Audit is a term that is commonly used in accounting and it refers to evaluating an organization, individual, and product or service. Audits may be required by statute; alternatively, organizations may require them to present them to third party users who would use the information to make business-critical decision regarding investment in the said organization.
If properly planned audits can also become a useful management tool. As an accountant firm we provide maximum value to our clients in significant areas of the accounts and controls.
As part of our auditing process, we aim to obtain a comprehensive understanding of our client's business, internal controls and accounting systems in order to focus on all key areas besides normal audit. Our process also varies from client to client. Over the years we have carried out internal audits of small, midsize and large scale businesses. The audits are not only to meet the statutory requirements but also to report the irregularities and the weakness in the internal control and systems for proper action and rectification.
The financial statements are drawn up on correct accounting principles together with Accounting Standards/ IAS. These statements represent transparent and fair views of the state of an organization.
Our professional accountants assist organizations in their operational and financial reporting. We offer auditing services in in accordance with Standard Auditing Practices. We undertake Internal Audit, Concurrent Audit, Management Audit, Stock Audit, Tax Audit & all Statutory Audits.
Management audit: The main objective is to minimize the risk of accidental or deliberate errors and omissions and maximize management performance by ensuring strong internal & managerial control systems within the organization.
Operations and efficiency audit: We focus on streamlining processes so as to minimize waste and maximize possible value. The audit also objectively measures management and staff performance.
Internal audit/concurrent audit: The purpose of the audit is to minimize all risk related to accidental or deliberate errors. We plan and implement internal control systems that can safeguard assets and ensure adequate division of authority over key control areas. We also put into place internal operating policies for smooth operations.
Special investigative audit: Despite installing high quality control systems, organizations do at times face the risk of fraud and financial impropriety. Our special investigative audit services aim to assist clients in unearthing malpractices. We also recommend and implement remedial action.
Due diligence review: We have an indepth understanding of the local law and best accounting practices. Accordingly, we can assist clients in conducting financial, legal and accounting reviews for mergers, acquisitions and investments.
Costing and accounting system design and review: Audits also play a critical role in enabling management take business decisions. Our auditors can provide accurately manage and measure cost and accounting data for better decision making.
Compilation of final accounts as per accounting standards of US GAAP: Our auditors are well-equipped to compile final accounts as per US GAAP standards. Our service helps companies to compete effectively and efficiently in global market.
Statutory audits: We conduct statutory audits of all public and private limited companies in all industries, markets and domains including but not limited to manufacturing, IT, trading, banking, non-banking financial companies, travel and hospitality, NGOs and charitable undertakings.
Tax audits: Under section 44AB of the Income Tax Act, all companies with turnover exceeding INR 40 Lakhs or total receipts from any profession exceeding INR 10 Lakhs in any previous year, are required to get their accounts audited and obtain a report for the same. Our tax audit services aim to help organizations and individuals comply with the law.
Information system audit (IS Audit): We undertake audits to evaluate the strengths and weaknesses of audit areas related to specific computer programs and the data processing environment in order to safeguard data and maintain data integrity. (Read more).