Audit and Assurance Firm in Bangalore

The financial report listing all transactions and claims with fairness and accuracy is an audit; hence the name financial statement audit. We are one among the leading audit firms, to present this document based on financial evaluation and objective examination. Our audit speaks volume regarding statutory compliance, budgeting, credibility, and system or business enhancement!

Assurance service is an independent professional service, provided by us, to improve information or the context of information so that decision-makers can make more informed, and presumably better decisions. Out of the many audit firms in Bangalore, our Assurance services particularly creates independent and professional opinions that reduce information risk.

Did you search for ‘audit firms near me’? Then before you hire one, here a few key distinctions between an audit and assurance.

• Analysing and reviewing the financial, internal processes of a brand is said to be auditing. It is done to ensure every information in the statement is correct, authentic, and precise. Whereas, checking the financial data to improve organisations is assurance. The procedures here act as a decision-making tool, where assurance & auditing companies enhance the company’s quality.
• An audit can be done by both external and internal auditors in Bangalore. On the other hand, assurance is usually handled by some of the experienced audit firms in Bangalore.

1. Statutory Audits and Tax Audits

Statutory Audit is Audit of Books of Accounts according to requirements of any statute to ensure a true and fair view of the accounts as well as compliance with any special requirements of the statute under which audit is undertaken. In simple terms, statutory audit in India is equated with Audit under the Companies Act, 2013. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure a true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.

Tax Audit is the audit of books of accounts by a Chartered Accountant as envisaged under the Income Tax Act, 1961. As compared to Statutory Audits, Tax Audit is not a compulsory audit. It applies to those entities which satisfy the conditions mentioned in the Income Tax Act, 1961.

One of the multiple-service audit firms in Bangalore, we do statutory audits and tax audits of all types of assesses.

2. Internal Audits

Internal audit is an independent management function which involves a continuous and critical appraisal of the functioning of an entity intending to suggest improvements there too and add value as well as strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system. Internal audit functions as a sibling of external audit, cross-check, Probity police and a non-financial systems police.

Increased size and business spread dilute direct management oversight on various functions necessitating the need for a full time, independent and dedicated team to review and appraise operations. Increase in the geographical spread of the businesses has also led to the crossing of political frontiers by businesses in a bid to tap global capital. This has thrown up compliance with the laws of the home country as well as the laws of that land as a critical factor for the existence of businesses abroad. Internal auditors can carry out their job in a more focused manner by directing their efforts in the areas where there is a greater risk, thereby enhancing the overall efficiency of the process and adding greater value with the same set of resources.

Ranked high in the many aspects of audit firms in Bangalore, our brand has a vast experience in handling internal audits of a variety of industries which include shipping, manufacturing, hospitals, banks, colleges, hotels etc.

3. Bank Audits

We cover various types of Bank Audits such as Statutory Audit, Concurrent Audit, Internal Audit, Stock Audit, etc. All types of Commercial Banks, Co-operative Banks, Foreign Banks, Rural Banks & Urban Banks are covered by us. Banks are one of the foremost agents of financial intermediation in an economy like India and therefore, development of a strong and resilient banking system is of utmost importance. The banking institutions in the country are performing in a competitive environment and their regulatory framework is aligned with the international best practices. Thus financial deepening has taken place in India and continues to be in progress with a focus on orderly conditions in financial markets while sustaining the growth momentum.

4. Information System Audit

The effectiveness of an information system’s controls is evaluated through an information systems audit. An audit aims to establish whether information systems are safeguarding corporate assets, maintaining the integrity of stored and communicated data, supporting corporate objectives effectively and operating efficiently. It is a part of a more general financial audit that verifies an organization’s accounting records and financial statements. Information systems are designed so that every financial transaction can be traced. In other words, an audit trail must exist that can establish where each transaction originated and how it was processed. Aside from financial audits, operational audits are used to evaluate the effectiveness and efficiency of information systems operations. Technological audits verify those information technologies are appropriately chosen, configured and implemented. Computerized information systems, particularly since the arrival of the Web and mobile computing have had a profound effect on organizations, economies, and societies, as well as on individuals whose lives and activities are conducted in these social aggregates.

We are one among the highly-recommended audit firms in Bangalore and the credits go to our partners, who are qualified Information System Auditors certified by ICAI.

A compilation is useful when limited in-house capabilities for preparing financial statements exist. A review provides limited assurance that no material changes need to be made to the financial statements.

A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to an entity’s financial statements for them to conform to the applicable financial reporting framework (such as GAAP or IFRS). A review does not require the accountant to obtain an understanding of internal control or to assess fraud risk, or other types of audit procedures. Consequently, a review does not provide the accountant with the assurance that he has become aware of all the significant matters that would normally have been discovered and disclosed in an audit.

The review is more expensive than a compilation and less expensive than an audit. It is preferred by those businesses whose lenders and creditors will allow them to use this approach, thereby saving the cost of a full audit.

In a review, the management takes responsibility for the preparation and presentation of the entity’s financial statements, while the accountant should have a sufficient level of knowledge of both the industry and the entity to review the financial statements.

A financial statement compilation is a service to assist the management of a business in presenting its financial statements. This presentation involves no activities to obtain any assurance that there are no material modifications needed for the financial statements to conform to the applicable accounting framework (such as GAAP or IFRS). Thus a person engaged in a compilation does not use inquiries, analytical procedures or review procedures, nor does he need to obtain an understanding of internal controls, or engage in other audit procedures. In short, compilation activities are not designed to provide any assurance regarding the information contained within the financial statements.

A financial statement compilation is the least expensive of the various forms of auditing services (the other two being a review and an audit), and so is preferred by those cost-sensitive entities whose financial statement users are comfortable with this form of engagement. However, because no assurance is compiled financial statements fairly present the results and financial position of a business, a compilation is not preferred by lenders and creditors.

A compilation engagement may address either a complete set of financial statements or an individual statement.