Audit and Assurance Services

Audit and Assurance Services

In a world reducing increasingly to a global village, the economies are becoming border-less and the fairness of financial information and its reliability and security to gain trust of the customers, lenders, investors and regulators of any business needs much more attention. Credible information needs to be corroborated by professional assurance addressing fairness of financial information ranging from statutory audit of financial statements to a variety of other forms of assurances and attestations. Traditional audit has thus undergone an enormous change from auditing the figures to auditing the business itself.
We provide a wide range of assurance services, with the primary focus on the objective of assurance on the reliability and relevance of financial information and host of non-financial aspects, data, processes, operations and procedures and on the effectiveness and efficiency of controls. These services include:

  • Financial/Statutory Audit
  • Management Audit
  • Internal Audit and System Control Review
  • Tax Audit
  • Due Diligence Reviews
  • Regulatory Audits and Regulatory Compliance Review
  • Cost Audit and Cost Allocation Studies
  • Portfolio Audit
  • Corporate Investigations and Business Fraud Risk Services
  • Share Transfer Audit
  • Review and Compilation assignments
  • Insurance claims-compilation & validation assignments
  • Compilation, review and validation of prospective financial statements

Financial/Statutory Audit

The primary objective of the financial audit which is also known as statutory audit is to express an opinion on the financial statements of the organization. It is the responsibility of Management to ensure that the system of internal control is sufficient to prevent and detect errors and irregularities, safeguard assets, maintain reliable accounting records, and generate timely and reliable financial information.

Management Audit

The assurance under such audit may range from one objective-specific to a comprehensive assurance required on financial stewardship, fiduciary behavior, propriety of business conduct and other multifarious objectives set by the client. The deliverables may range from a detailed investigative report to a set of proposed options and business solutions tailor-made to the facts, circumstances and sensitivity depending upon each such audit.

Internal Audit and System Control Review (SCR)

The scope and extent of internal audit and SCR is usually client specific and is a value-added service. The underlying focus is on identification of the specific needs and risks of an enterprise and accordingly examining internal control framework not only to mitigate but also to mange a whole range of risks. In the process, the reports responding to the scope set by the client seek to highlight a broad spectrum of business issues and control  features such as, sources of revenue enhancement and cost reduction potential and in consequence, identification of performance and profit improvement opportunities. No less significant is also the objective of enabling the management to carry out properly and promptly their fiduciary and regulatory obligations.

Tax Audit

The tax authorities engage external assistance from professional firms to provide assurance on compliance with various aspects of Income Tax, Sales Tax and other tax statues. From a comprehensive assurance on the declared operating results of tax payer to any specific aspect of tax compliance, the scope of engagement varies from case to case depending upon the degree of assurance sought by the tax authority on the reliability of such declarations, taxes withheld and deposited, input output adjustment for sales tax purposes and such other aspects of compliance.

Due Diligence Reviews

It is an objective-focused service ranging in scope and approach, depending whether our client is a prospective investor, buyer of a business as a whole or one concerned with any other business related objective. These reviews invariably precede new investment or activity and process of privatization and divestiture of various industrial, commercial and financial sector enterprises aiming to prove assurance to guard against what is generally perceived as “fear of the unknown” implicit in any business, whether due to its size or nature. The due diligence report provides degree of assurance on the enterprise reviewed and its financial and business affairs, thus facilitating decision-making process.

Risk Management Program

We have established and documented a Risk Management Program, which is designed to create an environment of accountability for risk that will allow the firm to preserve its professional reputation and minimize exposure.

Engagement Review Programme

Engagement Review Programme is an additional level of review carried out by the partner or manager, who is independent of the client service team with the objective of promoting standardization in our reporting and for delivering consistent quality services to our clients.

We fully comply with the auditing standards set by International Federation of Accountants.

At the end of all major engagements, clients are approached for obtaining the assessment of the firm’s services and the extent to which assignment team has been able to meet their expectations. This critical evaluation enables us to improve our services continuously.