Audit And Assurance

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Audit And Assurance

Keeping in mind the constantly changing and volatile environment under which companies operate, compliance reviews and risk mitigation activities are the need of the hour. Audit and assurance include enhancing the reliability of information through activities such as internal control, internal and comprehensive auditing as well as through external third-party assurance services.

The objective of an audit is to make sure that the financial statements are credible by providing assurance to the users of financial information, which is written and is reasonable from a source that is independent, true and with fair view in according with generally accepted accounting practices and applicable accounting standard. Business processes need various forms of internal control to facilitate supervision and monitoring, prevent and detect irregular transactions, measure on-going performance, maintain adequate business records and to promote operational productivity.

We at M R K S AND COMPANY conducts audits in line with the guidelines laid down by the Institute of Chartered Accountants of India and the generally accepted audit and accounting principles. We also conduct compliance reviews, investigates frauds and misconducts and helps quantify and measure the financial impact of these. Statutory Audit, Tax Audit, Internal Audit, Forensics Audits, Compliance Audit etc.

A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. Following are some examples of Statutory Audit required under various.

Statutes:

  • Statutory Audit of All Private & Public Limited Companies under Companies Act 2013.
  • Tax Audit u/s 44AB & 44AD as per Income Tax Act 1961.
  • GST Audit under Goods and Services Tax Act, 2017.
  • Statutory Audit of Banks under Banking Regulation Act..
  • Statutory Audit of Charitable & Religious Trust under Trust Act.
  • Statutory Audit of Housing Societies as per Society Bye Laws.

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal audit serves many purposes, but the principal tasks include:

  • Risk assessment: Assisting management with identifying and prioritizing areas or processes that require attention and audit focus.
  • Process walkthroughs and documentation: Gaining an understanding of the processes and procedures as they currently exist, especially with respect to the IT systems utilized in the processing of high volumes of policyholder/claims data.
  • Control assessment: Identifying gaps, also known as “trouble spots,” where procedures and controls are not properly designed.
  • Testing: Performing tests of controls to verify whether controls are working as designed.
  • Reporting: Providing observations and recommendations to improve processes and controls.

A Forensic Audit is an examination of a company's financial records to derive evidence which can be used in a court of law or legal proceeding. Forensic audit investigations are made for several reasons, including the following:

  • Financial statement fraud.
  • Asset Misappropriation.
  • Bribery and Corruption.
  • Insurance Fraud, Money Laundering fraud, Financial Institution fraud etc.

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