Auditing and Taxation

We provides following auditing services

Stock & Investigation Audit

Stock audit or inventory audit is a term that refers to physical verification of the inventory. Your stock will never be understocked or overstocked, if you order the right quantity at the right price at the right time and through the right source. Stock and physical assets such as raw material, physical equipment, machinery etc. are very important for a businesses & needs to be checked again.

Steps-

  • Identify the procurement process
  • Analyze demand and supply situation
  • Ordering quantity and reordering quantity (EOQ, EBQ etc).
  • Identify stock levels – slow moving, fast moving and non-moving items
  • Inventory valuation methods and inventory policy

 

Since, 70% of total cost will be on materials, you should have a sound stock policy so that it will help you in 5 ways

  • Order Right quantity
  • Order at Right Price
  • Order through Right source
  • Order at Right Time
  • Order Right quantity By having regular stock audit, you can reduce unnecessary investment on stocks and make sure that you have a proper line balancing in the process.

 

Statutory Audit

A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.

KEY TAKEAWAYS

  • A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records.
  • An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas.
  • The purpose of a financial audit is often to determine if funds were handled properly and that all required records and filings are accurate.
  • Firms that are subject to audits include public companies, banks, brokerage and investment firms and insurance companies.

 

Internal Audit

Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. They ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

KEY TAKEAWAYS

  • An internal audit offers risk management and evaluates the effectiveness of a company’s internal controls, corporate governance, and accounting processes.
  • The Sarbanes-Oxley Act of 2002 introduced new internal control requirements and holds management legally responsible for their financial statements by requiring senior corporate officers to certify in writing that the financials are accurately presented.
  • Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.

 

Concurrent Audit

Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions. It is an ongoing appraisal of the financial health of an entity to determine whether the financial management arrangements (including internal control mechanisms) are effectively working and identify areas of improvement to enhance efficiency.

  • Ensure voucher/ evidence based payments to improve transparency.
  • Ensure accuracy and timeliness in maintenance of books of accounts.
  • Ensure timeliness and accuracy of periodical financial statements.
  • Improve accuracy and timeliness of financial reporting especially at sub-district levels.
  • Ensure compliance with laid down systems, procedures and policies.
  • Regularly track, follow up and settle advances on a priority basis.
  • Assess & improve overall internal control systems
  • Under taxation we provides following services for individual as well as company

 

Income Tax (direct or indirect)

The most fundamental classification of taxes is based on who collects the taxes from the tax payer.

Direct Taxes, as the name suggests, are taxes that are directly paid to the government by the taxpayer. It is a tax applied on individuals and organizations directly by the government e.g. income tax, corporation tax, wealth tax etc.

Indirect Taxes are applied on the manufacture or sale of goods and services. These are initially paid to the government by an intermediary, who then adds the amount of the tax paid to the value of the goods / services and passes on the total amount to the end user.

We have a team of experts to offer assistance on indirect taxation at the global, regional, domestic level depending on the project and the complexity.

  • Everyday operation indirect tax advice
  • Auditing of indirect tax procedure and reporting.
  • To mitigate business risk exposure, offering training to employees
  • Updating your ERP with the specific indirect tax treatment of the transactions with a proper translation.

 

Sales Tax Custom & Excise Tax

Excise Duty is an indirect tax levied on production of goods that are manufactured and produced within India. This type of tax is very importantly levied on manufactured goods within India.

Sales tax is a tax levied upon the end customer who is the final consumer of the product. Usually the MRP of a product consists of two parts one relates to the price of the product and the second related to the product tax. So at any time we make any purchase we pay sales tax as part of the product Maximum Retail Price (MRP). The retailer who sells the concerned product in the market collects this aforementioned amount from the buyer/consumer of the product and deposits the tax portion of the sale to the government.

 

Taxation Planning

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

 

GST

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the governments.