Audits are essentially health checkups for an organization's operations. Audits (1) take a systematic and detailed look at business processes, (2) identify risks (what negative things can happen) and controls (what is in place to achieve the desired outcome) (3) offer insight and advice to improve operations and help the organization achieve its strategic objectives. (4) Evaluate and provide an independent opinion on the accuracy and reliability of financial statements and other financial information
As per Section 139(1) of the Companies Act, 2013 read with Rule 3 of Companies (Audit & Auditors) Rules, 2014, every company must appoint an individual or firm (a registered Chartered Accountant as per the CA Act, 1949). Our Assurance assignments are conducted in accordance with the engagement standards issued by the ICAI. Our Audit Methodology is based on the Auditing Standards issued by the ICAI which are converged with the International Auditing Standards
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Audit and Assurance
Statutory Audit:- Statutory audits are mandatory for all companies registered in India under the Companies Act, 2013, as well as Limited Liability Partnerships (LLPs) with a turnover exceeding Rs. 40 Lakhs or a contribution of Rs. 25 Lakhs.
- Our statutory audit team consists of highly skilled individuals (CA Professionals) who are continually improving and receiving extensive training in auditing functions. Our auditing team stays updated on ever-changing compliance requirements to stay ahead of the curve and ensure the reliability of our clients’ annual accounts.
- The Companies Act, 2013 mandates all the companies satisfying specific conditions to have an Internal Audit mechanism in relation to its size of operations. The scope of this risk-based audit is at the discretion of the management and includes, but is not limited to the evaluation of the internal control system placed in the business.
- In addition to modern Assurance Services, our firm has considerable experience in setting up the internal audit organization for clients.
Internal Financial Controls(IFC) Audit:
- IFC/ICFR is applicable without any terms and conditions for all listed companies and public unlisted companies. In case of private companies, IFC/ICFR is applicable wherein Turnover > 500 million or outstanding loan & borrowings from bank > 250 million.
- Primary objective of IFC Audit is to identify opportunities for improvement, and to draw up recommendations and good practices for organizations that can be used as a benchmark to develop or strengthen their internal control systems and enhance the reliability of their financial statements.
- A special audit focuses only on a specific area of an organization’s activities. This type of audit may be initiated by a government agency or a Bank or an Investor or by the entity itself to estimate the efficiency level. Some examples of special audit are:
- Cost audit
- Compliance audit
- Management audit
- Stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.
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