Audit & Assurance

Audit services is aim to carry out a critical examination of the books of accounts and financial statements maintained by a business to determine their accuracy and providing an option if they represent the true and fair view of its state of affairs and profitability.

GST Audit

As we all know there is new introduction of this GST act and so tax payers having less knowledge about it and chances of errors may result in short or non payment of tax , not availing or short availing ITC and any other error. Under this audit process we inspect the records , returns and documents provided by company to ensure about ITC refunds availed and claimed ,taxes

Statutory Audit

This audit is mandated by a specific statue and regulations set by government law for ensuring the true and fair view of company’s Financial statement. Main purpose is to give independent true and fair view after considering all books and records of the company provided by the management to ensure that the company’s Financial statement represent true and fair state of affair and profitability. This process increase the creditability of Company’s Financial Statements in the eye’s of it’s stakeholders and mainly this audit is also external audit for company’s stockholders so for maintaining the independency of an auditor.

Tax Audit

The Tax audit is an another external audit for giving an independent review of books of accounts of an entity by auditor . This audit is govern by the income tax act ,1961 under Section 44AB . In this audit if entity’s turnover exceeds a specified limit than it requires to get books of accounts audit by CA and reports in specified Form 3CA/3CB and 3CD. The Auditor can be selected by entity itself unlike statutory audit. This auditor is to report all the facts and findings in points specified in Form 3CA/3CB ,3CD. Whether the assesse has complied with all the provisions of income tax act.

Internal Audit

Company’s management has misconception about audit that until and unless required by any government regulatory, the audit is time consuming and resource consuming process which increase cost of the company .Due to this understanding management always tries to avoid the same. Internal auditing is process of evaluating the company’s internal control framework, corporate governance mechanism and compliance with law, accounting processes to ensure accurate and timely financial reporting, operational efficiencies, and safeguarding of assets. In this audit process , auditor looks into business setups from top to bottom, process of booking affairs of company and it’s control authority. After considering all aspects Internal audit practices gives benefit to the organization in fulfilling all its strategic missions and objectives by introducing a systematic and disciplined approach and methodology to improve risk management, governance policies and brings compliance to rules and regulations. It provides necessary confidence to the management that the company can meet the demands of the ever-changing external environment. Selection of internal auditor can be done by management itself any time. This audit report’s observations can help to smoothing process of Statutory audit.

Concurrent Audit

A concurrent audit or bank audit can be defined as a timely and systematic examination of the entity’s financial transactions to ensure accuracy, authenticity, and compliance with relevant regulatory requirements. Since the volume of transactions is very high, it is done on a regular basis. As concurrent auditing is contemporaneous with the transactions occurring, the process becomes a bit complex. This is because of the increasing sophistication of various financial technology and the globalization and deregulation of financial services. As the banking services are developing with passing time, the risk factor is increasing as well. However, when it comes to the efficiency of companies and especially banks, it is calculated on their skills of management of risks. Therefore to manage risk and to gain control over operations, one must perform all the steps one might need to prevent the risk of fraud and error. The process of controlling is supplemented with an effective concurrent audit service like the one we offer at DARPAN JOSHI AND CO. The concurrent audit of banks ensure that relevant regulatory requirements are met, and financial transactions are accurately processed

Due diligence Audit

a due diligence audit is basically a careful investigation into the complete financial picture of a company. Generally, these audits come before a purchase, merger or other major decision that could negatively influence the finances of one or more businesses.

Management audit

A management audit is an assessment of how well an organization's management team is applying its strategies and resources. A management audit evaluates whether the management team is working in the interests of shareholders, employees, and the company's reputation.

Information System Audit

Every company has it’s all financial records , transaction and even up to some extent manufacturing process did by robotic information technology and reduces manpower need . so we need to secure this information technology from both the type of threats internal and external. Though controlling power upto some extent shifted from manpower to technology , the company need to secure technology instead of manpower controlling authenticity. Plan and conduct information systems audits to evaluate the control environment and internal controls regarding information technology governance structure, general and application controls, system development, backup and disaster recovery, data integrity, and system security.