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Audit & Assurance

Audit & Assurance Services

We, at Shah R K & Associates LLP, believe in delivering assurance and advisory meticulously to our clients. Our focus is on aiding our clients in the complex professional requirements with lucidity and nimbleness.
We provide following audit and assurance services:

Statutory Audit

Statutory audit is applicable to every Company registered under Companies Act and to the LLPs whose turnover or contribution exceeds the limit prescribed under Rule 24 of LLP Rules, 2009. We carry out statutory audit of the financial statements by following auditing standards and the reporting framework, as applicable, to the spirit to comply with all necessary regulatory framework and provide our client with highest level of assurance on their financial statements.

Tax Audit

Tax Audit is applicable to every person carrying on business if his total sales turnover or gross receipts, in business or profession exceeds the limit prescribed under the Income Tax Act, 1961. Apart from reporting requirements in Form 3CA/3CB and 3CD, tax audit also ensures that the books of accounts and other records are properly maintained. It helps to correctly validate the income of the taxpayer and claims for deduction made by them.

Internal Audit

The purpose of an internal audit is to keep a check on the financial and operational aspects of a business. It allows an ongoing review, instead of waiting till the year-end. An internal audit aids in keeping a very close check on the accounting system of an organization so chances of mistakes or frauds are greatly reduced assuring management of the authenticity of the financial records and the efficiency of the operations of the entity.

Bank audit

With the help of our professionals, we carry out the audit of banks as per the relevant guidelines, notifications, circulars issued by RBI from time to time. We also play a pivotal role in identifying the potential non-performing assets (NPA) and revenue leakages which helps management to take corrective action.

GST audit

Every registered taxpayer whose turnover is more than a specified criteria (as per section 35(5) of CGST Act) in a particular financial year needs to get their books of accounts audited from a practicing Chartered Accountant or a cost Accountant. We provide comprehensive reviews of all GST records by analyzing the turnover, tax payment, refund claiming and availing of input tax credit. Not only this, we also suggest our clients various measures to strengthen their internal controls by providing appropriate way of recording, entering and analyzing data.

Management audit

Management Audit is a systematic examination of the decisions and actions of the management. It involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system to check the efficiency or performance of the management over the activities of the company. It lays importance on the process of the transactions and its system flow.

Financial Due Diligence

DDue diligence is one of the best way that enables businesses to take well-informed decisions pertaining to a situation. Due diligence is generally performed by the entity before any business sale, private equity investment, bank loan funding, etc. It involves assessment of the driving factors of the cash flow and maintainable profits for the entity. Our processes uncover the hidden liabilities if any and help the investors or potential buyers to get and understanding of the business trend of the target entity. Financial due diligence provides peace of mind to both corporate and financial buyers, by analyzing and validating all the financial, commercial, operational and strategic assumptions being made.

Certification and Attestation Services

We perform various certification exercises in which certain financial information needs to be certified for various purposes such as loan process, regulatory requirements or on request of third parties

Financial Advisory and Reporting Services

The evolving global financial reporting framework requires guidance about the reporting requirements to be complied. We advise and assist clients in respect of accounting under Ind-AS/IFRS/IGAAP/US GAAP and any other international GAAP which involves assistance in implementation of identified changes for convergence, assisting in compilation of financial statements, providing adequate staff trainings and consultancy on technical issues and creation of accounting manual and SOP documentation. We also proactively monitor new accounting rules, alert our clients to dynamic requirements and offer assistance with addressing complex accounting or reporting challenges.

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