Audit goes beyond testing transactions and balances to providing insights that help our clients better understand their business. The primary objective of every audit is to express an opinion on the fair presentation of the financial position and operational results of our clients. Auditing and Assurance Services are at the core of any Financial Management setup. It ensures proper working of the organization according to laid down internal controls and also the efficiency and effectiveness of the controls itself.
Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. Assurance services add efficiency and profitability to your organisation by providing independent credibility to your financial statements, professional advices to management, and expedient solutions to improve the systems & performance. We are experienced at identifying opportunities and we have helped many clients take advantage of changing industry trends and legislation to grow their businesses Our Assurance services professionals gather information during an audit to understand fully our client's business, internal controls and risk spectrum. Before making audit decisions, our financial advisory experts conduct objective diagnostic tests and analytical reviews. Our methods help our clients meet the growing demand for enhanced disclosure and accountability. We work closely with our clients, yet independently, and encourage open communication. Our professional accountants offer auditing services, thereby, assisting organizations in their operational and financial reporting. Effective Audit is conducted in accordance with Standard Auditing Practices. We undertake Internal Audit, Concurrent Audit, Management Audit, Stock Audit, Tax Audit & all Statutory Audits Our assurance we also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Our technology allows us to work efficiently and accurately.
Statutory Audit is a legally required external audit conducted annually to meet a specific set of requirements by the government. It relies on the internal audit reports, verification of financial information, documents and related stock validations. The purpose is to determine whether an organization is providing true and fair view of its financial statementsby examining the financial transactions.Scope and nature of audit programme are subject to the specifications of the governmental body and financial institutions. It involves scrutiny of all financial statements and accounts related to the organization to ensure their reliability and avoid any misrepresentation or discrepancies. Our team is committed to undertaking all possible measures to eliminate fraud and stimulate transparency by scrutinizing your financial statements and reporting methodology.
The purpose of Tax Audit is to ensure that books of Accounts have been maintained in accordance with the provisions of the Income Tax Act. Tax Audit also ensures that the Accounts are properly being presented to the Assessing Officers when called for. Each transaction is thoroughly checked by our experts, thus, leaving no margin of error. In order to satisfy the customers, our professionals provide them details related to different taxes imposed on the transactions. They also help the clients in filing tax, if required. Further, our professionals combine their knowledge and experience, so as to offer personalized services and consultancy to the customers.
Sales Tax / VAT Audit
Stock audit, is an important auditing term which refers to the physical verification of the inventory. It may also involve the valuation of the inventory but it would depend on the terms of reference or the engagement letter of the assignment. Stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.
Maximising the value and effectiveness of the internal audit function requires an understanding of an organisation’s objectives, risks, risk management priorities, regulatory environment, and the diverse needs of critical stakeholders including executive management, the board, employees, and shareholders. Ultimately, these needs determine the risk profile of the organisation and the strategic focus, organisation, resources and practices required of its internal audit department. For in-depth and scrupulous checking of all day-to-day transactions, large business organisations inevitably need the help of Internal Audit. Generally, every company is required to verify physically his fixed assets and stock in trade, once in a year through an independent agency. Our professional accountants offer auditing services, thereby, assisting organizations in their operational and financial reporting.
Management audit is an emerging concept of auditing. Productivity and efficiency of management are key determinants of an organization's success.Management Audit is an assessment of methods and policies of an organization's management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvement.Our procedures aim to maximize management performance by focusing on improving processes within the organization.
Improving the efficiency of operational activities means making things better, not just fighting fires or managing crises. It allows you to look at how you perform work and focus on eliminating waste of money, people, materials, time and opportunities. The ideal outcome is that jobs can be done cheaper, quicker, easier and safer. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance.An Efficiency Audit is a proven approach that can immediately show where you canIncrease competitiveness, Reduce costs, Implement new ideas, Assign and reallocate resources, Streamline operations.
Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is an early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures.
It is a process to check compliances made by the company under Corporate Law and other relevant laws, rules, regulations and procedures etc. Under this, the regulators monitor companies for compliances as required by the stated laws and processes. In order to stay abreast, it is important for organizations to conduct periodical examination of work in order to point out errors in order to maintain a roust compliance mechanism system. It is argued that regular inspection of records gives the authority the exact information of the company’s compliance policy.
An information system (IS) audit or information technology (IT) audit is an examination of the controls within an entity's Information technology infrastructure. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.IS audit group assesses the critical systems, technology architecture and processes to assure information assets are protected, reliable, available and compliant with policies and procedures, as well as applicable laws and regulations. We emphasize the importance of mitigating security risks during our audit coverage of the applications, operating and networking systems through our integrated and IT governance audits.
Due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail. Our due diligence teams can assist with business analysis for organizations that are contemplating investments, strategic partnerships, mergers, and acquisitions or that are looking to enhance organizational effectiveness in an existing business unit or portfolio company.
Despite designing and installing high quality control systems, organizations do face situations involving fraud and financial impropriety. We have assisted clients in unearthing such situations and taking remedial action.
Accovet Business Solutions LLP
TC 9/1340-2, First Floor, Parvathy Complex, Opp. Market,
Sreekariyam P.O, Thiruvananthapuram,
Kerala, 695017, India
Phone: +91 956 778 1143
Phone: +91 984 680 4165