The fundamental purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business which is relied upon by various stakeholders including, shareholders, employee, suppliers, customers, banks, regulatory bodies etc.

It involves a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain that the management has presented a “true and fair” view of a company’s financial performance and position. Financial audits need to concomitantly provide an assessment of the effectiveness of an entity's suite of controls to ascertain the validity and reliability of the information. A rigorous audit process will invariably identify areas where management may improve their controls or processes.

The typical process in a financial statement audit will have three aspects - Planning and risk assessment, which entails assessing risks that could impact the financial statements by gaining an understanding of the business model, operating model and the context in which the enterprise operates; Internal controls testing, which entails the assessment of the effectiveness of the enterprise control environment to determine the degree of its effectiveness in preventing unauthorised transactions and material misstatements; Substantive testing, which entails tests designed to obtain evidence to ensure the completeness, accuracy and validity of the data produced by the accounting system.

A high-quality, focused and effective audit needs to be aligned with the way the audited entity manages its data and operations. Audit processes and procedures make better use of new data analytics capabilities to provide better service to clients. In a bid to enhance the audit quality, there is an increasing reliance on data analytics to gather reliable audit evidence. This information is extracted from the conversations and enquiries that the analytics generate and helps gain deeper insights for better judgements, arriving at better opinions.

We advise clients in all aspects of the listing process and provide effective liaising with other advisors. In addition, we assist in resolving issues raised by regulators.

Our Accounting Advisory professionals help clients achieve compliance, advise on how they might organize their financial reporting processes and help ensure that accounting operations match the objectives of the business.

We advise clients on a range of important matters with significant accounting ramifications, including:

• Converting to International Financial Reporting Standards (IFRS)
• Providing guidance on critical accounting matters
• Initial public offerings
• Improving the speed and quality of financial reporting (Quality Close)
• Improvements in the financial reporting process chain
• Merger and acquisition activity

Other forms of attestations include Agreed upon procedures, specific certification to regulators, bankers and other stakeholders and internal control reviews. We have a team of highly experienced professionals to cater to this intricate aspect of assurance services.

The firm’s close association with large listed corporates of over four decades has enriched it’s knowledge base in the field of listing as promulgated by SEBI and Corporate Affairs. Our professionals advise clients in all aspects of the listing process and provide effective liaising with other advisors. In addition, we assist in resolving issues raised by regulators.

We provide critical and specialized services in aspects of Assurance such as Agreed Upon Procedures, Specific Certification to regulators, bankers and other stakeholders and internal control reviews.