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 KPMD 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:-
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: -
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.
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
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:
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:-
At KPMD 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:
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