What is Statutory Audit?

A legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

 

Why Statutory Audit

The objective of a Statutory Audit of the financial statements is to enable the Auditor to express an opinion whether the financial statement are prepared, in all material respects, in accordance with identified financial reporting framework.

 

The financial statements are ordinarily prepared on an annual basis towards the common information needs of various users. The financial statements are prepared in accordance with the:

1. Relevant Statutory Requirement e.g. the Companies Act, 1956 for the companies
2. Accounting Standards issued by the Institute of Chartered Accountants of India and
3. Other recognised accounting principles and practices e.g. those recommended by way of Guidance Notes issued by the Institute of Chartered Accountants of India. Section

224 of the Companies Act talks about the Appointment of the Auditors. The Auditor assesses the evidence collected as a result of the procedures conducted and expresses a conclusion. The level of assurance is determined by the procedures performed and results thereof.

 

Limited Review

The objective of a review of the financial statements is to enable an Auditor to state whether on the basis of the procedures which do not provide all the evidence, anything has come to the Auditor's attention that cause him to believe that the financials statement are not prepared in all material respect, in accordance with the recognised accounting policies, standards and applicable statutory requirements.

 

Tax Audit

Income Tax Act, 1961 contains provision for the Audit of Accounts under various sections for tax purposes.

 

We can assist in:

1. We carry out Statutory & Tax Audits along with Limited Reviews in accordance with the rule and regulations prescribed by the government, the General Accepted Accounting Practices (GAAP), Accounting Standards (AS) and Auditing and Assurance Standards (AAS) prescribed by the Institute of Chartered of India.

 

What is Internal Audit?

Internal Audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It is an independent, objectives assurance and consulting activity designed to add value and improve an organization’s operations. It helps organization to accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and government process.

 

Why Internal Audit?

The critical COBC (Code of Business Conduct) of an organization is solely depends on how efficiently and effectively managing both internal, external risks in business and ensuring the competitive ROI (Return ON Investment) QoQ and YoY. It is prudent to place the effective risk management and internal quality control systems to drive and derive this objective.

 

The Factors necessitating Internal Audit are:

1. Increased size and complexity of business
2. Enhanced compliance requirements
3. Focus on Risk Management & Controls to manage them
4. Unconventional business models
5. Intensive use of Information Technology
6. Stringent norms mandated by regulators to protect investors
7. An increasingly competitive environment

 

How can we serve

We understand the factor of Independence built in the role of Internal Auditors and maintain unbiased viewpoints on the best Industrial practices, latest statutory & legal requirements with IT Infrastructure Capability Support. We carry out internal review of the business operations as an outside agency also as an additional support to the In house Internal Audit Team and cater to all size and sectors of business setups. We maintain the basic principles of Internal Audit of Integrity, Objectivity, Independence, Confidentiality, and Due Professional Care, Skills and Competence. The Members of the Institute of Chartered Accountants of India observe the requirements of the Chartered Accountants Act, 1949, Code of Ethics issued by the Institute of Chartered Accountants of India; and Other relevant pronouncements of the ICAI.

 

Services We Offer

1. Support Corporate Goals
2. Assessment, Implementation and Assurance on Enterprise Risk Management Systems (ERM)
3. Support Compliance Function
4. Fraud Monitoring
5. Identifying Improvement Opportunities
6. Review of Non-Financial Processes

 

What Forensic Accounting & Auditing?

Forensic Accounting is an approach to promote Anti-Fraud Culture and provide composite Anti- Fraud measures. Forensic Auditing is sniffing out frauds in a scientific way to ensure that the facts could be produced in the Court of Law, it requires a mind-set that understands the intricacies for which Statutory or the Internal Audit is inadequate.

 

Services We Offer

As part of our IFAIA, we offer advice or assistance in the following areas:

1. Developing Fraud Risk Management Manual
2. System Evaluation and
3. Fraud Detection

 

Accounting practices are and will remain the subject of intense public and regulatory scrutiny and litigation. Tough questions, requiring timely, accurate responses, come from Congress, regulators, third-party plaintiffs and the press. The pressure on individual directors, executives, outside auditors, bankers and their respective legal counsel has never been greater.