Possibly one of the most important functions of a Chartered Accountant and his specialized training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organization. Our firm has been providing a range of Audit Services since 2003. The various kinds of Audit Services that we are providing are Statutory Audit, Internal Audit, Stock Audit, Management Audit, Concurrent Audit (On behalf of Financial Institutions and Banks), Tax Audit, Continuous Audit, Proprietary Audit, Systems Audit, and Inspection Audit etc. With a team of partners and other professionals and their assistance we are able to render the quality services to our clients in India and abroad and will continue to do so in the future.
Internal Audit Services
Our Internal Audit Services (IAS) employs highly skilled professionals, who can solve organizational common problems with the right solutions, contemporary processes/methodologies and superior tools/technologies. We can help organizations to improve their quality and effectiveness of internal audit process by:
- Advising and assisting in the development of Internal Audit and risk management methodologies.
- Assessing whether the Internal Audit function is delivering effectively for better control & management.
- Providing Internal Audit resurging solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage.
- Supporting Internal Audit functions with software to enhance and support their work.
- Training for Internal Auditors using our extensive market and industry knowledge.
The Tax Audit is one of the most specialised services of our Firm. Our highly skilled professionals not only audit the big corporate but also help big to medium size corporate to comply with various requirements of law. In the process, we not only appraise the accounts of our clients and issue reports but also suggest them to save taxes by complying with the statutes.
Bank Audit and Information System Audit
The replacement of manual operations by automated systems in banking operations has brought out major improvements in customer service, housekeeping, decision-making, productivity and profitability in banks. The adoption of technology in banking operations has opened up multiple delivery channels to customers to do their routine banking transactions through ATMs, P-S terminals, Internet, Mobile, etc., apart from other conveniences like Anywhere Banking Branch (ABB), Multi-City Cheque Book, etc. The Information System (IS) Audit in the Banking sector in India has gained importance in the context of accelerated pace of technology absorptions, like migration from distributed computing to centralize processing on Core Banking Solution (CBS), adoption of technology solutions for Asset Liability Management (ALM), Anti-Money Laundering (ALM), compliance with Know Your Customer (KYC) norms, Risk Management, dependence on third-party technical services, outsourcing of non-core areas of operations, forming of consortiums among banks for sharing of ATM networks, etc. While the automation of banking operations brings in the advantages, it places new challenges before us in the area of paperless on-line transaction processing environment. The survival of the banks is often dependent on the quality, adequacy, integrity and timely availability of its information resources. Protecting information becomes critical to the continuity of the business operations. Hence, the issues related to security and control can never be overlooked. The issues related to security of computer hardware, software, systems, data etc. and its communication need to be considered in a holistic manner. It is required to monitor periodically that these procedures and controls are in place to ensure that the information stored on these system is dependable. This periodical monitoring is achieved by IS Audit. The objective of audit does not change whether it is a manual or a computerized environment, only the approach of audit changes. Any laxity in controls/security of Information System could be eliminated if IS Audit is conducted at regular intervals. Conclusions and recommendations emerging out of an IS Audit influence the decision making process of the management.
We have conducted Statutory Branch Audit of various Scheduled Banks i.e. United Bank of India, Bank of Maharashtra, ICICI Bank, Uttar BangaKshetriyaGramin Bank, Dena Bank – Overseas Branch and Union Bank of India since 2003. In these 11 years of continuous Statutory Branch Audit and Concurrent Audit we have conducted audit of various small and big branches having Loans and Advances ranging between Rs. 5 crores to 200 crores. During the course of audit, we have conducted audit of Assets Recovery Management Branch, Branch having Foreign Business transactions, International Businesses etc. Apart from conducting Statutory and other audits, our firm has experience of conducting Concurrent, Revenue, Stock and Inspection Audit of various branches of Scheduled Banks. Our partners are well experienced in conducting and finalisation of accounts of Banks with two partners, having “DISA” qualifications from ICAI and with professionals and other assistants we are able to render quality services to Banks and our clients and will continue to do so in the future.
Apart from conducting Vat Audit, our services includes:
- Rendering advice on a wide range of issues in relation to VAT implications on transactions.
- Assistance in claiming VAT input credits.
- Suggestions on the right strategy to minimize the total VAT incidence.
Other Accounting and Audit Services
We also provide our services in the field of development of accounting procedure manual, capitalization of expenditure, and accounting at the implementation stage.