Key Highlights

Effective modern audit technique
Trained staff with senior supervision
Latest technologies and processes
International experience
Real time business analysis

Auditing

  • Tax Audit
Under the existing provisions of section 44AB of the Income Tax Act of 19xx, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceeds Rs. 1,00,00,000. Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed Rs. 25,00,000.
  • Statutory Audit
In simple terms statutory audit in India is equated with audit under the Companies Act.  Every company incorporated under the Companies Act is required to get its accounts audited by a Chartered Accountant in practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act.  Statutory Audit ensures reliability of annual accounts of the company for various consumers of accounts of the Company like the government, shareholders, debtors, creditors and bankers.
 
The complexity of statutory audit function has increased manifolds during recent times. Globalisation, fast changing business and statutory environment combined with need for synchronisation with various global accounting standards and ever increasing reliance on audited accounts by a variety of interested parties has put ever increasing responsibilities on the shoulders of any statutory auditor.
 
Our statutory audit department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure useability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and general public at large.
 
We as a firm believe in concurrent audit rather than an year-end audit.  Our definition of concurrent audit is that we prepare periodic management accounts for the company we are auditing – this could be monthly or quarterly.  This helps key stakeholders in variety of ways:
  • Banks, investors and or partners: they get updated financials periodically so there is no surprise and a trusting relationship develops between the company and them.
  • Management: they see the business performance sliced and diced in a way that helps them to understand the business performance and in decision-making.  This also helps them to manage the people in their business as they can see their performance in the management accounts.
  • Employees: they can understand management decisions and strive to contribute to the success of their business.
  • Internal Audit
Internal Audit is not just an audit of financial working of an organisation. It has evolved to become a tool in the hands of management to ensure accurate working of any functions of the organisation be it production or sales or finance or human resources.
 
Over the time the role of Internal Auditor has widened from just ensuring the correctness of financial system of any organisation to include consultative processes like advising on better utilization of organisations resources, better management of financial as well as non-financial functions etc.
  • Systems Audit
We have a strong ‘systems’ expertise within the practice.  This enables us to understand the adequacy of systems, in terms of hardware and software to support business process.