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The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit fit Loss Account and Cash Flow Statement give a true fit fair view and are free from any material misstatements. Our approach to Statutory Audit of the financial statements is to provide reasonable assurance that creates value to a clients business. Our quality- in- time statutory audit services are designed to bring unexpected and far-reaching benefits from our understanding, knowledgeable questioning, imaginative and insightful approach.
The service we deliver is the natural blend of compliance and is backed with the experts audit methodology and techniques to bring precision and economy to our clients' audits. The accounts are prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and are free of any misstatements, errors and discrepancies.
In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies. Our view of our clients' organizations is broad and deep, and we look behind the numbers to consider what they mean for the business as a whole. We use the audit to explore and think more widely about our clients' businesses and the potential issues they face. Clientele across sectors such as manufacturing, textiles, energy, food processing, telecommunications, Information technology enable our services.
Our tax audit service specializes in tax preparation, tax auditing, tax education, tax planning and tax strategies. We also offer accounting services included but are not limited to bookkeeping, payroll and financial statements to our clients. At MSSV £t Co the clients always come first has and has helped both individuals and businesses to reach their financial goals.
Leveraging on our industrial experience, we have been able to offer a comprehensive range of audit service that includes compliance audit services, tax audit services, revenue audit services, investigation audit services, statutory/ tax audit, and investigation audit. These services help our client to maximize their income and save different taxes as per the rules and regulation.
Every organization, which has turnover of more than 40 lacs, has to obtain a tax audit services report from a chartered accountant in certain cases. We outsource such tax audit services for all small and big companies and corporations of diverse sectors. We have hired a team of qualified CAs who have rich industrial experience of Tax Auditing and provide effective solutions to our
Every assessee, whose annual turnover exceeds Rs. 40 Lacs or the total business receipts from any profession exceed the amount of Rs.10 Lacs in any previous year, is bound to get his accounts properly audited and report the same according to the section 44 AB of the Income Tax Act. We serve all small and big companies and corporations of diverse sectors
A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit.
A
Problems faced by companies related to Compliance Management
Lack of clarity regarding whether a company is complying with all the applicable compliances as per the nature and size of business.
Difficult to ascertain completeness of documentary evidence (i.e. Challans, Returns, Orders, Supporting documents in the form of Annexures, reconciliations) of the various compliances
Limitation of Internal Auditors adopting transaction oriented approach, which focusses more on errors or non-compliance in TDS, VAT, Service Tax etc.
Internal Tax team is usually busy responding to the urgencies related to Scrutiny Assessment, Return filing, filing of reply to various notices etc.
B
How Compliance Audit can solve these problems?
We have a dedicated compliance audit team which comprises of experts in various laws. This team keeps a regular track of ongoing changes in various compliances applicable on different businesses across industries.
This team is regularly trained about the approach of carrying out compliance audit. There are many standardized self developed forms and checklists which are used while carrying out audit.
C
Coverage of type of compliances
Direct Taxes (Income tax)
Indirect taxes (Customs, Excise, Service Tax, VAT, Entry tax, Entertainment Tax)
Corporate laws (Companies Act, FEMA )
Employee benefit laws (PF, ESI, Gratuity, Bonus, Sexual Harassment Act etc.)
Industry specific laws ( STPI & SEZ, Environmental laws, Real Estate related laws etc.)
Others (Shop & Establishment)
D
Scope of work
Review the applicability of various compliances as per the nature and size of business
Review the completeness of documentation related to applicable compliances
Verify the claim and utilization of tax credit available under various indirect taxes
Verify the returns filed under applicable Laws and Statutes.
Status of maker checker approach and controls related to correct and timely deposit of dues
Suggestions to improve the compliance management system
Our management audit services cover in-depth and scrupulous checking of all day-to-day transactions. Our experienced professional consultants and auditors ensure that all dealings are as per the management's guidelines, policies & procedures and have conducted internal audits for various corporate houses and business establishments. Further, they assist the management in improving systems and check financial data and also assist in clients business from detecting errors and omissions to rectifying such errors, preventing fraud and to cut down redundant costs.
Generally, every company is required to verify physically his fixed assets and stock in trade, once in a year through an independent agency.
We offer services in management audit services matters relating to:
Cost savings and cost reduction advices.
Review of MIS.
Financial data audit.
Testing compliance with system process and procedures.
Detection of errors and omissions.
Rectification of errors.
Prevention of fraud.
Suggestion for improvements in systems and procedures.
EDP audit and suggestion for internal control computerized environment.
Periodical reporting of audit finding.
Our stock audit service involves detailed checking of stock records and also physical verification of all stock types. Internal inventory audit is undertaken to find out shortcoming in inventory records. The inventory audit report made available by us is to give solutions for inventory reduction for effective and controlled production of items not stop due to deficiency of stock of material or blockage of money. We also offer suggestions for the controlling of cost of the stocks of our client's company through inventory maintenance cycle through source of inventory auditing services.
The Stock audit services of MSSV & Co assure to achieve the following objective to ensure stock audit reliability.
We have long experience in providing Stock audit services to various clients ensuring control around Inventory management and implementing the scrupulous stock audits to facilitate the final auditing of the accounts of a company. There are a large number of different accounts to be maintained for managing all the operations, activities, processes, etc. concerned with a company, or a joint venture. Proper maintenance and precise auditing of such stocks are essential for the company to run smoothly.
To ensure proper preservation / storage and handling of stock.
To identify whether there exist any obsolete stock & if yes, whether it has been segregated & written off.
To verify whether the stock is adequately insured against fire and other natural calamities (in appropriate cases against other risks like theft, burglary, marine, riots etc. as per sanction)
To ascertain whether physical stock tally with the stock statement submitted to the banker.
To confirm that stock is owned by the borrower and finance is made against value of paid stock only.
To examine the age wise debtors outstanding as per books and as per statement submitted by the bank, steps taken for recovery of long pending debtors and likely instances of debtors turning bad, if any.
Certification under the Income-Tax laws for various deductions, etc.
Certification for Transfer Pricing.
Certification under the Indirect Taxes.
Certification under Companies Act, FEMA and RBI related matters.
Certification under Exchange Control legislation for imports, remittances, ECB, DGHT, EOU etc.
