An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. The auditor perceives and recognises the propositions before them for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through their audit report.
RKA, helps clients by understanding the increasing complexity of the regulatory environment, the need for greater transparency in operations and disclosure norms. The practice provides assurance to the various stakeholders beyond the traditional critique of numbers.
We, at RKA provide the following Assurance Services:
ü Statutory Audits for Corporates
ü Tax Audits for Corporates and Individuals
ü Internal Audits
Auditing Service is at the core of any successful and visionary Financial Management setup. Employing advanced techniques and creative approach in Auditing for better financial & administrative controls, we also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Assurance services add efficiency and profitability to your organization by providing independent credibility to your financial statements, professional advices to management, and expedient solutions to improve the systems & performance.
The financial statement audit has never been more important. In today’s business environment there is more scrutiny and skepticism of a company’s financial statements than ever before. Investors expect more: greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.
A well-conducted audit can provide business owners with valuable information and assurance that statements are fairly presented. At SGA we view the audit process as an opportunity for our clients to learn more about their businesses so they are better equipped to communicate with banks, investors and partners. We provide our clients with an objective presentation of their financial information as well as qualified advice and observations.
Our Experience in Auditing Service
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 technology allows us to work efficiently and accurately. We have been providing auditing and assurance services to entrepreneurial companies.
Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. 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.
For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, RKA can provide high quality audit services.
RKA’s work takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include a few automobiles corporations, as well as many small and medium-sized companies.
ü Compliance with regulations
ü Advice on controls and processing system weaknesses
ü Confirmation of accounting treatments with respect to complex transactions
ü Increased monitoring of prospective accounting and regulatory changes
ü Independent review of externally reported information
ü Accountants’ reports
Our range of Business Assurance Solutions include: -
ü Statutory Audit under Companies Act
ü Tax Audit under the Income Tax Act
ü Internal Auditing Services
Statutory Audit under Companies Act, 2013
Under various kinds of statutes, all the businesses or entities require to have their accounts audited properly. We undertake the same under the statues of the Companies Act 2013, Banking Regulation Act, Income tax act 1961 and Maharashtra Value Added Tax Act. Scrupulous Stock Audits are also made by us to facilitate the final auditing of the accounts of a company. There are a large number of different accounts to be maintained for managing all the operations, activities, processes, etc. concerned with a company of India, or a joint venture. Proper maintenance and precise auditing of such stocks are essential for the company to run smoothly.
Tax Audit under the Income Tax Act, 1961
Every assessee, whose annual turnover exceeds Rs. 1 crore or the total business receipts from any profession exceed the amount of Rs.25 Lacs in any previous year, is bound to get the accounts audited and report the same according to the section 44 AB of the Income Tax Act. We conduct such tax audit services for all small and big companies and corporations of diverse sectors.
Internal & Management Audit
Maximizing the value and effectiveness of the internal audit function requires an understanding of an organization’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.
We at RKA, can assist organisations that need help improving the quality and effectiveness of their internal audit processes in a number of ways.
First, by advising and assisting in the development of internal audit and risk management methodologies, including assessing whether the internal audit function is delivering effectively to stakeholders.
Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage.
Third, by supporting internal audit functions with software to enhance and support their work. In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly-tailored solutions.
For in-depth and scrupulous checking of all day-to-day transactions, large business organizations 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.
While conducting internal audits we devise means and suggest methods to properly streamline the working processes advise maintenance of appropriate internal records, to keep fool – proof mandatory records, introduce cross-check system of money and material handling, and plan different strategies for their overall improvement.
Our Approach towards the Audit Assurance Services offered by us under this category include:
ü Planning and preparation of ingenious audit approach and programs, as per your requirements.
ü Evaluating the strengths and weaknesses of the audit areas, and reporting their efficiency, effectiveness, and the state-of-control by analyzing scrupulously the audit evidence.
ü Presentation of the reports of findings, conclusion derived, and the suggested recommendations, to inform the management, about the adequacy of controls and effectiveness of operations.
ü Appraising the actions taken by the management regarding the follow-up and the reporting techniques.
ü Clinging to the norms of ethical and professional standards, to ensure the impeccable quality and consistency of the audit work.