Audit Assurance refers to setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards.This contributes to enhanced quality and uniformity of practice in these areas throughout the world, and strengthened public confidence in financial reporting.
Various Services under Audit Assurance are :
FINANCIAL STATEMENT AUDIT
We provide high quality audit services to organizations that require an audit for statutory or regulatory reasons associated with filing of their annual and periodic financial information. We also address any specific regulatory reporting requirements such as those under Clause 49 of the Listing Agreement for stock exchange registrants.
FINANCIAL STATEMENT AUDIT METHODOLOGY FOLLOWED
- Strategic analysis
As per Audit Assurance Standard (AAS) 20 knowledge Of Business, we first obtain a thorough understanding of clients business before we start audit and then evaluate strategic business risks and regulatory challenges in order to assess their significance to their business and their potential effect on their financial statements. We then analyze both the key processes you have in place to manage these risks and the procedures used to record significant classes of transactions.
- Process analysis
As per Audit Assurance Standard (AAS) 3 Documentation, we document and make sure we understand clients key processes. We then test the design and operating effectiveness of their controls. We decide on audit objectives and assess the possibility of misstatement in financial statements for each audit objective. We test controls throughout the period under audit to help eliminate last-minute surprises and help reduce the amount of period-end auditing required.
- Substantive procedures, evaluation and reporting our findings
As per Audit Assurance Standard (AAS) 5 Audit Evidence, we obtain Audit Evidence by performing detailed substantive audit procedures and investigate audit differences; evaluate findings; form our audit opinions; and report our findings.
We advice and assist in development of internal controls and systems. We also provide internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills.
INTERNAL AUDIT METHODOLOGY FOLLOWED
- Preliminary Risk Assessment Phase
Internal Audit facilitates discussions with operating management to identify business processes and risks. We solicit managements concerns and work with them to define expectations. Internal Audit will analyze the business and supporting technical risks to define the audit scope and to identify key business control objectives.
- Planning Stage
Internal Audit gathers information on how management is controlling risks and identifies business control processes. An assessment is then performed to ensure that the control environment is adequate. Internal Audits define the testing strategy based on the assessment of the control environment and managements concerns. If testing is not sufficient to determine that controls are functioning effectively, detail test programs are developed.
- Testing Phase
Throughout this phase, test results are analyzed to determine if additional test work is required, or if no further testing is necessary to conclude on the sufficiency of the control environment. We ensure timely communication of issues arising as test work is executed. Issues are communicated, validated, and drafted with the client as they are identified.
- Communicating results
Throughout the audit, all issues identified are validated with the client and management immediately develops action plans. Audit recommendations and management responses are included in the Audit Report including an action plan of what will be done, by whom, when, and to fix what problems.
REGULATORY COMPLIANCE AND REPORTING
We provide support, advice, and assurance to help you manage your regulatory risks, evaluation of new regulations on your business model and reviews of current compliance department
- Secretarial matters related to company law compliance like maintenance of Minute books, statutory records, Compliance of CARO, filing of annual returns and other ROC documents
- Direct Taxes comprising of
- Advance tax Payment
- Tax to be deducted at source
- Tax to be collected at source
- Calculation of Fringe Benefit Tax
- Compliance/Opinion on Double Taxation Avoidance Agreement(DTAA)
- Wealth Tax
- Study on Transfer Pricing
- Tax Audit under Section 44AB and Reporting in Form 3CD
- Assessment Procedures and representation before Tax Authorities
- Indirect Tax: Registration with the concerned department, valuation and payment of the tax, filing of monthly/half-yearly returns or e-returns, representation before Tax Authorities for the various types of indirect taxes like:
- Service Tax
- Customs Duty & Excise Duty
- Sales Tax
- Securities Exchange Board Of India (SEBI): Certification of application forms, certification of e-forms, Submission of certified annual, half-yearly, quarterly financial statements of the Listed Companies.
- Foreign Exchange Management Act(FEMA): Compliance of the procedure for repatriation of income / assets from India, Applications to Reserve Bank of India for purchase / sale of shares, debentures & securities, directly and indirectly from Residents/Non Residents in or outside India, Application to Reserve Bank of India for purchase / sale of residential and commercial properties including renting out of properties.
- Export Import Policy(EXIM): We ensure for the specific compliances required under EXIM policy and provide necessary guidance, advise, certification and liaison with the authority for necessary compliances.
- Special Economic Zone (SEZ): We ensure for the specific compliances required under SEZ guidelines and provide necessary guidance, advise, certification and liaison with the authority for necessary compliances.
- Software Technology Park of India(STPI): Filing of monthly returns, softex forms, amendments in approvals, filing of annual returns and green card renewals, claiming of sales tax amount refunds under guidelines of STPI etc.
Under financial accounting we prepare accounts for the clients which includes trial balance, updation of general ledgers, draw statement of affairs as per Accounting Standards, in addition to this we handle cash book, prepare cash flow statements, fund flow statement etc;