Our team of experienced audit and assurance professionals are redefining the way our clients understand about audits and assurances. We not detect the errors and frauds, but also provide relevant, authentic and strategic solutions to help the clients make better decisions. We assist the clients in mitigating the risk to an acceptable level, thereby converting the audit services into a profit centre.
Besides checking the accounts and books from statutory point of view, we also provide insights and recommendations about areas such as internal controls, forensic audits, risk management and policies formulation. We understand the need of a business to grip the global change and make a rapid transformation according to the advancement inculcated in communications and technology.
In India, various laws and regulatory bodies like Reserve Bank of India, Income Tax, Companies Act etc. establish the requirement and provisions of statutory audit. Only A Chartered Accountant in practice is authorised to conduct the statutory audit.
Statutory Audits of Banks – Reserve Bank of India has made statutory audits of banks compulsory. For this, RBI appoints the auditors in association with ICAI. Especia Associates adopts a rigorous audit approach to put emphasis on the important areas like cash verification procedure, treatment of tax related aspects and thorough verification of loan accounts.
Statutory Audits of Companies – Companies Act 2013 makes it compulsory for every company to get its accounts audited by a chartered accountant in practice. Provisions of Company Audit Report Order (CARO) have to be taken into consideration while doing the statutory audits. Especia Associates prepares an extensive audit plan and strictly adheres to it during the audit to identify the key observations and advice to enhance productivity and achieve results at the same time.
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Mitigating the risk, strengthening the internal controls, enhancing the robustness of IT system and improving corporate governance are the core areas of internal audit.
Our internal audit team helps the client in ensuring strong internal controls in various processes and departments. We can conduct the internal audit either as outsourced basis or as an integral part of the
organization. We possess a systematic and disciplined approach to improve:
Productivity of internal controls,
Operational working capacity of the assets,
Prevention and timely detection of fraud
Compliance with contracts, laws and regulations
We also conduct forensic audits where our forensic experts conduct an extensive investigation to provide insightful and thorough report of the situation. We can even help with detecting a fraud and investigating it further to uncover the important findings related to the fraud.
Reserve Bank of India has directed all the banks to conduct an internal on- going audit to ensure sound internal accounting functions and effective controls in place.
We have specialised knowledgeable staff to conduct the concurrent audit to accomplish the management objectives and RBI guidelines.
We also assist the bank officials to identify the Potential Non-Performing Assets (NPAs) so that management can take the corrective actions before time. During the concurrent audit, we look into following major areas: