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Statutory Audit
Cutting Edge Assurance
Stakeholder Audits
Statutory Audit
A statutory audit is an examination of a company's or organization's statements and records to ensure compliance as mandated by relevant laws and regulations, providing essential audit services for financial assurance.
Broad Capabilities
Statutory Audit under Companies Act, 2013
The Companies Act, 2013 requires all companies in India to undergo a statutory audit to ensure that financial statements present a true and fair view of the company's financial position and performance. This process is critical for maintaining transparency and accountability in financial reporting.
Statutory Audit under Income-tax Act, 1961
Tax audit under the Income-tax Act, 1961 is mandatory for businesses, charitable organizations, and professionals whose turnover exceeds a determined threshold. These audits serve as an important tool for financial assurance, ensuring compliance with tax regulations.
Other Statutory Audits
In addition, regulators, controllers, and financial institutions may require audits to be conducted based on specific objectives and frameworks. This could include management audits or forensic audits to investigate financial discrepancies or enhance operational efficiency.
CAG Taskings
These audits examine financial statements, transactions, and compliance with laws and regulations, as well as specific aspects of government programs and activities. Performance audits, on the other hand, evaluate the efficiency, effectiveness, and economy of government programs and activities, providing valuable insights for improvement.
Stakeholder Audits
Cutting Edge Assurance
Stakeholder Audits
Stakeholder Audits
Stakeholder audits are examinations conducted to provide assurance to stakeholders, including management, investors, and regulatory bodies, on various aspects of an organization's operations. These audits are essential components of audit services that ensure comprehensive financial assurance.
Broad Capabilities
- Management Audit: A management audit evaluates an organization's management processes and systems to assess their effectiveness and efficiency, playing a critical role in overall governance.
- Internal Audit: An internal audit offers an independent examination of an organization's internal controls, risk management, and governance processes to ensure they are operating effectively, often aligning with statutory audit requirements.
- Concurrent Audit: A concurrent audit is conducted simultaneously with the transaction or process being audited, providing real-time assurance on the organization's operations and enhancing transparency.
- Due Diligence Audit: A due diligence audit examines an organization's financial, operational, and legal aspects to assess its viability and potential risks, typically conducted during mergers and acquisitions, often involving forensic audit techniques.
- Operations Audit: An operations audit analyzes an organization's operational processes and systems to assess their efficiency, effectiveness, and compliance with regulatory requirements.
Cutting Edge Assurance
Cutting Edge Assurance
Cutting Edge Assurance
Other Service Solutions
NOCLAR Reporting
- NOCLAR stands for Non-Compliance with Laws and Regulations. It refers to the auditor's responsibility to report on instances of non-compliance with laws and regulations that come to their attention during the audit services.
Review of Financial Statements (including Listed Entities)
- A review of interim financial statements is a limited assurance engagement where the auditor examines the financial statements to determine whether they are plausible and comply with applicable accounting standards, providing financial assurance to stakeholders.
Other Related Service Engagements
- Investigation: A special audit or investigation may be conducted to examine specific transactions, events, or allegations of wrongdoing as part of a management audit.
- Forensic Audit: A forensic audit is a specialized audit that uses accounting, auditing, and investigative skills to help uncover fraud, embezzlement, or other financial crimes, thereby enhancing the integrity of financial reporting.
- Enquiries: Enquiries may be conducted to gather information or clarify specific matters, such as the company's financial position, results of operations, or compliance with laws and regulations as part of a statutory audit.
- Environmental and Social Governance (ESG) Audit: Conducting audits to evaluate an organization's ESG performance is increasingly important in today's business environment.