Audit and Assurance Services

Audit is procedure of verifying and examining information and documents provided by the organization. Under this procedure financial records are assessed thoroughly in order to check the authenticity of the financial statements; Balance Sheet and Profit and loss Account. Records from the current accounting period are verified against the accounting standards and principle.

The purpose of conducting an audit is :

• To ensure that the accounts of the organization represent fair and accurate picture of its current financial position
• Dismiss the chances of problems occurring from incorrect information.

Along with this, Auditor evaluates the internal policies and controls of an organization. They keep a check on whether organization follows the stated norms and guidelines or not; as internal activities are also responsible in achieving organization’s objectives.

The auditors and personnel at Kumbhojkar firm are trained to assess and identify possible risks relating to the financial aspect of the organization and supposedly suggest the necessary actions to lower the risks.

Assurance services are to ensure that the organization is following the cited rules, guidelines and policies to board of director of the organization and Authorized Government Regulators.

We provide following services as a part of Assured services:

• Statutory Audit
• Internal Audit
• Bank Audit
• Investigation
• Forensic Audit and Fraud Detection

Statutory Audit is mandated by law in order to ensure that books of accounts presented to the public and authorities are true and fair. This Audit is prescribed by Statutes like Reserve Bank of India, Income Tax, Company Act, etc.

The main purpose of statutory audit is that shareholder of the organization need assurance that the accounts maintained and published by the organization are genuine and represent true and fair view of the financial position. Also this audit helps to prevent activities that might give rise to the misappropriation of funds.

So, statutory Audit is carried out by an independent auditor. This auditor reviews the financial Statements and records of the organization and assesses them impartially.

Public companies, Banks, Investment Firms, Insurance Companies and some charity organizations need Statutory Audit. Our firm uses risk based approach where we do not restrict audit to the verification of historical data but also to provide reasonable information about impending risks.

The internal audit provides unbiased independent report of organization’s system, processes, internal controls, corporate governance and accounting process.

The words “internal audit” often conjures a sense of fear, frustration, and time consumption but we consider ourselves as Impartial and Unbiased Friend; a friend who helps to improve the lacking areas and witness the organization’s growth.

Our firm has been following standard guidelines to perform the audit. These guidelines ensure that the internal audit helps the organization to find the efficiency of the operations, system and corporate governance.

With the internal audit’s report, organization is able to find its performance or process against a number of standards, policies or metrics.

We provide Comprehensive evaluation of internal controls, internal systems and internal processes in organizations and recommending areas for improvement.

We are accompanied by vastly experienced audit professionals who follow a risk-based approach that involves risk assessment of the entity’s business & its key business process.

As an Internal Auditor we provide following services:

• Assessing the management of risk
• Assisting management in the improvement of internal controls
• Evaluating controls and advising managers at all levels
• Evaluating risks
• Analyzing operations and confirm information
• Working with other assurance providers

Bank Audit is designed to review the services adopted by bank and financial institutions.

These institutions need to undergo the audit to ensure that they are in compliance with the Industry Standards and Jurisdictional Regulations.

We perform procedure which evaluates the activities, control and information system of the institution in order to check the legality and correctness of it.

Bank Audit is broadly classified into 3 parts:

• Concurrent Audit: Concurrent Audit examines the transactions happening as and when a transaction actually happens. This is continuous Audit and is carried out all year around.
• Statutory Audit: Statutory Audit Is mandated by law and is required to check the authenticity of the financial records of the organization. As this gives assurance to the shareholders and government that the records presented by the organization are true and fair.
• Internal Audit: Internal audit is performed by Internal Auditor. This audit helps to check the efficiency of the operations performed in the organization. They check for the corporate governance, internal management and form a report which represents the picture of the internal operations.

Investigation is a part of auditing process but is applied only when business is obscure.

The reason to carry out this audit can vary but usually when the organization is at loss or when suspicious actions are observed.

We perform investigation as a structured gathering of documentary evidence to resolve the ambiguity and improper activities.

As seen globally, business failures, increasing cyber crimes and business victimized by fraud has led businessman to carry out Forensic Accounting and Fraud Detection carefully in order to prevent the fraud and crimes.

Forensic Accountant combines their auditing and accounting skills along with investing skills to identify suspicious activities.