CA Sharat Sekhri & Co

Auditing

The founder partners have introduced audit of medium and small industry run under ownership of partnership, proprietorship and Companies, beside Trusts, Banks etc. The firm follows the most advanced technique in auditing including auditing programs. We use a constructive approach in auditing. For example as a result of acquiring intimate knowledge of the client's financial and administrative problems we often recommend improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Our philosophy and practice is to blend the technical, the practical and the business approach in each audit engagements. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles together with Accounting Standards/ US GAAP/ IAS and that they represent a true and fair view of the state of affairs of the organization. This is possibly one of the most important functions of a CA where specialised training, skill and judgment are required.

Our Auditing Services Include

Statutory Auditing

Under various statutes the business or entity have to get accounts audited. We carry out the same under different statues e.g. Companies Act 1956, Banking Regulation Act, Non Profit organizations, Income Tax Act, 1961 & Insurance Act etc. Our statutory audits also includes statutory audits of banks under banking regulations act, Under Societies & Trust Laws, Investigations, Due Diligence Reviews, Special audits relating to business Reconstructions, Reorganisations, Mergers, Liquidations & Bankruptcies.

Tax Audit

Every assessee, whose turnover of a business exceeds specified limit whether business or profession in any previous year, is required to get his accounts audited and report as per section 44 AB of the income tax act we carry out the same.

Internal Auditing / Concurrent Auditing

For in depth checking of day-to-day transactions, large business organizations require internal audit. Physical verification of fixed Fixed Assets/Inventory/stock in trade: Normally every company physically verifies his fixed assts and stock in trade once in a year through an independent agency. We have an experience of more than 25 years for conducting such type of audits for big companies.

Due Diligence services-

The scope of the due diligence review, which is always determined in conjunction with you, depends on the size and scale of the transaction and the surrounding risks. Our due diligence service focuses on the most critical elements of transactions, including:

Identifying and quantifying industry and deal-specific risks and opportunities;

Evaluating quality and reasonableness of historical and projected earnings and cash flows assessing quality of assets;

Identifying hidden costs, commitments and contingencies;

Identifying and quantifying tax exposures;

Identifying and quantifying liabilities that can be deal breakers; and

Highlighting issues likely to affect the purchase price or contract conditions.

Risk Based Assessment Audit-

To audit the control framework focusing on obtaining an understanding of relevant controls by dividing the entity’s internal controls into five components:

Control environment: the control culture of the entity and its impact

Entity’s own risk assessment process: how the entity identifies, assesses and responds to its own business risks

Information systems relevant to the financial reporting: those systems related to the capture of significant transactions, events, conditions or accounting estimates, the procedures related to nonstandard journal entries, reconciliations of sub-ledgers to the general ledger, the data entry of transactions, and reporting in the financial report

Control activities relevant to audit: those policies and procedures that help ensure that management directives are carried out (ie control activities designed to prevent/detect misstatements). Examples of control activities include those relating to authorisation, performance reviews, information processing, physical controls and segregation of duties

Monitoring of control activities: those activities the entity uses to monitor control activities over financial reporting, as well as how it takes action to address any identified deficiencies.