Auditing and Assurance
TRANSPARENCY . TRUST . INDEPENDENCE
Organizations are operating in a rapidly changing business environment, with increasingly complex regulatory requirements. In such circumstances, it is vital to maintain confidence and trust. Audit services help to support organizations in promoting investor confidence, managing regulatory responsibilities, and supporting long-term, sustainable economic growth. Assurance professionals draw on deep industry experience and resources to help clients to navigate change, bolster investor confidence, and strengthen the value of their businesses.
Statutory Audit
Certification of accounts is a process in which the mission of the auditor is to certify the annual accounts, and formulate an objective opinion on the regularity and sincerity of the accounts, and compliance with the principle of fairness. Beyond the Simple audit accounts, certification of financial information is used to develop the confidence of financial partners and clients, and suppliers.
Tax Audit
Taxation is one of the major preoccupations of any business. We're providing our clients with a team of auditors with a strong experience in the tax field to help them manage and measure the risks to the company in case of a tax audit.
The audit team will conduct a review of tax returns and the calculation of taxes to ensure compliance with obligations concerning the tax authorities.
Internal & Management Audit
Recent high-profile control failures and increased regulatory demands require organizations to gain independent and objective assurance over the effectiveness of internal & management controls and risk mitigation.
Stock and Fixed Assets Audit
Stock Audit is a physical verification of stock and inventory and a very important tool for strengthening the internal control system. We have a dedicated stock audit team that ensures accurate counting of physical stock and its comparison with book stock. Even at third part locations like bounded warehouses, consignment agents, and distributors.
Revenue Audit
Revenue audit consists of the review of the tax return, the inspection of the declaration of liability and the representation of liability in respect of the stamp duty, and the verification of the person's compliance with their obligations under the tax and duty legislation. In addition, during the revenue audit, the correct level of liability of the company is examined by investigating the books, records, and compliance of the organization with its tax obligations.
Compliance Audit
A robust compliance audit process is needed to keep pace with regulatory changes, modify processes as needed and ensure your workflow is up to date, that’s where compliance audit comes into the frame. A compliance audit is a formal review of an organization’s procedures and operations mainly focusing on whether an entity is complying with internal rules, regulations, policies, decisions, and procedures. An audit report will cover the resilience of compliance preparations, security policies, risk management processes, and user access controls observed during the audit.
Concurrent Audit
The activities of mutual fund houses, financial institutions, and especially banks and their risk profiles are growing more complex day by day. As banking services are developing with time, the risk factor is increasing as well. Here, where comes the need for a concurrent audit or bank audit, it can be defined as a timely and systematic examination of the entity’s financial transactions to ensure accuracy, authenticity, and compliance with relevant regulatory requirements. Since the volume of transactions is very high, it is done regularly. The process becomes a bit complex as concurrent auditing is contemporaneous with the transactions occurring.
Information System Audit
In today’s business environment, technology and business coexist, therefore it is important to be updated with new technologies in business. All these circumstances make information technology an inseparable part of the business. Technology evolves regularly and so are the threats to technology. Hence, periodic Information system audits for business are extremely important.
- Examination of the credibility of financial statements and third-party documents
- Integrity Checks
- Fraud Vulnerability Studies within an Organization
- Crisis Management
- Management of Corporate under Crisis
Investigative Audit
Investigative Auditing consists of the prevention, detection, and quantification of fraud, money laundering, terror finance, and corruption. Investigative Auditing involves the examination of accounts and the use of accounting procedures to discover financial irregularities and to follow the movement of funds and assets in and out of organizations. The objects of Investigative Auditing include, inter alia, identification of suspects, determination of damages, quantification of damages, prevention of damage, identification of financial activity, and tracing of financial assets. Various audit teams provide its customers broad range of Investigative Auditing services, including:
- Fraud Prevention
- Fraud Quantification
- Computer (Cyber) Fraud
- Insurance Support
- Advice and Assistance to Attorneys
- Due Diligence Examinations Before Mergers and Acquisitions
Internal Control Review
Internal control review assumes greater importance in light of the current economic downturn. Monitoring and assessment of internal controls across various functions are performed through continuous evaluations to ensure whether the implemented internal control system is effective as intended by the Board of Directors. The assessment facilitates the identification of internal control deficiencies for further corrective actions. Our professionals provide an overall assessment of the internal control system and its adequacy in each business area in an organization to address the relevant risks
Due Diligence
Today, many companies are involved in merger and acquisition activities. An investor acquires the target company but before acquiring detailed research of a company is required for a smooth and seamless deal. Here comes the role of due diligence, the services provide detailed investigation and verification of potential deals to confirm all the relevant financial information related to it. Due diligence examines the unforeseen problems which can occur and it also helps in rectifying them before the agreement takes place.
Forensic Audit
Reputation management with key stakeholders is paramount for business and organizational relationships. Unfavorable circumstances like internal employees stealing confidential data, sales force being involved in price fixing, and conflict of interest identified between employees and vendors can lead to a loss of reputation, erode organization value, and undermine market confidence. When there is a crisis, there needs to be a mitigation mechanism to address it, starting with fact-finding and drawing up an action plan for redressal. Our Forensic team transforms data into insights navigating clients through crisis, controversy, corruption, fraud, cybercrime, contract disputes, litigation, regulatory investigations, and insurance claims and guides them on strategies to mitigate the disruption that naturally occurs when facing such complex matters.
Regulatory Compliances
The Regulatory and Compliance Services assist organizations in adapting to a changing regulatory environment. Audit professionals, many of whom are former regulators or compliance professionals, provide three levels of engagement:
- Strategy Level - to help organizations anticipate and adapt to regulatory change
- Operational Efficiency Level - to achieve a cost-effective balance between compliance and risk
- Remediation Level - in response to enforcement
