Audit, Assurance & Attestation
In the current economic conditions shareholders, regulators and professional bodies are taking greater interest in how companies derive, report, disclose and communicate about their financial position. As the convergence of accounting and auditing standards around the world continues, having access to key accounting and auditing guidance is critical for your business and for implementing your audit effectively and efficiently.Our experienced and well trained professionals have the ability to meticulously examine records without missing the bigger picture. Our distinctiveness lies in our ability to understand the client’s business drivers and needs and focus on core risk areas. Our audit approach is tailored to suit the size and nature of your organization and draws upon our extensive industry knowledge. Our service offerings include :
- Statutory audit assignments are governed by the framework established by law. Our unique approach and methodology, varied industry experience spread over a decade and in-depth technical knowledge enables us to adequately validate the information, assumptions and estimates represented in financial statements to consistently deliver quality audit. Constant improvement programs initiated by us help our clients to prepare for forthcoming changes in accounting rules, regulation and standards. Our management letter highlights various aspects of operations including robustness of accounting systems which acts as valuable tool for our clients.
- Concurrent audit is a systematic and timely examination of financial transaction 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. We conduct concurrent audit for banks & financial institutions, insurance, asset management and others companies.
- To ensure that the entitys general/application controls and IT/manual controls are effective and not susceptible to frauds and other unauthorized access/use.
- We get conduct such audits across all major locations of India through our network for various banks. Stock audit includes scrutinizing the completeness of documents submitted for availing advances and other facilities and physical checking of stocks and other assets at relevant intervals and places.
- Audit is one of the four important pillars of VAT Administration, the other three being Registration, Returns and Refunds. The Inspection system under CG VAT and other states is replaced by the system of Audit under VAT Regime. The word ‘Audit’ encompasses both the functionalities of Inspection and Assessment. In the context of self-assessment system under VAT, the function of Audit acquires paramount importance. The main objective of Audit for bridging the gap between the tax due and the tax declared by the dealers. It also covers most of the recognized risk areas and the means of detecting errors and under-declared tax.
Management audit plays a pivotal role in assisting the management to strengthen its processes through a comprehensive assessment of the organization. It is relevant irrespective of the size of operations and whether be it in startup or matured phase. We, at MRCA, specifically design the management audit processes to suit the needs of the business and its stakeholders. The management audit covers variety of areas including:
- Compliances with various statute
- Adherences to laid down policies and procedures
- Cost saving / management avenues
- Accuracy and adequacy of MIS system
- Risk management
- Ensuring statutory compliances
Our report enables clients to track, monitor and take timely action on key changes and facilitate risk mitigation
Attestation service offerings include certifications with regard to export/import, stock statements, Industrial certifications etc.
GST Audit: Professional GST audit needs a strong mechanism and digital environment through the examination of the records to ensure full compliance of tax rules. At MRCA & Associates, we offer error-free GST audit services after thoroughly checking the important audit check-points.