial statement and on issuing opinion over that.
Tax Audit
We hold expertise and rich experience in offering Taxation Services and Tax Audit Services to our valued clients.
The constant efforts of our experienced professionals have helped them in handling the complex tax matters in an
effective manner. With their massive experience, they are able to provide proper guidance and assistance to clients
in various matters.
GST Audit
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable
person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit
availed, and to assess the compliance with the provisions of GST.
“Audit” has been defined in section 2(13) of the CGST Act, 2017 and it means the examination of records, returns
and other documents maintained or furnished by the registered person under the GST Acts or the rules made there
under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid,
refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Acts or the
rules made the render.
Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve
an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined
approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal
auditing achieves this by providing insight and recommendations based on analyses and assessments of data and
business processes. With commitment to integrity and accountability, internal auditing provides value to governing
bodies and senior management as an objective source of independent advice. Currently industries are outsourcing
their internal audit and compliance to Professionals called internal auditors to perform internal audit activity and
focusing on their core areas.
The scope of internal auditing within an organization is broad and may involve topics such as an organization's
governance, risk management and management controls over: efficiency/effectiveness of operations (including
safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and
regulations. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent
acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting
post investigation fraud audits to identify control breakdowns and establish financial loss.
Forensic Audit
Forensic audit is the kind of financial information investigation services that provide by professional forensic
accounting firms which normally required by entity as the result of legal purposes.
Forensic audit normally required to have the number of skill and background that add up to the auditing and
accounting skill. In general, forensic audit need both accounting skill and auditing skill. This is because the works
they perform are related to investigation on financial reporting. In order to perform an investigation on financial
statements as well as financial information, forensic auditor need to deeply understanding how accounting record
are performed as well as accounting treatments from the normal accounting treatment to the complex accounting
treatment.
Forensic audit investigations can uncover, or confirm, various types of illegal activities. Usually, a forensic audit is
chosen, instead of a regular audit, if there's a chance that the evidence collected would be used in court. Below, we
cite instances that could necessitate a forensic audit:
Corruption or Fraud.
In a forensic audit, an auditor would be on the lookout for:
Conflicts of Interest
When a fraudster uses his or her influence for personal gains to the detriment of the company. For example, if a
manager allows and approves inaccurate expenses of an employee with whom he has personal relations.
Bribery
Offering money to get things done or influence a situation in one’s favor.
Extortion
The wrongful use of actual or threatened force, violence, or intimidation to gain money or property from an
individual or entity.
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