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| Auditing & Assurance |
One of the principal objectives in carrying out an audit is to express an opinion on financial statements prepared by the client. In performing the work required or necessary to reach these opinions, we gain valuable insights into various businesses and are able to provide commentary and constructive feedback to management.
Our audit approach requires us to concentrate our effort on control and key risk areas enabling us to provide a straight forward, cost effective audit.
Effective planning which varies from case to case is essential to the success of each audit. Our planning processes address the following key issues:
- establishing an audit timetable ;
- selecting and deploying the competent human resource ;
- reviewing the existing systems and procedures and ascertaining whether the same are being consistently adhered to ;
- determining the key risk areas and other issues which are critical and therefore influence the direction of our work ;
- regular communication with management ;
- setting out a programme for the audit field assignment.
Our audit field work reflects the need for a straight forward, cost-effective audit and is based on the following key principles:
- placing a degree of reliance on a review of operations based on internal controls, management accounts and existing management information systems ;
- focusing audit effort on risk and problem areas identified by our review and by management ;
- reviewing internal audit reports and placing maximum reliance on work carried out by internal audit teams where they are in operation, particularly where no untoward incidents are reported ;
- Normally, we carry out a Transactions audit as part of our interim audit verification, which at end of the year is followed up by a Balance Sheet audit.
One of the most important factors in ensuring that our audit achieves its objectives is effective communication with management, for which purpose we endeavour to:
- hold meetings with client/management during the year to discuss changes within or diversification by the company and areas with which they have particular concern ;
- Discuss with management the findings of our interim audit and the reports of the internal auditors ;
- Meet with key managerial personnel during and after our final audit in order to ensure that the accounts prepared by the client are true and fair and all required provisions for business liabilities and taxation are properly made.
Our team has vast experience in performing large number of statutory audits and tax audits of public and private limited companies in the manufacturing, insurance, banking, finance and service sectors. The team's industry expertise includes significant exposure to the financial, share broking, banking, engineering, construction, consumer products, chemical industries, insurance, insurance broking and software industries.
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| Charitable Trusts |
| Handling the audit of various Charitable Trusts and looking after compliance under the provisions of Bombay Public Charitable Trust Act |
| Private Trusts |
| Handling the audit of Private Trusts including securitisation trusts.
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