Audit Services
Services Offered
Auditing Services
Tax Advisory Services
Corporate Advisory Services
Business Support Services
Assurance Services
Auditing Service
Auditing Service is the inspection of various books of accounts by an auditor to make sure that all departments are following the process of recording transactions accurately. It is done to verify the accuracy of financial statements provided by the organisation. Audit can be done by an independent auditor or by an external auditing firm. The idea is to ensure that all books of accounts are done in a fair manner and there is no misrepresentation or fraud that is being conducted.
Who can perform an audit?
In terms of section 6 of The Chartered Accountants Act: No member of the Institute shall be entitled to practice whether in India or elsewhere unless he has obtained from the Council a certificate of practice. Only a chartered accountant holding certificate of practice can audit accounts.
What are stages in Audit?
There are multiple stages in the auditing process. The first step is to define the auditor’s role and the terms of engagement which is usually in the form of a letter which is signed by the client.The next step is to plan the audit which would include details of deadlines and the departments that the auditor would cover. Is it a single department or whole organisation which the auditor would be covering. The next important step is compiling the information from the audit. When an auditor audits the accounts or inspects key financial statements of a company, the findings are usually put out in a report or compiled in a systematic manner.
The most important element of an audit is reporting the result in a document which is termed as “Auditor’s Report”.
Types of Audit
The financial statements are audited for fairness and authenticity by External Auditor or Statutory Auditor. The External Auditor assess financial records based on accounting standards IND AS, guidelines by the regulator, income tax provisions and disclosures in the specified formats.
Internal Audit are performed by Auditors and the goals are to assess effective functioning, accurate financial records and controls, inspecting fraud detection and protecting company assets. It also improves corporate governance and accounting processes to improve overall efficiency.
Information Systems Audit is a audit of the management controls within an IT Infrastructure and the relevant Applications.The audit and evidence obtained determines if the information systems are safeguarding assets, maintaining data integrity, and operating effectively to achieve the organization’s goals or objectives.
GST Audit is the process of inspecting records and returns, check the turnover and GST paid for it, input tax credit (ITC) availed, sales records audit and the overall compliance with the provisions of GST.
Transfer Pricing is the practice where within a group company, one division in a company charges another division for goods or services provided at a certain price. Transfer Pricing Audit inspects the process and records and checks if the price of service or product is fair.
A financial statement audit is conducted to determine whether the overall financial statements are stated in accordance with specified criteria such as Indian Accounting Standard.
As Chartered Accountants we advice and review Business from a high level and support them in preparation of Standard Operating Procedures (SOP), Business Process Notes (BPN) and Risk Control Matrix (RCM).
IPO Advisory Services are provided for corporates on raising funds by way of equity shares, preference shares, convertible and non-convertible debentures. Also assist in related financial information and formats, restatements and consolidation. We also assist in clients in finalizing memorandum & articles of association.
Performance Audit has a primary goal of improving performance. Initial discussions are to decide on the focus areas where improvement is required and audit is focsed to achieve the goals. The evaluation is unbiased and constructive feedback is provided to focus on the improvement areas.
Payroll audit is conducted for corporates and the process of auditing is to verify details and authenticity of employees, time mechanism used for employees in-time & out-time and salary scale of employees and its consistency across grades.
Our Audit Experience
70 Years of Legacy
18 Industries Audited
300 Customers Audited
Case Study
Problem Statement
The Client had issues in maintaining internal records when they approached us. They were not able to track transactions and maintain proper inventory of products. We were assigned the goal of performing a complete internal audit.
Major Issues
The major issues,
1. Records not maintained properly
2. Transactions were recorded in random manner
3. Products were missing
4. Invoice raised did not match with inventory
5. Process not followed
Our Approach
We approached the issue in a multi dimensional manner and auditing the complete system. We also cross checked with suppliers and customers of the organization. The solution was to restructure in such a manner that there were cross check points with multiple departments.
Solution
Our solution addressed every major issue of our client, the goals achieved were,
1. Streamlined process within the organization.
2. Streamlined process with vendors and clients.
3. Better internal controls for tracking and recording transactions.
4. Improved productivity due to reduced time in tracking transactions.
5. Overall improvement in efficiency.
The case study is provided to showcase our approach & solution, highlighting our strength in Internal Audit.
Industries Audited
Please check if your Industry is in the list we serve.
We are ready to serve you with our Best Team.