
vishnu@cavishnusinghal.com, cavishnu.singhal@gmail.Com +91-9899715987, 9899715970 VISHNU SINGHAL & CO. CHARTERED ACCOUNTANTS


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AUDIT ASSURANCE

ATTESTATION, AUDIT AND ASSURANCE

OVERVIEW

Our Assurance, Audit and Attestation services are aimed at assisting stakeholders who could either be money lenders or investors. Moreover, these facilities aid the organizations seeking to expand to international financial markets. Vishnu Singhal & Co. offers a panoptic range of services inclusive of compilations, audits and reviews. Such services facilitate an organization with a deep understanding of the core of business growth. Our audit stratagem stresses on an in-depth comprehension of the clients commercial ideology, human resources and operating systems. Additionally, our audit approach incorporates ideal practices that are customized in accordance with the capacity of an organization. Complicated issues like International Financial Reporting Standards and Sarbanes will easily be resolved with our thorough understanding of legislations and regulations.

Statutory Audit
Internal Audit
Forensic Audit
IND AS Implementation

COMPLIANCE AUDIT

This type of audit is essential to regulate whether a company is abiding by the set rules and regulations. It consists of supervising as to whether the personnel are abiding by the rules prescribed by the company. This includes inspecting legal documents related to banks and other lenders in agreement with central bank and stock exchange directives or government directives. Essentially, the outcome of such audits is communicated to particular individuals and the higher authority who sought clarity in the matter at hand.

DEPARTMENT AUDIT

In this type of audit, a periodic analysis of the administrative functions is undertaken. It is done to ensure effectiveness of control, protection of property, and productive use of resources in agreement with the laws and policies.

FINANCIAL STATEMENT AUDIT

A financial statement audit is conducted to determine whether the overall financial statements are stated in accordance with specified criteria such as Indian Accounting Standard or IFRS or US GAAP. It becomes difficult for auditors to only concentrate on accounting affairs when the complexity in a business rises. We apply a holistic technique which involves a deep knowledge of the business that gradually inflate audit efficacy. We employ a risk based audit technique that is in complete agreement with the ISAs. Our technique is based on cycles and includes:

A clear comprehension of the business as well as an understanding of pertinent economic factors
Evaluating the risks involved and developing a desired approach
Concise registering of review procedures, audit planning and implementation
Direct and communicative process, offering added benefits with stronger internal controls
Ensuring higher professional benchmarks with quality control processes

FOLLOW UP AUDIT

Follow up Audits are primarily regulated after the internal or external report has been submitted which is roughly after a period of 6 months. They are essentially created to plan corrective measures to be undertaken on the audit reports. The outcome of this may then be conveyed to the external auditors.

GST AUDIT

With the rationale of verification of turnover declared, taxes paid, refund claimed, input tax credit availed, and assuring adherence to compliance with the provisions of GST Act or the rules government has mandated the furnishing of an audited statement of accounts and reconciliation statement for registered persons having turnover exceeding 2 crores on or before 31st December following the end of such financial year without relaxation to voluntarily registered persons. The types of GST audit are

Annual Audit
Audit by tax authorities
Special Audit

Annual audit under GST comprises of furnishing a statement in Form 9C, duly certified by a CA/CWA. A registered person whose annual turnover exceeds Rs 2 crores during the financial year, need to file a statement of reconciliation between the annual returns in GSTR-9 and the figures mentioned in the audited financial statements in Form-9C. Such person is also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C. Section 35 (5) read with section 44(2) of CGST/SGST Act and relevant rules thereof provides for the manner of audit of records and class of registered persons who are required to get his accounts audited from Chartered Accountant or Cost Accountant.

INFORMATION TECHNOLOGY AUDIT

This type of audit involves an inspection of a firms IT structure, programme and performance. They are generally classified into three types:

General Controls Review: an assessment of the authorities that oversee the running, upkeep and safeguarding of application systems in a certain milieu.
Application Controls Review: this could incorporate an introspection of authority over the input, processing and production of systematic material.
System Development Review: this involves an introspection of the progress of a new application system. This includes an assessment of the development procedure as well as the end-product.

INTEGRATED AUDIT

Integrated Audit involves an amalgamation of Application Controls Review, Department Review and Operational Unit. This kind of examination provides an in-depth understanding of a functional operation with an institution.

INTERNAL AUDIT

This kind of audit is specifically designed to enhance a firms functioning. It assists an institution in achieving its goals by ushering a methodical system to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organization and may incorporate spheres like effective functioning, accuracy of financial collaterals, inspecting and discouraging frauds, protecting assets, and productive usage of the company resources that is in agreement with the company’s rules.

INVENTORY AUDIT

Financial institutions are expanding their credit to entities based on their stocks or book debts. This could either be done on the basis of overdraft, cash credit limit, etc. It then becomes crucial to have checks at regular intervals to establish the status of current assets, accurate attestation for statutory compliances and debt turnover scrutiny

INVESTIGATIVE AUDIT

This audit is conducted when suspicious actions are observed on the behalf of a company, a person or at times of a loss in business. Investigative Audit surpasses standard procedures. This Endeavour necessitates analytical methods, interrogating ability and monetary data reconstruction.

MANAGEMENT AUDIT

Major decisions regarding crucial business undertakings are taken by the highest authorities in the company. However, after a period of time, it is necessary to conduct an evaluation of their proficiency by an independent agency. This maintains optimum independence in analysing the concerned individuals’ skills and capabilities in managing his area of operations. Management audits have been run by Vishanu Singhal & Co. for assorted corporates. For this kind of audit, it is mandate that a person has great inert-personal skills and maturity level.

OPERATIONAL AUDIT

An Operational Audit is conducted to examine the effectiveness of any organization. At the end of such an audit, recommendations are suggested for enhancing business productivity. It can be conducted in various spheres. This can range from inspecting the proficiency of payroll transactions to the more complicated procedure of courier service. We can help you increase your functional proficiency with our operational audits designed to suit your specific needs.

PERFORMANCE AUDIT

This kind of audit helps companies gain a non-discriminatory evaluation of the company’s program performance. We employ personalized and constructive review methods in order to gain an understanding of how to achieve outstanding performance results. Other advantages include a clear insight into the areas that require improvement and enhancing overall performance of the organization.

REVENUE AUDIT

This kind of audit helps companies gain a non-discriminatory evaluation of the company’s program performance. We employ personalized and constructive review methods in order to gain an understanding of how to achieve outstanding performance results. Other advantages include a clear insight into the areas that require improvement and enhancing overall performance of the organization.

SOX AUDIT

The SOX Audit is not for directly managing Information Technology. But the main essence is to ensure the transparency behind monetary statements. The main motto behind SOX Audit is to enhance corporate management and liability. It is mandatory for all public companies to comply with the SOX Audit.

STATUTORY AUDIT

The monetary statements of a firm for a given period of time are to be looked after by the Statutory Auditor. The role of the auditor here is to report all the current affairs of the company. It is a crucial tool for stakeholders to gauge the substantiality of the firm with regard to their proceedings.

PAYROLL AUDIT

Salaries are always the content for analytical examinations. Different frameworks are taken into consideration while regulating a Payroll Audit; such as authentication details of employees, updated information about the personnel, time worked and salary scale of employees, etc. Additionally, an introspection of the amount to be reimbursed is also a major criterion that falls under payroll audit.