Audit & Assurance
Statutory Audits
Every Indian company needs to get its books of accounts audited by a firm of chartered accountant
- The auditor makes a report to the members of the company on the accounts examined and gives his opinion on the true and fair view of the accounts maintained
- Team SPCA is well equipped to conduct such audits efficiently
Internal Auditing
- Internal Audit is an independent appraisal function, established within an organization to examine and evaluate its activities.
- SPCA assists organizations by providing them with analysis, appraisals, recommendations, counseling and information on the activities reviewed.
- Internal Audit has two aspects
- Assistance in formulation & implimentation Internal Financial Control
- a.Operational Audit: Audit of various activities, compliance with procedures etc.
- b.Management Audit: Audit of propriety, authority, compliance with policies etc.
- SPCA reviews the control measures presently adopted in the organization and suggests measures to improve them. Our staff is adequately trained to foresee the customer needs to deliver the service accordingly
Due Diligence
Due diligence is a term used for a number of concepts involving either the performance of an investigation of a business or person, or the performance of an act with a certain standard of care.
Despite designing and installing superior control systems in the organizations, situations involving fraud and financial impropriety arise. A Due Diligence Review Process encompasses the entire range of the working of the organization. The following areas should be analyzed:
- History of the Business
- Background of the Promoters
- Details of the Management Structure
- Business results of the past
- Assets & Liabilities as per the latest Balance Sheet
- Other matters that might require a review
SPCA offers these services to meet the client transaction objectives.
Investigation
Investigation is the process of inquiring into a matter through research, follow-up, study or formal procedure of discovery. The objective of investigation is to determine whether
- 1.Any provisions of law has been violated
- 2.There has been a breach of duty on the part of a director or an officer of the company resulting in a loss to shareholders or class of them.
SPCA has adequate experience to take up such assignmentsves.
Fraud Detections
- A Fraud is a deception made for personal gain and / or to damage another business, individuals, organizations etc.
- If circumstances indicate the possible existence of fraud or error, SPCA helps in finding out the potential effect of the suspected fraud or error on the financial information.
Tax Audit
The purpose of a Tax Audit is to examine the business records of an assessee in order to determine if the appropriate amount of tax has been paid by the assessee in proportion to the amount of income earned.
Tax Audit is mandatory under the Income Tax Act for specified tax payers.
SPCA has a team of tax experts to carry out such type of audits.
Stocks & Receivables Audit
Stock Audit is essential in order to ensure that the stock in the stores is properly quantified and recorded in the books of accounts on the basis of accepted valuation methods.
Receivables Audit is necessary to ensure that the treatment of debtors is in accordance with the Companies Act and Accounting Standards. Also the age wise analysis and the recoverability aspects are verified.
SPCA offers stocks and receivables audit to company managements, banks etc.
SPCA offers these services to meet the client transaction objectives.
Concurrent Audit
- Concurrent Audit is the audit/verification of a transaction/activity of an organization concurrently i.e. at the same time as the activity takes place.
- The emphasis is on substantive testing in key areas rather than test checking.
- The focus is on ensuring that the transactions are done in adherence with the systems and procedures laid down.
- SPCA has been offering this service to corporates, banks, societies etc.
Information Systems Audit
- Systems audit includes verification of the compliance, integrity and the adequacy of the information systems in any organization.
- In the ever changing information technology environment, systems audit has become a sine qua non. Systems integrity and its efficacy occupy a paramount priority in any management initiatives.
- SPCA has qualified members in information systems audit and also has been offering this service.