AUDIT & ASSURANCE

Statutory audit:

A statutory audit is an audit mandated by a statute such as Company Law, Income Tax Law, GST etc. The purpose of a statutory audit is to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, book-keeping records and financial transactions. The statute specifically governs the focus of the audit and requires the Auditor to opine on certain specific matters.

Internal audit:

Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s risk management and internal control system.

Stock audit and fixed assets audit:

Stock and fixed assets audit is considered as an important auditing term which refers to the physical verification of the inventory and fixed assets. In other words, stock and fixed assets audit is a statutory process which every business institution needs to perform at least once in a financial year. Stock and Fixed assets audit is an area of specialization and core competence for us. Assets e.g. Stocks such as raw materials, consumbles etc. and fixed assets such as plant and machinery, computers etc. are important real assets and need repeat watch. As a large number of companies are operating across the borders through multiple locations, some even with various channel partners, ensuring this watch is challenge. We offer our focused services to companies to keep them assured of their physical assets.

Internal finance control audit:

As per Section 134 of the Companies Act 2013, the term ‘Internal Financial Controls’ means the policies and procedures adopted by the company for ensuring:
• orderly and efficient conduct of its business, including adherence to company’s policies,
• safeguarding of its assets,
• prevention and detection of frauds and errors,
• accuracy and completeness of the accounting records, and
• timely preparation of reliable financial information.