Other Audits
Bank Audit
Statutory Auditors are appointed by RBI in association with the ICAI. Every year after the end of the previous financial year, in every branch of the banks, a very rigorous audit is required to be conducted. Having successfully undertaken many bank audits before, we know exactly how the process is to be streamlined for a smooth experience which does not pose a hindrance to the daily operations of a bank. Our key deliverables in a bank audit include:
- Preparation of Long Form Audit Report (LFAR)
- Issuing Memorandum of Changes (MOC) if required
- Keeping a close tab on RBI Circulars and Notifications
- Tax Audit Report of Branch/H.O.
- Audit Report of Bank Branch/H.O.
- Other Certifications/Reports
- Performing Risk Based Audit Assessment and Checking of Advances
- Compliance with Capital Adequacy Norms and SLR, CRR etc.
- Reviewing Concurrent Auditors Findings and Observations
- Checking the Loans & Advances given in last 12 months period
- Analysing Revenue Leakages and Reporting thereof
Due Diligence Review
Whether you are looking at an acquisition, investment opportunity, a business partnership or requiring a bank loan, we undertake various forms of due diligence review in order to determine the value of the subject of the due diligence or whether there are any major potential issues involving a transaction. We understand that due diligence is not a conventional audit and requires skills that go beyond the scope of a conventional audit procedure. We recognise patterns and trends in your organisational structure, estimate risk associated with the potential transaction and help you in preventing any financial or legal harm. We offer the following forms of due diligence:
- Business/Market Due Diligence
- Technical Due Diligence
- Human Resource Due Diligence
- Legal Due Diligence
- Environment Due Diligence
- System Due Diligence
- Tax Due Diligence
- Financial & Accounting Due Diligence
GST Audit
When we talk about audits under GST, it means examination of GST documents kept by a registered taxpayer. GST is a trust based taxation regime wherein a taxpayer is required to self-assess his tax liability, and file returns after paying tax. A business becomes liable to get his GST accounts audited when it’s turnover exceeds Rs 2 cr. At Finsurety Advisors, we have a dedicated team of experienced professionals that are specialised in carrying out GST Audits. We offer the following services in GST audits:
- Reviewing important relevant accounts
- Examining whether documents are in compliance with rules
- Preparation of GST Audit Report and Annual Return under GSTR9
- GST Audit and filing of GSTR9C
- Examining of Input Tax Credit, Output Liability, Internal Control
Operations Audit
An operational audit refers to a method of examining how an organization conducts business. It requires analyzing the processes, procedures and systems used within the company. This type of audit looks beyond the organization’s financial circumstances and examines its operational practices. Whereas a regular audit evaluates financial statements, an operational audit examines how a company conducts its business, with the aim of increasing overall effectiveness. We can help you maximize efficiency, understand risks better, and finetune the internal controls to make the most of your daily business operations. Our operational audits take care of the following crucial things:
- Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening
- Review of existing business processes, policies and practices with a view to suggest best practices, including a thorough benchmarking exercise
- Review of Risk Management Framework and its effectiveness with a view to provide suggestions for strengthening the same
- Constructive review of operations by keeping the client’s business needs in focus
- Identification and recommendation of areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation.
- Confirmation of proper compliance with the various regulatory provisions and operational manuals
Management Audit
We believe that the management of any organisation can benefit a lot from the unbiased analysis of the functional efficiency of the organization. Therefore, we suggest possible areas for improvements and provide the management with a clear and comprehensive view of the efficiency of the organisation. We believe in providing value added services through highest levels of professional competency and integrity. Our Management Audit services are designed to meet the individual client specific needs. We can help the management through the following ways:
- Providing result oriented and practical solutions followed by support for its implementation
- Assisting in meeting the clients’ Corporate Governance requirements
- Complete outsourcing of internal management audit function
- Co-sourcing and supplementing internal audit function along with the existing capabilities of the client organization
- Deputation of personnel to strengthen the internal audit function of client organization
- Conducting concurrent audits with dedicated teams for more focused transaction audits as well as on-line auditing/pre-payment audits
Stock Audit
Stock Audits are more crucial than ever as businesses are becoming multi-locational and vendors, dealers, partners are becoming a key to the business process. Assets like stock, physical equipment and machinery are situated in many locations at once and a good control mechanism is needed for the smooth running of the business. At Finsurety Advisors, we follow a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stock is evaluated and findings are reported in a transparent manner. We take care of the these things while conducting a stock audit:
- Reviewing cut-off procedures and scrutinizing the follow up
- Verification of physical stocks
- Verifying stock register
- Reports on Stock pilferage/damage reports
- Comparison of Financial Records with others like stock register
- Reporting on discrepancy
- Valuation and verification of Stock-in-transit
- Verification of Stock valuation
Fixed Assets Audit
In an organisation, fixed assets are the part of the long-term tangible assets that are held for the purpose of production/delivery of goods and services and managing operations, and which are not meant for sale in the normal course of business. In many capital-intensive industries, fixed assets represent the largest sum on the balance sheet. Therefore, it becomes pertinent that they are represented accurately in the financial statements. Fixed Assets have always received less audit scrutiny, but that only undermines an organization’s management of it’s fixed assets. We can help you in your assessment to know a true and fair view of your fixed assets, which in turn proves advantageous for the stakeholders including loan providing banks and the internal management. Our fixed assets audit includes:
- Verification of assets using real time documentation and photographs
- Verification of records against the fixed assets
- Identifying the problem areas in Internal Controls associated with Fixed Assets
- Ensuring that the Compliance is in line with Accounting Standards
- Ensuring that the Compliance are as per Schedule VI
- Preparation of internal audit reports on fixed assets