ASSURANCE SERVICES

This is aimed at helping the client to perceive the complexities of the business environment in which they function with respect to the legal and regulatory restrictions and thus assuring the client to achieve higher levels of compliance. This helps the client to choose the right policies and strategies for maximization of efficiency and profitability.

Statutory Audits.
We carry out financial audits specified under numerous statutes like Companies Act, SEBI Regulations , Income Tax Act, Reserve Bank of India Act, VAT Acts, as well as financial reporting as per specific requirements like Group Reporting etc. These audits are conducted with well specified methodologies that have been developed over the years keeping in mind the practicality as well as the requirements in the Indian scenario (e.g. prescribed Auditing Standards).

We carry out the following types of audits:

• Balance Sheet audits of Banks - both Private Sector and Public Sector
• Branch audits of various Banks
• Central/Division Audits of Financial Institutions
• Central or Division Audits of Insurance Companies
• Statutory Audit of Companies including branches as well as related certifications like Public Deposit Compliance, Corporate Governance matters etc..
• Audit of Trusts /associations .
• Audit of Gratuity Trusts/Pension Funds.
• Audit or Firms and Proprietary Units

Tax Audits .
Various tax laws require that the accounts, returns and claims be supported by audited statements and certificates from Chartered Accountants . Such conditions exists in legislations relating to direct and indirect taxation . Many provisions exists in the Income Tax Act, Central Excise Act, Central Sales Tax Act, Value Added Tax Acts where the periodic returns have to be accompanied by audited statements and certificates . We carry out the audits and certifications stipulated under various tax statutes for:

• Corporates
• Firms
• Trusts and Associations (NGOs)
• Individuals

Current Assets Audit (more commonly known as 'Stock Audits') on behalf of Banks and other lending institutions :
Banks and other institutions lend money to the constituents mainly against primary securities like inventories and receivables . Periodically the accuracy of the current assets records and their valuation are subjected to audit by such lending institutions. This is a specialized job. We carry out audits of the current assets-mainly inventory and receivables-on behalf of banks and other lending institutions.

Management audits
These are much broader in scope than financial audits . Financial audits are an analysis of the past and current financial position of an organization where as management audit has as its objective improving the functioning of an organization that may affect the very existence of the organization by effectively and efficiently using the current and perceived resources.

Internal Audits:
Internal audit is an independent appraisal activity within an organisation for the review of the accounting, financial and other operations of an organisation as a basis for service to management . The scope and coverage of internal audits are decided by the management. Management audit generally is intended to help the management to cut costs, reduce wastage and help improve the efficiency and profitability. Internal audit helps the management by providing assurance on adherence to management plans and policies and thus help to stem the diversion of scarce resources.

Internal Audits include:

• Compliance Audits
• Risk based audits
• Control Analysis in ERP environment.
• ERP (Model/Features) Utilisation Review.

The Firm has a rich experience of executing newspaper / magazine circulation audits on behalf of recognized bureaus for the past three decades.

Concurrent audits
Concurrent audits are audit of transactions as they take place. These types of audits are usually undertaken on behalf of banks, financial institutions, forex dealers and other corporates. We are empanelled by Public Sector Banks and other private se ctor banks for such requirements.

Investigation assignments:
These are assignments carried out with a specific purpose, some times under some statutory requirements or on contractual basis. Such audits may be carried out for the purpose of unearthing fr-auds or before any strategic decision is taken or at the behest of a Government or statutory authority as a tool to supplement their regulatory or revenue collection functions.

The assignment carried out by us under these categories include :

• Investigative audits on behalf of the Income-tax Department.
• On site inspection of NBFCs on behalf of Reserve Bank of India.
• Investigation assignments on behalf of Corporates and others, investigation on behalf of an insurance company for the purpose of processing their claims, etc.