Audit & Assurance
Prescribed by: Under the Companies Act, 2013, it is a legal requirement for all companies registered in India to undergo a statutory audit conducted by a registered Chartered Accountant in accordance with the CA Act, 1949.
Scope: Our audit procedures strictly adhere to the standards on auditing set forth by the Institute of Chartered Accountants of India (ICAI). We conduct thorough examinations to form an opinion on the financial statements of the company
Prescribed by: As per the Companies Act, 2013, companies meeting certain criteria are required to establish an Internal Audit mechanism tailored to the scale of their operations.
Scope: The scope of our risk-based audit is determined in collaboration with management, encompassing various aspects such as evaluating the effectiveness of internal control systems implemented within the business. Our assessment extends beyond this, ensuring a comprehensive review of all relevant areas impacting operational integrity and compliance.
Definition: A special audit is targeted solely at a specific area of an organization’s operations. It can be initiated by various entities such as government agencies, banks, investors, or the organization itself to assess efficiency levels and address specific concerns.
Examples: Special audits can encompass various types, including:
- Cost Audit
- Compliance Audit
- Management Audit
Definition: A systems audit is a methodical approach aimed at assessing and enhancing the effectiveness of a system. Typically, audits are conducted to ensure that the components within the system function efficiently, effectively, and align with the stated objectives.
Definition: A stock audit is a mandatory procedure that every business institution must conduct at least once during a financial year. This process primarily entails physically counting the stock present at specified premises and reconciling it with the stock records maintained by the company. The objective of this audit is to rectify any discrepancies between the recorded stock and the physical stock by making necessary adjustment entries.
Definition: Agreed upon procedures are mutually agreed procedures between an entity and a third party designed to yield factual findings regarding financial information or operational processes.
Examples of Procedures: These procedures may encompass:
- Reviewing historical financial statements
- Conducting reasonable and limited review engagements
- Undertaking other assurance engagements
Overview: CA certification is commonly required for diverse purposes under various rules and regulations. These certificates are essential for businesses to assert privileges available under the law, establish financial arrangements with financial institutions, claim benefits and deductions as per statutory provisions, and ensure periodic compliance with relevant rules and regulations.