Service Line 08
Audit, assurance, agreed-upon procedures, specified review and certification services undertaken for statutory, lender, management and stakeholder requirements under the applicable professional framework.
What This Covers
Audit and assurance engagements must be clearly scoped, supported by appropriate evidence and undertaken with the independence required by law and professional standards. Different assignments provide different levels and forms of assurance and should not be described interchangeably.
Subject to professional eligibility, valid appointment, independence and conflict checks, we undertake statutory audits, tax audits, internal audits, stock and lender-directed verification, financial due diligence, agreed-upon procedures, specified compliance reviews and certification assignments. The nature and level of assurance, if any, are determined separately for each engagement under the applicable law, professional standard and agreed terms.
What's Included
Independent audit of historical financial statements under the applicable law and Standards on Auditing.
Examination and reporting under the Income-tax Act and applicable ICAI guidance.
Risk-based examination of selected processes, controls, compliance and operating risks for management and those charged with governance.
Scope-specific examination of inventory records, physical quantities and valuation information for lenders, management or another identified user.
Independent verification based on the appointing institution's scope.
Scope-specific, non-statutory examination and reconciliation of GST records for management or another identified purpose.
Scope-specific financial investigation for a proposed acquisition, investment, divestment or transaction.
Scope-specific assessment of selected processes against documented policies, controls and applicable requirements.
Specified procedures performed over identified financial or non-financial information for an agreed purpose and intended use.
Certificates and special-purpose reports issued after examination of the relevant records and evidence under the applicable professional guidance.
Who This Is For
The service is intended for entities and stakeholders requiring a statutory opinion, internal review, lender verification, transaction review or CA certification.
Businesses and organisations covered by applicable audit requirements.
Institutions or businesses requiring stock, receivables, end-use or other lender-directed verification.
Businesses requiring internal audit or review of selected processes and risks.
Buyers, sellers, investors and lenders requiring financial due diligence, specified verification or agreed-upon procedures.
Typical Deliverables
Depending upon the appointment, deliverables may include:
Our Approach
The nature, timing and extent of procedures are determined by the applicable standards, assessed risks and engagement scope.
Statutory eligibility, appointment validity, communication with the previous auditor, conflicts, financial interests, prohibited service combinations and other independence requirements are evaluated before acceptance.
The engagement is planned around material balances, processes and identified risks.
Conclusions and findings are supported by the evidence obtained under the applicable framework.
Material findings, scope limitations and required communications are reported in the appropriate form.
How It Works
Professional eligibility, appointment validity, communication requirements, independence, conflicts, intended users and reporting framework are confirmed before acceptance.
The business, risks, records and required evidence are assessed.
Procedures are performed and significant matters are discussed with the responsible persons.
The appropriate audit, assurance, factual-findings, review or certification report is issued. Follow-up procedures are performed only when included in the engagement terms.
Frequently Asked
Statutory audit results in an opinion on financial statements under the applicable law. Internal audit is a management-focused review of controls, processes and risks.
A statutory auditor appointed under the Companies Act or another statute cannot simultaneously act as internal auditor of the same entity. In addition, an internal auditor cannot be appointed as tax auditor of the same assessee. Other service combinations are evaluated under applicable law, ICAI requirements and independence standards before acceptance.
The earlier general CA-certified GST audit requirement has been discontinued. We therefore do not present it as a current general statutory audit service. We provide GST compliance reviews, reconciliations, annual-return support and specified procedures according to the agreed scope. Any audit or certification required under a particular law, notification or special appointment is separately evaluated.
No. Due diligence is a scope-specific investigation for a transaction and does not automatically provide an audit opinion.
No certificate is issued merely by reproducing information supplied by management. We examine the relevant records and evidence required by the applicable law, prescribed format and professional guidance. Where sufficient appropriate evidence is unavailable, the scope may need to be modified, the document may need to be issued as a suitably qualified report instead of a certificate, or the assignment may be declined.
Important Information
Audit, assurance, review, agreed-upon procedures and certification engagements are accepted only after evaluating professional eligibility, appointment validity, communication requirements, independence, conflicts of interest and prohibited service combinations. The nature and extent of procedures and the form of reporting depend upon the applicable law, professional standard, engagement terms, subject matter and intended users.
Get in Touch
Discuss the entity, appointment and reporting requirement through an initial consultation.