The audit may be required by statute; and if properly planned, it can become a useful management tool. Our approach enables us to focus our time and effort on the most significant areas of the accounts and controls. So we not only keep our time cost to a minimum but also increase the effectiveness of the audit and thus provide maximum value to the client.
The process of obtaining comprehensive understanding of the client’s business, accounting system and internal controls enable us to focus on key areas besides doing the normal audit. This process also depends upon clients to clients’ requirements. This approach ensures that the professional and commercial experience of the members of the firm is constantly brought to bear on a client’s affairs.
Over the years we have specialized in carrying out the inter nal-management audits of small to big sized business entities. The thrust is to audit for the statutory requirements and also simultaneously report the irregularities and the weakness in the internal control and systems for proper action and rectification.
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 together with Accounting Standards/ IAS and that they represent a true and fair view of the state of affairs of the organization. This is possibly one of the most important functions of a CA where specialized training, skill and judgment are required.
Types of Auditing Services rendered by us
We undertake Statutory Audits of Public/Private Limited Companies in the Manufacturing/ Trading/ Service Sectors, IT Companies, Nationalized Banks, Financial Institutions, Non-Banking Finance Companies, Public Sector Undertaking (PSU), Charitable Institutions, NGO, Hotels, Hospitals, Cooperative Societies and other small and medium sized enterprises.
Every business Company, Firm or Enterprises whose turnover exceeds Rs.40 Lakhs or total receipts from any profession exceeds Rs.10 Lakhs in any previous year, is required to get its accounts precisely & punctually audited and obtain a report under the section 44AB of the Income Tax Act. We have a team of mellow tax experts to conduct such type of audits.
The focal point is to ensure strong internal & managerial control systems to minimize the risk of accidental or deliberate errors and omissions. Apart from, Safeguarding of valuable assets, sufficient division of authority over key control areas and stringent compliance with the internal operating policies and corporate governance
IS Audit evaluates the adequacy of internal controls with regard to specific computer programs and the data processing environment as a whole. It ascertains whether computer systems safeguard assets, maintain data integrity and allow the goals of an organization to be achieved effectively and efficiently. Our team includes experienced computers professionals and qualified system Auditors (DISA) to conduct IS Audit.
Large organizations and corporations need to verify day to day business transactions. We have a pool of qualified & experienced professionals and ancillary staff, to conduct such audits.
Organizations needs to verify there debtors/stocks or the lender needs to verify its borrowers repaying capacity. We undertake current assets audit to enable companies assure the value of there book debts/stock.
An income tax audit is an inspection conducted by a government representative to confirm that someone’s taxes were prepared correctly. Tax audits are very intimidating for most taxpayers, and the important thing to remember about audit notices is that they are not accusations, and that taxpayers are not being required to prove that they are not guilty of something when they are audited. Audits are usually performed on an entirely random basis, with taxpayers being selected by a computer.
In an income tax audit, the taxpayer is required to show documentation and support for every aspect of his or her tax return. For example, if someone claims itemized deductions, receipts for those deductions must be produced, in addition to justifications for why the taxpayer felt that those deductions were legitimate. In addition, taxpayers must open their accounting methods to inspection, and demonstrate that all of their income was in fact properly documented and claimed on the tax return.
Audits are usually performed because a taxpayer was randomly selected by a computer. Certain areas of tax returns are especially prone to errors, so a computer may weight people with things like high income, home offices, high levels of deductions, or repeated business losses for audits. Taxpayers may also be selected for auditing when they fail to pay their taxes, or when they request an installment plan to pay taxes.