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Audit & Assurance

Audit & Assurance services

Audit is a detailed examination of Financial Statements with an eventual objective to provide an opinion, whether it represents a true and fair picture of the company/entity.

As a leading audit firm in India we maintain the records of the specific company and act as a safeguard for them, building the trust of all the stakeholders in the management. These days, many companies are adopting the auditing services and due diligence services as an annual activity without any legal compliance. The aim is to reveal a clear picture of the company’s finances and help the management take important steps to improve the growth potential.

assurance services, Internal Audit, Tax audit, Statutory Audit, tax Audit firms

Assurance

Assurance services are an independent review of certain deals, documents or transactions that can prove its reliability, correctness, and validity.

AKMGlobal provides its clients with a clear picture of the financial risks and how those risks can be mitigated. The process involves an independent examination to help the client make an informed decision. The focus of our assurance services is to help our clients achieve their desired business goals with transactions that support and boost their business.

Financial Statement Audit:

Our approach as an audit firm includes a deep understanding of your business and the industry in which you operate, enabling us to design an effective audit plan. Our procedure has been designed to comply with:

  • International Standards on Auditing
  • Current Statutes,
  • Indian Accounting Standards,
  • Standards of Quality Control (SQCs),
  • Standards on Auditing (SAs),
  • The guidelines issued by the regulatory board regularly.

Risk Advisory Services

Risk Advisory is a mechanism to help a business identify the potential risk along with a plan to minimize or mitigate that risk. It consists of services designed in a manner to assist an organization in fulfilling strategic goals by providing ready help to anticipate the risk and meet regulatory compliances requirement.

We assist our risk advisory clients on controls, risk, processes, governance and compliance requirements. We support them with the help required to identify potential risk and further manage that risk. We also assist them in dealing with the consequences in cases where risk becomes a reality.

Compliance Management Services

Every organization today faces a very complex compliance environment irrespective of its size, where any non-compliance will lead to penalties, fines and more importantly risk of harm to its reputation, in this scenario a well experienced and competent compliance management team comes into play.

We at AKM Global work with our clients to understand the business and industry in which they operate and form an integrated strategy to ensure that all the compliance requirements are fulfilled in due time. This allows the organization and management to focus on other important areas and not waste time and efforts on complicated compliances.

Internal Audit Services

In current scenarios, internal audit is seen and implemented as a key strategic tool for the company. A well-structured internal audit function with its objective to reduce the challenges faced by management, audit committee, and other stakeholders, can add value to the company. We, as an internal audit firm in india, ensure exactly that for our clients. Internal Audit is a third-party evaluation of the operations of an entity with an objective to improve performance, develop a strategy to manage the risks, maximize the value of the entity, and identify any opportunity of further improvement. Internal Audit is a procedure undertaken by management to get clarity on the effectiveness of the internal controls in place.

We at AKM Global assist our clients with an in-depth analysis of their operations and advise them on critical risk areas and possible opportunities for improvement. With our integrated approach to internal audit we help them boost performance and add value to their operations.

Our dedicated team of experienced and certified professionals assist our clients to understand the various aspects of internal audit and customize audit techniques as per client requirements to conduct the audit of internal financial controls over financial reporting.

Information Technology Assessment and IT Audit

Information Technology is the backbone of the operations at any company which makes an IT audit a crucial step in maintaining the stability in an organization. IT audit is an examination of the Information technology infrastructure to assess its effectiveness, performance and if it is aligned with the objective of the entity. It is an important step to ensure that the IT controls are in place and are enough to protect the organisation’s assets, data, and information, or if any further improvement is required.

AKMGlobal conducts a forensic audit when a fraud is suspected and sometimes as a precaution to prevent any fraud

We at AKM Global work with our clients after understanding the case and nature of the fraud they are dealing with. We have a team of experienced and certified professionals who are capable of handling the forensic audit engagement with supreme integrity and independence and strive to deliver quality according to the needs of our clients.

Our Audit and Assurance Services Involves:

  • Audit of Financial Statements
  • Tax Audit Services.
  • Forensic Audit and Fraud Detection Services.
  • Risk assessment and Risk Managements Advisory
  • Internal Audit
  • Employee Benefit Plan Audit
  • Information Technology Assessment / IT Audit
  • Accounting and Tax Advisory
  • IFRS Transition Advisory and Implementation.
  • Compliance Management

How AKMGlobal Help

We at AKM Global work in partnership with our clients to deliver supreme quality that perfectly suits their needs. We are a renowned audit firm in India andhave always maintained a high level of independent & professional consultation that have reduced the information risk.

Tax Audit under section 44AB.

  • For Business, if total turnover exceeds Rs.1 Crore.
  • For Profession, if total gross receipts exceeds Rs.50 lakhs.

What is audit checklist?

Audit checklist focuses on internal quality of audit which is composed of a set of questions derived from three main audit segments: management, finance, and operations.

What documents do you need for audit?

