Audit & Assurance

Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. The type of service delivered depends both on the statutory requirements and what will provide the most value to the client and users of the financial information.

Audit professionals at Paresh Rupabhinda & Associates provide a wide range of audit and advisory services to assist clients in achieving their business objectives, managing their risk and improving their business performance. Paresh Rupabhinda & Associates Audit practice helps the organizations and individuals to achieve their objectives through measuring performance, managing risks, and leveraging knowledge. Paresh Rupabhinda & Associates associates are equipped with comprehensive information on industry trends and the business issues that invalidate risk to your organization.

Managing risk appropriately is a key to business success. Paresh Rupabhinda & Associates professionals are ready to provide co-sourcing and outsourcing internal audit to assess controls over the risks that are critical to your success.

Statutory audit

The purpose of a statutory audit is the same as the purpose of any other type of audit i.e., to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, book keeping records and financial transactions.

Paresh Rupabhinda & Associates provides assurance services to those organizations that must go through an independent audit to comply with statutory or regulatory requirements. Our statutory audit provides assurance on the truth and fairness of an organization’s financial information, advice on controls and processing system weaknesses, confirmation of accounting treatments with respect to complex transactions, and specifically addresses any other regulatory reporting requirements such as those under Indian Tax Laws.

Our Audit & Assurance team consists of experienced professionals for effectively conducting the audit & assurance procedures. The team members remain acquainted with the latest changes in the auditing arena for staying ahead in the loop.

We offer the following statutory audit services:

• Under the Companies Act 2013
• Under the Limited Liability Partnership Act
• Under the Indian Trust act
• Compliance with IFRS / Ind AS
• Overseas subsidiaries of Indian Companies

Management Audit

Internal audit is a dynamic profession involved in helping the organizations to achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organization.Internal 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.

At Paresh Rupabhinda & Associates we believe that the organizations must focus on their strategic risks i.e., those risks that affect the overall well-being of the organization. This allows the senior management to focus on those areas that acts as a hindrance to the organization’s ultimate success. This focus aligns the organization’s objectives along with the proceedings to achieve them.

Our team specializes in providing the client’s management with a clear, comprehensive and unbiased analysis of the functional efficiency & effectiveness of the organization and to suggest possible areas for improvements. We believe that Management Audits constitute value addition rather than mere compliance exercises.

Our services include:

• Internal audit
• Internal control Review
• Financial Closure Review
• Pre-Audit/ Transaction Verification Audit
• Periodic Inventory Verification

Tax Audit

Auditing the financial statements of an entity in accordance with the provisions of the Income tax of India and providing disclosures through specified formats. It is an examination/review of accounts of any business /profession carried out by the taxpayer from an income tax viewpoint.

Tax audit is conducted to ensure proper maintenance and correctness of books of accounts and certification of the same by tax auditor and Reporting of observations /discrepancies noted by tax auditor after a methodical examination of books of account and Reporting prescribed information such as tax depreciation, compliance of various provisions of income tax law etc. This in turn enables and also saves time for tax authorities in verifying the correctness of income tax returns filed by the taxpayer such as total income, claim for deductions etc.

GST Audit

Goods and Service Tax (GST) is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods and a lot more. Audit under GST is the examination of records maintained by a registered dealer. The aim is to verify the correctness of information declared, taxes paid and to assess the compliance with GST.

We are known for suggesting a workable solution and ability to solve complex issues and deliver strategy and implementation from a business and technical view within the framework of law. We assist in improving the performance and effectiveness of client’s business by examining all the GST aspects of core management and business process for further growth of the business.

We conduct audit of books of accounts under GST which would cover following aspects:

• Review of outward supplies declared in return to ensure that it included all outward supplies made
• Review of inward supplies declared in return to ensure that it included all inward supplies made
• Review of all deductions claimed including sales returns, abatements, exemptions
• Review of classification, rate of goods which should be according to provision of GST
• Assessment of registration obtained
• Review of input tax credits claimed on inputs,input services and capital goods
• Review of reconciliation statement are to be filed along with certified audit report
• Conducting audit in accordance with all other requirement as per GST act