Audit And Assurance
Audit & Assurance
Statutory Audit
For every company, it is mandatory to get the books of accounts audited by a Chartered Accountant and a Chartered Accountant is required to give his/her opinion on truth and fairness of the financial statements of the company after complying with the various auditing standards issued by the ICAI.
A statutory audit is a procedure that is needed by the law prevailing in India to verify the truthfulness of a company's or a government agency's financial statements and records. The Companies Act 2013 requires certain classes of Companies/LLPs to appoint an auditor to carry out the statutory audit of the company/LLP's operations and activities. After verification of the records and books of accounts produced before the auditor, the auditor, after analysing the books of accounts and records produced before him/her, gives his opinion about the financial statements. By a detailed examination such as bank balances, financial transactions, and accounting documents, the statutory auditor evaluatesthe Company/LLP’s accuracy in portraying its financial status. Statutory audits in India may only be carried out by the independent chartered accountants, chartered accountant companies, or limited liability partnerships.
We as a part of the process of the statutory audit, follow the best auditing practices and the Standard on Auditing issued by the ICAI. To comply various rules laid down by the statutory law, we make detailed plans and processes to carry out such audits.
Tax Audits
For every entity having certain turnover at the end of the year are required to get its books of accounts audited as per the Income Tax Act, 1961. In order to verify conformity with the Income Tax Act and other relevant legislation, a tax audit is an official examination of a taxpayer's financial records.Taxpayers are required to provide the relevant paperwork, such as Forms 3CA/3CB and 3CD, to complete an audit of their taxes in India .The tax auditor is required to give his audit report along with specific reporting under various clauses of the Form 3CD in his audit report. Moreover, the tax auditor is also required to mention specific qualifications/observations in his/her tax audit report if the entity has not followed any rules/regulations as laid down in the Income Tax Act, 1961.
By examining at the taxpayer's books of accounts, the goal of a tax audit is to find any errors or anomalies at an early stage.Penalties may apply to taxpayers who do not complete their tax audits on time or who do not follow the guidelines outlined in the Income Tax Act. It is crucial for taxpayers to keep these suggestions in mind in order to lower their tax obligations and complete their tax audits on schedule.
Our highly skilled staff and team provides assistance to the clients for the compliances in relation to the tax audit and timely submission of various forms and tax audit report.
Information System Audit
Information System audit is meant for verification of organizational effectiveness of various IT Systems and to comply with the Confidentiality, Integrity and Availability of the IT systems. It is essential for each and every business entity to have IT systems for the purpose of maintenance of data records and processing the data. In current times, many times, the entity’s IT systems are attacked and their data is compromised. For the purpose of the security and integrity of data, the IS audit is required to be conducted to verify the effectiveness on the controls implemented in Information Technology Infrastructure.
There are certain other special types of IS audit which can also be conducted by the entities depending upon their needs:
- System Development Life Cycle and Modules Audit
- Data Center Audit
- Pre and Post Implementation Review of Newly developed IT System
- Data Migration Audit
- IT General Control Review
- IT Systems Interface Review
We can help the emerging entities to implement robust IT systems and to implement various types of controls in such systems to prevent unauthorised access and to maintain the integrity and availability of the IT systems.
Internal Audit
The Institute of Chartered Accountants in India has laid down various auditing standards to conduct Internal Audits of the entity. Internal Audit mainly focuses on the internal control procedures laid down in the entity in relation to flow of financial transactions. Internal Audit helps in preventing frauds in the organisation and is used for the betterment of the financial reporting. The entity may appoint internal auditor to carry out such audit on regular basis or at a specific interval as per the requirement and the size of the entity. The internal auditor basically focuses on whether the entity is adhering to various compliances timely as per the requirement of specific rules or regulations.
Internal audit assists in finding gaps and flaws in how the organization's policies and procedures are put into practise in a variety of daily operations, including finance, risk management, human resources, and statutory compliance. Additionally, it performs a critical evaluation of internal controls and aids in the adoption of best business practices to achieve organisational goals.
When Internal Audit is required?
- Business has grown in size and has become very complex.
- Compliance of legal requirements has increased.
- Entity has implemented large-scale application of information technology.
- To measure and to manage risk.
- For the betterment of Corporate Governance
We make detailed audit plans to conduct internal audit according to specific requirements of the auditee. Our team, after adhering to the standards on auditing conducts the internal audits to test the effectiveness of various internal controls/checks established in the organisation. We make detailed reports for the gaps and observations noticed during the Internal Audit and to report the same to the business owner to help them improve internal controls and manage the risk.
Other Compliances/Certifications:
There are numerous requirements in India to provide various certifications in relation to the specific compliances and to avail various Government benefits such as Certifications of Import/Exports and Consumption for Advance License Authorisation for duty free imports, Form 15CA/CB for remittance of funds to foreign country, Certifications for Net Worth of Individuals/Firms/Companies etc. We provide such kind of services in relation to certification and to prepare data for specific compliances.
