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The preliminary phase of an audit prior to the official examination of the accuracy of an organization’s financial statement, predominantly used to establish the scope of the audit and the areas of concern. Provides a platform for:
CSR is an initiative to evaluate and take accountability of the company’s effect on the environment and society by addressing the well-being of internal/external stakeholders.
Strategic business benefits of CSR audit are:
“The Ministry of Corporate Affairs (MCA) has vide its notification dated 27 February 2014, and in exercise of powers conferred by section 1(3) of the Companies Act, 2013 (‘the Act’), notified 1 April 2014 as the date on which the provisions of section 135 and Schedule VII of the Act shall come into force. The MCA has also notified the Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘the Rules’) to be effective from 1 April 2014.”
Quality audit is a methodical and an autonomous examination to determine whether activities of a firm complies with the planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve pre-defined objectives.
It is an effective mechanism to verify compliance regulation audits with two important goals:
Quality audits can be used to establish a high degree of confidence on the product and services delivered to the end users.
Scrutinizing the real time financial transactions at the time it has taken place/ parallel with the other transactions and checking its authenticity. Concurrent audit is mainly used for:
TRC, has expertise in conducting concurrent audit on behalf of banks and various financial institutions.
ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.
Policies/procedures entailing a company’s ICFR are:
“Section 134(5)( e) of the 2013 act requires that in case of listed companies, Directors’ Responsibility Statement should, among other matters, state that directors had laid down internal financial controls and such financial controls are adequate and were operating effectively Rule 8(5)(viii) of the Companies Rules, 2014 Requires the board report of all companies to state the details in respect of adequacy of internal financial controls with reference to the financial statements also Section 143(3)(i) of the Act requires the auditors’ report to state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls”
An examination and evaluation of a firm’s or an individual’s financial information for the use as an evidence in the court of law. At TRC we undertake financial investigations of misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities, NGOs and HNIs/ industries we serve. Our well trained and qualified subject matter experts handle such issues with great proficiency.
Stock Audit is an area of specialization and core competence for TRC We are committed to provide unmatched Internal Audit Services because of our unparallel reach and all India network. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.
IND-AS stands for Indian Accounting Standard and are converged standards for IFRS (International Financial Reporting Standards) are to ensure that India converge globally accepted standards and were adopted by the country and was made mandatory for selected companies.
IND-AS at present can be viewed as the most important initiative in the financial reporting standards at the global podium. Approximately 120 nations and reporting jurisdictions permits/ requires IND-AS for domestic listed companies, while over 90 countries have fully conformed to IND-AS as promulgated by the International Accounting Standards Board (IASB) and include a statement acknowledging such conformity in their audit reports. We have qualified and trained resources to assist in IND-AS convergence, balancing both, the short term and the long term objectives of the businesses.
The common set of generally accepted accounting principles, standards and procedures that companies use to compile their financial statements. GAAP is a combination of authoritative standards (set by the policy board) and simply the commonly accepted ways of recording/ reporting accounting information. At TRC, we have accumulated the expertise needed to conduct US GAAP Audits.
Control over inventories is crucial function for all organizations, as the inaccuracies in inventory records can cause erroneous management decisions.
Inventory Management intends to verify the accuracy of inventory records by creating mandatory checkpoints and controls. The process involves assigning the proper carrying value to the inventory, so it can be reflected properly in the company’s financial records.
Some of the activities which TRC can assist clients in are:
One of the basic tools for this purpose is a physical count of the inventory on hand, which can be compared with the financial records to detection or validation.
Tailored audit is ‘Customized Audit’ function designed to cater organization’s need. It takes the generic audit to a new level through the addition of client expectations, policies and processes.
The process involves preparing documentations covering pre-defined critical business requirements. Tailored-audits follow the standard auditing principles.