Audit and Assurance

Tax Audit:

• A Tax Audit involves an expression of the tax auditors’ opinion on certain financial details, given by an assesse to enable an assessment of its tax, by the Tax Authorities. Our endeavoris to help our clients undertake a correct assessment of their tax by reviewing the incomes chargeable to tax, disallowances and deductions there from, under the various provisions of Income Tax Act, 1961. Our dedicated team of trained professionals conducts the audit keeping in mind the latest judicial pronouncements, amendments, circulars, notifications and tax accounting standards notified by the CBDT, as applicable for publicly listed, privately held, and other organizations.

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Investigation:

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• Investigation is carried out when a lapse already exists in an organization in order to pin point the reason and person involved in it so that responsibility for such lapse could be fixed.

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SOX attestation: 

• The SEC registered companies are required to carry out audit of internal controls over the financial reporting process in addition to audit of the financial statements.  SVA methodology helps the review / audit such controls and make integrated audit (audit of both internal controls and financial reporting) a smooth process.

• Stock Audit:

• In any company inventory management is one area that the managements always focus on when it comes to improving business efficiencies and cutting costs. An inventory reduction drive always yields results, which are visible and releases cash back into business. Cutoff analysis.

  • Observe the physical inventory count. 

  • Reconcile the inventory count to the general ledger 

  • Test high-value items

  • Test error-prone items.

  • Test inventory in transit

  • Test item costs

  • Review freight costs

  • Test for lower of cost or market

  • Finished goods cost analysis.

  • Direct labor analysis

  • Overhead analysis 

  • Work-in-process testing 

  • Inventory ownership

  • Inventory layers

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Due Diligence:

• We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail. Effective Due Diligence depends on identifying and managing significant transaction issues, anticipating and identifying potentially important risk and negotiation issues. The objective is to improve future performance of the organization by forecasting potential risk outcomes and attempting to improve the efficiency and effectiveness of the existing business processes. Our approach is to save time, money and effort as well as to help in influencing the price at the outset of the deal.

  • Independent analysis and evaluation of financial and commercial information prepared at an early stage of a disposal or strategic divestment .

  • Gather, analyze and interpret financial, commercial and tax information in detail.

  • Compilation and review of financial information .

  • Audit of special purpose accounts .

  • Interfacing with purchaser and their accounting advisors on accounting matters and challenging due diligence findings of the purchaser  Identifying contract warranties

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Concurrent Audit

• Concurrent Audits are a systematic and timely examination of the financial transactions on a regular basis to ensure accuracy, authenticity and compliance with procedures and guidelines. Concurrent audits do not emphasis test checking but substantial checking of a transaction. The main objective is to detect arithmetical errors and manipulation deliberately made (if any). Our endeavor is to conduct concurrent audits as per the scope of the entity and it usually includes: 

  • A Systems review to understand the existing system and procedures, to enable us to suggest areas for system improvement and strengthening of controls .

  • Bringing to light violations of procedures (if any) .

  • Ascertaining whether sanctions for advances and expenditures is taken from a competent authority .

  • Ensuring compliance with the procedures and policies .

  • Review of the Funds Flow Statement and analysis of the utilization of the funds & various resources that were available  Detection and arresting of leakages of income, (if any)  Reporting inefficiencies at any operational level