Overview:
Our Assurance, Audit and Attestation services are aimed at assisting stakeholders who could either be money lenders or investors. Gaurav Rathi & Associates offers a panoptic range of services inclusive of compilations, audits and reviews. Such services facilitate an organisation with a deep understanding of the core of business growth.
Our audit stratagem stresses on an in-depth comprehension of the client's commercial ideology, human resources and operating systems. Additionally, our audit approach incorporates ideal practices that are customised in accordance with the capacity of an organisation.
- Statutory Audit
- Internal Audit
- Forensic Audit
- IND AS Implementation
1. Statutory Audit
The monetary statements of a firm for a given period of time are to be looked after by the Statutory Auditor. The role of the auditor here is to report all the current affairs of the company. It is a crucial tool for stakeholders to gauge the substantiality of the firm with regard to their proceedings.
Prescribed by: The Companies Act, 2013 mandates all the companies registered in India to audit their books of accounts by a registered Chartered Accountant as per the CA Act, 1949.
Scope: We conduct the audit as per the standards on auditing issued by ICAI for giving an opinion on the financial statements.
2. Internal Audit
This kind of audit is specifically designed to enhance a firms functioning. It assists an institution in achieving its goals by ushering a methodical system to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organisation and may incorporate spheres like effective functioning, accuracy of financial collaterals, inspecting and discouraging frauds, protecting assets, and productive usage of the company resources that is in agreement with the company’s rules.
Prescribed by: Companies Act, 2013 mandates all the companies satisfying specific conditions to have an Internal Audit mechanism in relation to its size of operations.
Scope: The scope of the risk-based audit is at the discretion of the management and includes, but is not limited to the evaluation of the internal control system placed in the business.
3. Compliance Audit
This type of audit is essential to regulate whether a company is abiding by the set rules and regulations. It consists of supervising as to whether the personnel are abiding by the rules prescribed by the company. This includes inspecting legal documents related to banks and other lenders in agreement with central bank and stock exchange directives or government directives. Essentially, the outcome of such audits is communicated to particular individuals and the higher authority who sought clarity in the matter at hand.
4. Concurrent Audit
Most organisations such as banks, asset management firms, finance institutes and insurance organisations utilise the internal audit approach. Concurrent Audit is much the same as Internal Audit and is carried out at regular intervals. This is done to supervise the effectiveness in standard operations with statutory proclamations from time to time. Concurrent Audit usually acts as an appendage to the internal audit team, and assists it on a regular basis with factual findings.
5. Financial Statement Audit
A financial statement audit is conducted to determine whether the overall financial statements are stated in accordance with specified criteria such as Indian Accounting Standard. It becomes difficult for auditors to only concentrate on accounting affairs when the complexity in a business rises. We apply a holistic technique which involves a deep knowledge of the business that gradually inflate audit efficacy. We employ a risk based audit technique that is in complete agreement with the ISAs. Our technique is based on cycles and includes:
- A clear comprehension of the business as well as an understanding of pertinent industry factors
- Evaluating the risks involved and developing a desired approach
- Concise registering of review procedures, audit planning and implementation
- Direct and communicative process, offering added benefits with stronger internal controls
- Ensuring higher professional benchmarks with quality control processes
6. Information System Audit
This type of audit involves an inspection of a firms IT structure, programme and performance. They are generally classified into three types:
- General Controls Review: an assessment of the authorities that oversee the running, upkeep and safeguarding of application systems in a certain milieu.
- Application Controls Review: this could incorporate an introspection of authority over the input, processing and production of systematic material.
- System Development Review: this involves an introspection of the progress of a new application system. This includes an assessment of the development procedure as well as the end-product.
7. Inventory Audit
Financial institutions are expanding their credit to entities based on their stocks or book debts. This could either be done on the basis of overdraft, cash credit limit, etc. It then becomes crucial to have checks at regular intervals to establish the status of current assets, accurate attestation for statutory compliances and debt turnover scrutiny.
8. Management Audit
Major decisions regarding crucial business undertakings are taken by the highest authorities in the company. However, after a period of time, it is necessary to conduct an evaluation of their proficiency by an independent agency. This maintains optimum independence in analysing the concerned individuals’ skills and capabilities in managing his area of operations. For this kind of audit, it is mandate that a person has great inert-personal skills and maturity level.
9. Operational Audit
An Operational Audit is conducted to examine the effectiveness of any organisation. At the end of such an audit, recommendations are suggested for enhancing business productivity. It can be conducted in various spheres. We can help you increase your functional proficiency with our operational audits designed to suit your specific needs.
10. Revenue Audit
An Operational Audit is conducted to examine the effectiveness of any organisation. At the end of such an audit, recommendations are suggested for enhancing business productivity. It can be conducted in various spheres. We can help you increase your functional proficiency with our operational audits designed to suit your specific needs.
11. Payroll Audit
Salaries are always the content for analytical examinations. Different frameworks are taken into consideration while regulating a Payroll Audit; such as authentication details of employees, updated information about the personnel, time worked and salary scale of employees, etc. Additionally, an introspection of the amount to be reimbursed is also a major criterion that falls under payroll audit.
12. Agreed Upon Procedures
Agreed upon procedures are the procedures that are agreed between an entity and a third party to produce factual findings about financial information or operational processes. Such procedures may include:
- Review of historical financial statements
- Reasonable and limited review engagements
- Other assurance engagements