Auditing and Assurance Services

As the operational and financial reporting demands of organizations become more complex, Auditors have a responsibility to objectively ensure the accuracy of the financial information presented to stakeholders, who rely upon this accuracy to make major Investment or other decisions about the audited client.

The process of obtaining comprehensive understanding of the client's business, accounting system and internal controls enable us to focus on key areas besides doing the audit. This process also depends upon client-to-client requirements. The professional and commercial experience of the members of the firm is constantly put to use to address critical systemic control deficiencies of our clients.

Our audit approach is predominantly risk-based and exceptions-oriented. We focus our attention on areas of higher risk; where risk is low, we focus on exceptions. The scope of today's audit services extends far beyond the standard audit engagement of offering an opinion on the accuracy of financial statements. It also encompasses review engagements and special reports, which include evaluating the operational procedures followed to prepare the financial statements. Our teams of professionals are qualified to meet the changing and complex needs of our client.

We also specialize in carrying out internal-management audits of micro, small, medium (MSME) and large sized business entities. The thrust is not only to conduct audit for complying with the statutory requirements but also for simultaneously reporting the irregularities and the weakness in the internal control and systems to ensure proper action and rectification.

The Audit services include:

• Statutory Audit: For organizations that require an audit for statutory or regulatory reasons, our firm provides assurance services to stakeholders on the true and fairness of the information and specifically address the regulatory reporting requirements.
• Tax Audit: Tax Audits are conducted according the Rules and standards as prescribed by the respective law.
• Compliance Audit: Compliance audit to review the financial records in order to determine whether the entity is complying with specific procedures/rules. The firm objectively obtains and evaluates the evidence regarding assertions, actions, and events to ascertain the degree of correspondence between them and established performance criteria.
• Internal Audit: Internal Audit has in recent years emerged as an integral part of the control process within many organizations. The emergence of risk management as a key theme for managers and a number of well-publicized financial collapses has led to the need for and role of internal audit to be reviewed by many businesses. The subject of Corporate Governance has been a dominant theme for a number of years and is now closely aligned to risk management and the delivery of controls statements as part of the annual financial reporting process.
• Management Audit: A management audit is an audit which analyzes the effectiveness of the management team of a company. Management audits are usually performed internally, and used as a check to see that procedures have their intended effect. Unlike a compliance audit, which simply ensures that procedures are being followed, management audits challenge the assumptions and goals of procedures, with an eye toward improving efficiency. It is a detailed audit that concentrates on analysis and evaluation of management procedures and the overall performance of an organization. This is done mainly by way of Internal Control Review/ Testing.
• Internal Control Review: Internal Control review of the total system, are to be put in place by management to achieve the objectives and thereby manage risks to which the organization is or may become exposed. We identify such risks and evaluate the controls which are in place and provide recommendations to mitigate such risks and also provide recommendations for organisations to operate at peak efficiency.
• Internal Control Testing: In order to check if the implementation of the controls is in place, we periodically test the procedures that are in place for adherence to policies and for checking/ correcting deviations, if any.
• Certification Services: The firm provides certification services as required by various statues, based on information made available.
• Bank Audit: The banking sector in India is one of the largest in the world as far as its extensive network of branches is concerned. We offer banks and financial institutions a full range of assurance and other related services. The Audit of banks has played a major role in assisting the Regulators to supervise the entire banking system in the country. The Banking sector provides tremendous opportunities to the Chartered Accountants. This sector uses the services of Chartered Accountants for various purposes like Bank Statutory Audit, Concurrent Audit, Revenue Audit, Snap Audit, Credit Audit, KYC Audit, Investment Audit and System Audit. Other than these conventional assurance services, the chartered accountants also perform services such as Loan Syndication, Project Reports, NPA resolution etc. The Partners of KPGS have been actively involved in conducting of Statutory Bank Branch Audits, Concurrent Audits, Stock Audits, for Nationalised Banks.