Following documents are needed to conduct the audit:

  • General ledger
  • Trail balance
  • Copies of loans, leases and material contract
  • Loan statements
  • Listing of all new fixed asset purchases with invoices
  • Depreciation schedule
  • Payroll reports, if any
  • Stock subscription and stock option agreements
  • Names and contact information for any attorneys used and transfer agent
  • Copies of merger agreements( completed or pending)
  • Articles of incorporation and by-laws
  • Listing of all bank accounts, including bank name, account number and authorized signers

Forensic Audit Services

An Investigation into the accounts of the entity which involves thorough study and interpretation of audit evidence in cases that involve fraud, embezzlement of funds, and other financial claims. Purpose of a forensic audit is generally to extract evidences to support prosecution of a party of criminal offence such as fraud, embezzlement of funds or negligence in litigation procedures. Forensic audit is an integrated procedure meticulously performed, which requires accounting and investigative skills to extract conclusive evidence to support the claims of the entity.

Tax Audit Services

Tax Audit is an examination of a business or individual tax affairs to check whether the transactions undertaken by them are as per the Income Tax Act like declaration of all the computable income or are they entitled to certain tax deductions or any tax offsets which they had claimed in their tax return. Our taxation advisory team has a vast experience in tax laws of India and they are presently assisting many of our clients with cost-effective and practical solutions to file their tax audit returns in time.

Our Audit procedure has been designed to comply with

  • Income Tax Act 1961.

Compliance Management Services

Every organization today faces a very complex compliance environment irrespective of its size, where any non-compliance will lead to penalties, fines and more importantly risk of harm to its reputation, in this scenario a well experienced and competent compliance management team comes into play.

We at AKM Global work with our clients to understand the business and industry in which they operate and form an integrated strategy to ensure that all the compliance requirements are fulfilled in due time. This allows the organization and management to focus on other important areas and not waste time and efforts on complicated compliances.

IFRS Transition and Implementation Services

IFRS has become the global accounting reporting standard. However, many companies seem unaware or unprepared for the complexities this change represents. Business transformation to IFRS affects almost all the business functions of an enterprise such as Organization structure, Legal contracts, accounting and finance, taxation, corporate responsibilities, and executive compensation. Conversion to IFRS is a big challenge for companies. At AKM Global, we aim to add value to this conversion process and help our clients realize many of the opportunities that this change presents. By assessing the likely impact of this conversion across all the business functions, We assist in development of plans for implementing the necessary changes.

  • Making the client understand the importance and assess the impact of the implementation of /Conversion to IFRS.
  • Advice on adaptation of IFRS tool and processes etc.
  • Technical advice on accounting procedures and support for the whole conversion process.

As a renowned audit firm in India we offer highly reliable services that ensure complete compliance with IFRS like assist companies in carrying out analysis of the adoption of IFRS.

We assist our clients

  • To execute audit process in specialized areas and improve the internal controls to make it more effective.
  • To identify the high-risk areas and solutions to pacify or remove such risks.
  • To set up an internal audit system for new companies.
  • By helping them in providing training to the staff on internal audit procedures.
  • By continuously reviewing and monitoring the internal audit process.

Employee Benefit Plan Advisory:

We provide our clients with an insight into the concept of Employee benefit plan and statutory compliances attached to it. This step helps entities to formulate a strategy and implement a suitable plan which caters to its internal and statutory requirements.

Why AKM Global is the best audit firm in India?

As a leading audit firm in India,we ensure the delivery of quality services and solutions to help our clients formulate their approach for the internal control system and auditing. We work in partnership with our clients through our well experienced and certified team that is capable of covering all aspects of an internal audit. AKMGlobal assists in:

  • Internal audit strategy making and planning throughout the period for audit engagement.
  • Providing a comprehensive internal audit service.
  • Knowledge sharing and assistance in training of the internal staff for internal audit, if required.
  • Quality Assurance.
  • Assessment of Key risk areas and solutions for the same.

 

FAQ: What types of companies require auditing?

Statutory Audit under Companies Act 2013

  • Every Private Limited Company
  • Public Limited Company
  • LLP (only if turnover in any financial year exceeds Rs. 40 Lakhs/contribution exceeds Rs. 25 Lakhs)
 

is the benefit of audit planning?

Audit planning assists the auditor to manage and organizes the audit effectively and efficiently. Furthermore it helps identify and resolve relevant problems in a timely and daily basis.

How is Forensic audit different from Audit?

Forensic Audit and Audit are different procedures as their objectives and approaches are different. Audit is conducted as an audit is conducted with an objective to detect material misstatement in the financial statement s if any and not any immaterial fraud. Financial Statement audit is approached with the objective to obtain reasonable assurance that the financial statement is free from material misstatements and involves sample-based investigation which sometimes might not be able to detect frauds. However, Forensic audit is conducted as a response to the event of suspicion of fraud in a company. The approach followed in Forensic audit is an investigative and in-depth approach to collect the evidence for the determination of fraud and its impact and perpetrators responsible for such fraud. Financial Statement audit also has time and scope limitations attached to it, whereas there are no such limitations in the forensic audit because it is driven with an objective to investigate the records for suspected fraud.