Auditing and Assurance

What is Auditing and Assurance?

Auditing is an independent examination of financial statements, records, and operations to ensure accuracy, compliance, and integrity. Assurance services, on the other hand, provide confidence in financial reports and internal processes by evaluating risks and controls.

Ensure Financial Accuracy and Compliance with Expert Auditing Services

Auditing and assurance services play a crucial role in maintaining financial transparency, ensuring compliance with regulatory standards, and enhancing business credibility. Our comprehensive auditing services provide independent verification of financial statements, internal controls, and operational efficiency to help businesses make informed decisions.

Professional auditing services for small businesses and startups – internal audit, statutory audit, compliance checks, and financial accuracy review by certified auditors.

Purpose of Audit

An audit serves to:

Verify financial accuracy and compliance with legal requirements
Detect and prevent fraud or mismanagement
Enhance internal control mechanisms
Build trust among investors, stakeholders, and regulatory bodies

Statutory audit services for private limited companies and LLPs – accurate financial reporting, compliance with Companies Act, and audit by certified chartered accountants.

Statutory Audit and Assurance

A statutory audit is a legally required review of financial records to ensure accuracy and compliance with laws and regulations.

Who Needs a Statutory Audit?

Companies registered under the Companies Act, 2013
LLPs with turnover exceeding the prescribed limit
Businesses with statutory audit obligations under specific regulations

Process of Statutory Audit:

Preliminary Assessment- Understanding business operations and compliance requirements.
Planning & Risk Assessment– Identifying key risks and audit scope.
Execution– Verifying financial records, transactions, and compliance.
Reporting– Providing an audit report with findings and recommendations.
Regulatory Submission– Filing audited financial statements with relevant authorities.

Internal Audit and Risk Advisory

Internal audits help organizations assess risks, strengthen internal controls, and improve business performance.

Key Benefits of Internal Audits: ✔ Improved operational efficiency
✔ Fraud detection & prevention
✔ Compliance with internal policies & regulations
✔ Better financial decision-making

Process of Internal Audit:

Understanding Business Operations
Risk Identification & Assessment
Process and Control Evaluation
Testing & Review
Audit Report & Recommendations

Internal audit services for businesses – process audits, risk management, internal controls review, and operational efficiency improvement by experienced auditors.

Auditing services for companies and startups – internal audit, statutory audit, tax audit, compliance audit, and financial risk assessment by certified auditors.

Other Audits

We also offer a variety of specialized audit services to meet unique business requirements:

Tax Audit– As per Income Tax Act for businesses exceeding turnover limits.
GST Audit– Ensuring compliance with GST regulations.
Forensic Audit– Investigating fraud and financial misconduct.
Stock Audit– Verifying inventory accuracy and management.
Due Diligence Audit– Assessing financial health before mergers/acquisitions.

Auditing Process

Step 1: Planning and Risk Assessment

Understanding the business and industry
Identifying key risks and audit objectives

Step 2: Internal Control Evaluation

Reviewing financial reporting systems and internal controls
Identifying potential weaknesses

Step 3: Audit Execution

Gathering and verifying financial data
Conducting tests and analytical procedures

Step 4: Report Preparation

Drafting audit findings and recommendations
Providing an independent audit opinion

Step 5: Compliance and Follow-up

Addressing audit observations
Assisting in corrective actions and improvements

Timeline for Auditing Services

Internal Audit: 4-6 weeks depending on scope
Statutory Audit: 6-8 weeks as per regulatory deadlines
Tax Audit: 4-6 weeks before the tax filing due date
Forensic Audit: Varies based on complexity

Documents Required for Audit

Financial statements (balance sheet, P&L, cash flow)
General ledger and trial balance
Bank statements and reconciliations
Invoices, receipts, and purchase records
Tax returns and compliance documents
Payroll and employee records
Business agreements and contracts
Internal control policies and risk assessment reports

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Expert audit services for companies – internal audits, financial statement audits, risk assessments, and regulatory compliance by top auditing firm.