Audit & Assurance

Service Description

1. Statutory audit Prescribed by: The Companies Act, 2013 mandates all the companies registered in India to audit their books of accounts by a registered Chartered Accountant as per the CA Act, 1949. Scope: We conduct the audit as per the standards on auditing issued by ICAI for giving an opinion on the financial statements. 2. Internal audit Prescribed by: Companies Act, 2013 mandates all the companies satisfying specific conditions to have an Internal Audit mechanism in relation to its size of operations Scope: The scope of the risk-based audit is at the discretion of the management and includes, but is not limited to the evaluation of the internal control system placed in the business 3. Special audit A special audit focuses only on a specific area of an organization’s activities. This type of audit may be initiated by a government agency or a Bank or an Investor or by the entity itself to estimate the efficiency level. Some examples of special audit are: • Cost audit • Compliance audit • Management audit 4. Systems audit Systems audit is an approach to evaluate and improve the effectiveness of a system. Generally, audits are carried out in order to verify that the individual elements within the system are effective, efficient and suitable for achieving the stated objectives. 5. Stock audit Stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries. 6. Agreed upon procedures The procedures that are agreed between an entity and a third party to produce factual findings about financial information or operational processes. Such procedures may include: • Review of historical financial statements • Reasonable and limited review engagements • Other assurance engagements 7. Certification services In general, distinct laws and regulations necessitate CA certification for a variety of reasons. Businesses require certificates in order to be eligible for financial institution arrangements, legal rights, benefits, and deductions under statutes, as well as periodic compliance with applicable laws and regulations.