AUDIT & ASSURANCE

STATUTORY AUDIT

Our approaches to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and are free of any misstatements, errors and discrepancies. In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies

At Batgach we have robust audit tools, resources and procedures to provide the means for our professionals to deliver high-quality audit services. In delivering these services we adhere to the highest standards of independence, professional objectivity and technical excellence thereby focusing on understanding the clients’ business and control issues from the inside out. It combines a rigorous risk assessment, diagnostic processes, and audit testing procedures as well as a continuous assessment of our clients’ service performance.

WE PROVIDE SPECIALIZED SERVICES IN STATUTORY AUDIT IN THE FOLLOWING:-

  • Audit of financial statements: We recognize the management’s needs for submitting timely financial statements with conformity to the industry practices and rules and regulations. The company assists its clients by helping them prepare financial statements that reflect the client’s fair and transparent dealings while conducting any business transactions. The company assists in preparing financial statements like Cash Flow statement, Profit and Loss Account and Balance sheet for its clients.
  • Financial review: It helps in identifying the strengths and weaknesses of the financial accounting procedures and systems of the company. The deficiencies are addressed by suggesting suitable measures for improvement that ensure quality while meeting the industry accounting standards.

TAX AUDIT

To discourage tax avoidance and evasion, the requirement of a tax audit was introduced by the Finance Act of 1984, by inserting a new section “44AB” w.e.f Assessment Year 1985-86. A Tax Audit involves an expression of the tax auditors’ opinion on the truth and correctness of certain factual details, given by assessee to the Income Tax Authorities to enable an assessment of tax.

Our endeavor is to mitigate the burden of tax and to review that disallowances and deductions if any, under the various provisions of Income Tax Act, 1961 are properly and correctly calculated, so that the income assessable can be computed correctly.

OUR APPROACH INVOLVES THE FOLLOWING: -

  • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account as per the requirements of the Income Tax Act, 1961.
  • Checking the correctness of the Claimable deductions as allowed in the Income Tax Act, 1961.
  • Effective reviews to see that the accounts are prepared in accordance with the tax efficient policies
  • Checking the various tax compliance norms as set out by the Income Tax Act, 1961.
  • Issuing the Report of Tax Audit as required by the Income Tax Rules in the prescribed format.
  • Preparation and filing of income-tax returns for Companies and other entities with the Revenue authorities.

We can help you develop tax efficient strategies and manage your tax exposures considering your individual business needs. We will keep you abreast of new developments in the Indian corporate taxation arena that affect your business.

INTERNAL AUDIT

In the wake of some severe corporate failures, expectations from Internal Audit are changing, and there is a clear shift in how organizations view their corporate governance and control environment. Share holders and audit committees are taking active interest in the effectiveness of Risk Management and Control Assurance areas in their organization. Stakeholders are increasingly demanding a higher degree of transparency and ethical behavior.

Today’s leading internal audit organizations are no longer limited to hazard avoidance and compliance. They need to demonstrate their knowledge on risk management, business process improvement, which is a characteristic of a consultant rather than a classical internal auditor. Furthermore, internal auditors are no longer required to focus solely on financial audits. They increasingly need to provide value adding support to managements across all areas of operation, for example, Information Technology, Purchase-to-Pay process, Order-to-Cash process, regulatory compliance, etc. To meet these challenges, a growing number of organizations are looking for strategic partners to support their internal audit requirements.

HOW WE CAN HELP

  • We employ highly skilled professionals, who can help solve many of your common problems with the right solutions, contemporary processes/methodologies and superior tools/technologies.
  • We can help organizations improve their quality and effectiveness of internal audit process by
  • Advising and assisting in the development of internal audit and risk management methodologies
  • Assessing whether the internal audit function is delivering effectively to stakeholders
  • Providing internal audit resourcing solutions, including full outsourcing or complementing in house functions with specialist skills or geographical coverage
  • Supporting internal audit functions with software to enhance and support their work
  • Training for internal auditors using our extensive market and industry knowledge
  • Conducting internal audit using “Hub and Spoke” method by deploying subject matter experts, who focus in industry-specific and technical risk areas

We can help you develop tax efficient strategies and manage your tax exposures considering your individual business needs. We will keep you abreast of new developments in the Indian corporate taxation arena that affect your business.

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. The Concurrent Auditing, being contemporaneous with the occurrence of transactions, is an intricate process. With our Concurrent Auditing Service, we attempt to shorten the interval between a transaction and its examination. By handling all the concern documentation processes, we bring ease and sigh of relaxation to our valued clients. In our Concurrent Auditing Services, we lay great emphasis on substantive checking in key areas rather than test checking.

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;

COMPLIANCE AUDIT

Compliance audit provides a comprehensive insight into the functioning and effectiveness of management processes. It provides an independent assurance to the audit committee board regarding management compliance status. It measures the maturity of the compliance processes by focusing on key statutory and internal assessment areas.

WE CONTINUOUSLY ENDEAVOR:-

  • To add value to Corporate Governance
  • To identify the high-risk areas and suggest suitable measures for risk management
  • To evaluate the adequacy and effectiveness of the internal compliance monitoring mechanism within a company
  • To provide an assurance to the audit committee board about the policies of the company vis-à-vis the various compliance rules

MANAGEMENT AND PROPRIETARY AUDIT

At Batgach we have specialized team which renders a wide range of services in Operational Consulting. Management Audit and Management Assurance is an integral part of this service. Our expert team comprises of Partners, Senior Managers, Associates and other qualified and experienced personnel.

THE SERVICES OFFERED INCLUDE:-

Systems, procedures and internal controls with the objective of ensuring and enhancing their operating effectiveness. Systems and Internal Control Review: A thorough review of prevailing:

  • Accounts Manual: to act as a guideline on Accounting Policies, Procedures and Systems adopted by a Company, Designing Chart of Accounts etc
  • Systems Manual: Drafting of systems design specifying procedures to be followed in the day to day activities in various functional areas such as Sales, Purchase etc. including stage wise documentation to be prepared.
  • Operational Audit: An in-depth audit of transactions with the purpose of improving business operations, performance and profitability
  • Management Audit: Appraisal of key Management functions like objectives, planning, organizing and control
  • Organizational Structure: Review of structure, design, job profile and recruitment
  • Management Information System: Development and design
  • Budgeting and Costing System
  • Pre-feasibility studies
  • Financial Analysis
  • Project Appraisal and Feasibility Studies

STOCK AND FIXED ASSETS VERIFICATION

Having comprehensive and up to date asset information is paramount to the Success of any asset intensive organization. Being able to answer the following 9 questions will form the basis of your success.

OUR SCOPE OF SERVICE CAN ENCOMPASS THE FOLLOWING

  • Accounts Manual: to act as a guideline on Accounting Policies, Procedures and Systems adopted by a Company, Designing Chart of Accounts etc
  • Physically verify all fixed assets within the client environment, linking each asset to its user definable; category code, location, department, cost centre, responsible person, supplier, manufacturer etc.
  • Database formatting
  • Matching financial values to the general ledger
  • Compile asset management policy & procedure manual
  • Conduct physical presence verification of all assets across all sites by scanning all locations and asset labels (stock takes)
  • Produce exception report (for all sites)
  • Verify Assets in different location
  • Facilitate Financial Year end run Stock/ Fixed Asset Verification
 
     
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