Audits
Auditing is a process of checking / vetting the correctness of the transaction or the statement or the document or the process. Auditing helps the organization to find the fraud or error occurred in the accounts or the processes or the compliances.
It also helps the management to take accurate strategic decisions in a timely manner on the basis of audit findings / discrepancies. Auditing is either undertaken mandatorily under various statutes or undertaken voluntarily for different scope / purposes.
Auditing requires in-depth knowledge and experience in the field. Hence it is very crucial for an organization to appoint the auditors who possess the required skillset, technical knowledge & experience. And here we can serve you.
We, N. B. Kewlani & Co., Chartered Accountants; provide almost all sorts of audit services as stated below:
Statutory / External Audits
Various legal entities such as Companies, Limited Liability Partnerships (LLPs), Trusts, Co-Operative Societies etc. are required to get its accounts / financial statements audited with an intention to verify its truth & fairness, under the provisions of the respective governing statutes, on an annual basis (Eg.: Audit of Financial Statements of the Company under Companies Act, 2013).
Scope of these audits are determined by the governing provisions of the respective statutes and Accounting / Auditing Standards & Guidance Notes issued by ICAI. Statutory Auditors are required to verify the financial statements / controls independently and issue their reports.
Internal / Risk Based Audits
These are audits are being undertaken for varied purposes such as:
- To assess the efficiency and effectiveness of internal controls implemented by the entity,
- To identify / detect the fraud or errors occurred in the business operations,
- To identify the risk involved in the various areas of the business and way to mitigate the same in a timely manner,
- To verify whether the transactions / compliances are properly completed or not.
Generally internal audit is driven by management on voluntary basis but for certain classes of companies, internal audit is also mandatory under Companies Act. Similarly scope, frequency & purpose of the internal audit is also determined by the management post discussion with Audit Committee.
Internal Auditors are required to perform the specific audit procedures and issue their report in the form of discrepancy report / management letter points.
Tax Audits under Income Tax Act
Tax audit is conducted with a purpose of calculating proper taxable income of the entity. Scope of the tax audit is determined by the provisions of Income tax Act and related rules. Tax auditors are required to verify the books of account maintained by the entity, report the particulars in the required statement / form and file the same with income tax department. Forms of tax audit report are different for various entities and the same are required to be filed within due dates specified by the department.
Audit of stock or fixed asset
These types of audits are conducted with a purpose of verifying physical verification of the stock or fixed assets, whether kept in a proper manner or not, identification of slow-moving or obsoleted or expired goods, identification of assets which are not working / operating or which requires repairs & maintenance. These audits require in-depth knowledge and experience of the industry, business of the entity, types of inventory & fixed assets etc. Almost all big companies appoint specific auditors for these kinds of audits on an annual basis near to year-end.
Operational / Environmental / Special Purpose Audits
As the name suggests, these kinds of audit have a special purpose. Scope, audit procedures and reporting requirements depend upon the said purpose. Few examples of these kinds of audits are:
- To increase operational efficiency of the business,
- To meet environmental requirements,
- Audits mandated by creditors / funding partners,
- To perform agreed upon audit procedures or to verify the accuracy of the statements prepared by the management on different time intervals
Limited Reviews of Listed Companies
Every Listed Company is required to publish their financial results on quarterly / half yearly basis under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These financial results are either audited / reviewed by statutory auditors of the company.
A review engagement provides a moderate level of assurance that the financial results subject to review, are free of material misstatement. The same is expressed in the form of negative assurance.
Scope of limited review is determined by the governing provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Review Engagement Standards & Guidance Notes issued by ICAI. Reviewers are required to review the financial results independently and issue their reports.
Bank Audits
Various audits are applicable to banks mandated by RBI under banking regulations (Eg. Statutory Audit of branches of the bank, Central Statutory Audit of the bank, Concurrent Audit, Internal Audit, Revenue Audit etc.). Scope of these audits are different depending upon the types of audit. Management of the respective bank, RBI and ICAI jointly appoint the auditors for the different kinds of audits as per their own requirements.
The emerging CA firm, N. B. Kewlani & Co., Chartered Accountants handle the all the types of audit / review engagements dexterously to make sure that all the steps that are associated with the audit process are performed properly. We conduct the audit of the organization in line with the requirements of the statute / scope and issue deliverables within time frame. We also provide solutions / management letter points to the audit findings / discrepancies.
Through audit services, we also offer a design to suit entity’s needs and address their Concerns. Our endeavor is to handhold you right from addressing your key business concerns, helping you comply with regulatory norms and enhancing overall effectiveness of corporate governance and reporting requirements, boosting your operational efficiencies to achieve your strategic business goals.
While we tailor our solution to a client’s requirements, the agility, conviction and sensitivity with which we approach any issue is constant. We move toward the every audit with a high standard of professionalism and integrity, while also working with our clients to improve their internal controls and governance.