Audits
Cost Audits
Cost Audit is a critical review undertaken to verify the correctness of Cost Accounts and to check that cost accounting principles and planning have been efficiently followed. We offer our tailored expertise to to reduce your risks and enhance your returns through effectively organized audit procedures. The chief advantage of a cost audit will be that management will be sure to get reliable data for its objectives – price fixing, decision-making, control, etc. The availability of such an auditing system will also be beneficial for maintaining internal controls and even for the financial audit. Some of our assured advantages of conducting cost audits are:
- To detect errors, prevent frauds and possible misappropriation.
- Identify and suggest viable means for cost cutting.
- Fixing individual responsibility that allows the management to effectively manage their staff.
- Records will be up-to-date and information for various purposes will be available.
- Solving inefficiencies in the production process.
- Assured cost effective cost audits services.
Statutory Audits including Tax Audit
India is the only country which has introduced statutory cost audit to regulate about 45 vital industries of the country. The audit is compulsory in case of business incorporated under the Companies Act and other such acts. It has been introduced for the purpose of examining and evaluating the cost accounting record as well as any other information that specific industries are required to keep track of. We offer supervision, aid and assistance for statutory audits in your firm including Tax audits.
Stock Audit
Every business institution at least needs to perform a stock audit once a year to update and ensure that the physical stock and the computed stock match. A stock audit helps to identify and fix discrepancies between the physical stock and the register. We use the latest computerized systems, based around a detailed analytical review of the accounts and stocks. This enables us to offer an objective view of your business so we can advise you of any potential problem areas and fix it.
Internal Audit
The role of internal audit is to provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively. Through the acquired in-depth knowledge and technical expertise, we can provide a professional approach to internal audit that is capable of yielding viable and immense opportunities for your business ventures. We strive to guide you through the entire process step by step, addressing your key business concerns, helping you comply with regulatory norms, and enhancing the overall effectiveness of corporate governance and reporting requirements within your organization. We adhere to offer you the following:
- Ensuring proper compliance with the various regulatory provisions and operations manuals.
- Regular reports on on-going performance of the company.
- Ensure early detection of fraud and mitigate its effect on the business.
- Review and evaluate existing internal controls, identifying faults and outlining methods for improvement.
- Efficacy of operations.
- Safeguarding of assets and various matters concerning the interest of the company, employees, stakeholders and society in general.
- Analyze, in depth, the controls and accounting policies.
- Verify transactions and report compliance with respect to the companies’ policies & procedures.