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The advances made in communications & technology has led to a more globalized market and companies today must embrace this rapid change. While globalization has increased opportunities for businesses, it has also exposed them to risk at every turn. The business environment today thus, requires a skill set that enables the companies to operate across cultures within India and abroad.
Owing to this, reactions to the lack of transparency in businesses have also grown significantly. This has compelled organisations to make a paradigm shift in their business structures as well as in the accuracy of the information gathered by them; moving from the Industrial Age towards a more Knowledge Age. The criticality and the relevance of information is impacted not only by its content, but also by the timeliness and efficiency with which it is used. Thus making it imperative for the audit and assurance model to keep pace with it.
Our high-powered team of more than 20 motivated professionals, with a combined experience of more than 150 man-years, has redefined the way our clients view audit and compliance. A more holistic approach to our model that fits the Knowledge Age compared to the traditional one-size- fits-all approach is the primary driver of our success.
We are sector-agnostic and strive to ensure consistent value addition for our clients. Besides ensuring statutory compliances and reporting on financial statements, we provide expert opinion and insights about areas such as internal controls, legal interpretations, processes and policies and risk management. This brings about a more realistic picture for clients to improve their business practices. Our audit practice has been subjected to peer review process of ICAI since inception i.e. since last 20 years.
Our systemic approach to reporting, and providing relevant and authentic solutions enables clients to make better decisions through up-to- date information on value drivers, business objectives and success factors. We go beyond the call of duty by converting audit and compliance services into a profit centre for clients. We achieve this through a continuous process of simplifying the complexities and providing authentic solutions to mitigate risks, which in many cases helps save money for clients.
Statutory Audits of Corporate and Non Corporate
Businesses have traditionally seen statutory audits as a burden. With rapid changes in the environment, skepticism is at an all-time high and so are stakeholder expectations. We go beyond mere statutory compliance. Our clients’ audited statements have not only withstood detailed and stringent scrutiny, but have also become pillars of transparency.
We pride ourselves in providing qualitative suggestions, inputs and insights based on our sound technical knowledge & experience.
We proactively keep clients abreast of the latest updates and trends to keep pace with their dynamic requirements. We have sound research capabilities for proper interpretation & application of various Generally Accepted Accounting Principles (GAAP).
Offerings:
- Statutory audit of general purpose financial statements under local laws
- Companies Act
- Limited Liability Partnership Act
- Limited Review under SEBI Regulation
- Tax Audit under Income Tax Act
- Financial Statements compliant with IFRS / Ind AS
- Foreign group reporting package
Internal Audits
The rapid change in the business environment is fuelled by political, economic, social, cultural and technological changes. Managements, of start-ups and mature organizations, need to recognize, adapt and change.
Management audits play a pivotal role in assisting the leadership to strengthen its processes. Our evolved methodologies not only provide qualitative assessments of risk that highlight fundamental causes of performance gaps, they also provide authentic and relevant solutions to prevent repeats. Our early warning reporting provides indicators of a probable fraud and accounting irregularities. All this helps to improve the profit earning-capacity of our clients.
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 organisation 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.
Concurrent Audits
Most organisations such as banks, asset management firms, finance institutes and insurance organisations utilise the internal audit approach. Concurrent Audit is much the same as Internal Audit and is carried out at regular intervals. This is done to supervise the effectiveness in standard operations with statutory proclamations from time to time. Concurrent Audit usually acts as an appendage to the internal audit team, and assists it on a regular basis with factual findings.
Revenue Audits
This helps in discerning revenue leakages. It could either be due to deficiency of internal control policies, frauds or errors by the personnel. It is generally conducted once or twice a year. We at VLN& Associates possess expert skills and knowledge in this field in the banking segment of the firm.
Inventory Audits
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.
Tax Audit Under Income Tax Act, 1961 (SEC. 44AB)
Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs. 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit ensures proper maintenance of books of accounts and certification by a tax auditor. Tax audit report needs to be filed on or before the 30 September of the subsequent year in case of taxpayers who have not entered into an international transaction. If the taxpayer who is required to get his books audited fails to do so then he is liable for paying penalty of 0.5% of his turnover /gross receipts subject to a maximum of Rs 1.5 lakhs.
We at VLN & Associates possess expert skills and knowledge in this field in the banking segment of the firm.
Financial Statements Audits
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 industry 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
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