AUDIT & ASSURANCE
An audit is an examination of records held by an organization, business, government entity or individual. It involves the analysis of various financial records such as income or profit, investment returns, expenses and other items as Part of audit process.
Over the years, our Company has established as pioneer in these type of assignments by attaining experience with the involvement of its well trained team which work with full zeal and enthusiasm. Adherence to the rules and regulations has been the key mantra of our Co.
STATUTORY AUDIT
A statutory audit is a legally required review of accuracy of a Company’s financial records. The purpose of this audit is to determine whether an organization is providing a fair and accurate representation of financial position.
Our company’s auditors undertake these kinds of assignments strictly as per the regulatory guidelines to ensure that the necessary compliances are complied with to the maximum possible extent.
INTERNAL AUDIT
The objective of Internal Audit is to provide independent assurance that the organization’s risk management, governance and internal control process are operating effectively.
Our Company being internal auditors for different kinds of business houses ranging from manufacturing units to exporters has provided important inputs to them for strengthening their systems and procedures thereby making a significant value addition.
SOPs DEVELOPMENT
Standard Operating Procedure is step by step instructions complied by an organization to guide and help its workers to carry out routine operations. The aim of establishing SOPs is to achieve efficiency, quality output and ensuring regulatory compliances.
We have advised many of our clients on formulation of SOPs which have helped them to meet the regulatory and legal requirements besides improving the efficiency and productivity at all the levels.
IS AUDIT
Information system audit focuses on security controls of physical and logical security of the server including change control, administration of server accounts, system logging and monitoring, incident handling, system back up and disaster recovery.
With the knowledgeable and skilled employees, our organization has handled this kind of task very effectively.
STOCK AUDIT
Stock Audit is basically conducted to ensure whether the physical stock value conforms with the value of stock shown in the bank stock statement. Other objective of stock audit is to ensure whether the age wise and party wise book debt analysis submitted to the bankers tallies with the books.
We have successfully conducted a number of stock audits assigned by different Banks in respect of their borrowers and provided them very meaningful and useful reports helping them, in taking rational credit decisions.
ASM
An Agency for Specialized Monitoring (ASM) is a mechanism used by banks to closely track and monitor the activities of borrowers, particularly those with large exposures or in specialized sectors, to prevent fraudulent activities and the diversion of funds. These agencies, often chartered accountants or other specialized firms, conduct concurrent reviews, cash flow monitoring, and other inspections to ensure funds are used as intended.
ASM audit involves complete credit assessment of the borrower including assessment of his ability to repay the loan. It also involves monitoring the financial operations of the borrower to track or identify any diversion/misuse of the borrowed fund. For this purpose, ASM team prepares a periodical ASM report and submit it to the lender bank. It allows banks to prevent/minimize money laundering cases, mis utilization of borrowed funds, identification of loan accounts which may convert into NPA.
FORENSIC AUDIT
Forensic audit is a process to examine an individual or a company’s financial information for use as an evidence in court. It helps to detect diversion of funds, willful defaults and window dressing of financial statements.
With the rise in money laundering and willful default cases, RBI has made forensic audit mandatory for large advances and restructuring of accounts.
Our firm has qualified & experienced staff to handle such audits perfectly.
BOOK KEEPING
For the purpose of facilitating day to day operations of an entity and preparing financial statements, tax returns and internal reports to the management, the book keeping is the most important segment of accounting.
Our organization has over the years developed itself as the pioneer in advising the clients on the best practices of book keeping.
We offer our clients a comprehensive book keeping solutions ranging from bank reconciliation, general ledger maintenance, trial balance services, preparing profit and loss statements and final accounts.
US GAAP
Generally Accepted Accounting Principles called as GAAP or US GAAP is the accounting standard adopted by the US Securities and Exchange Commission.
Its objective is mainly to present information useful for investors and creditors and other uses for making rational investment decisions.
At Gupta Nanda & Co., members are well equipped with knowledge and experience for preparing financial statements of any Co. or firm as per US GAAP standards.
IFRS
International Financial Reporting Standards is a set of accounting standards which provides a global framework for how public companies should prepare and disclose their financial statements. It is very important for large companies that have subsidiaries in different countries.
Our firm has expertise in handling such assignments.
TAXATION
Our organization offers complete range of services in the matter of direct and indirect taxation. e.g.
For Individuals
- Preparation and review of books of accounts
- Preparation and computation of income and applicable taxes
- Online preparation and submission of Income Tax Returns (ITR)
- Conducting Tax Audit
For Corporates
- Tax advisory and retainership
- Tax planning
- Tax certification
- Corporate tax return preparation and filing
- Tax audit
Service Tax
- Retainership services
- Consultancy and advisory services
- Service tax registration and amendments
- Filing of periodical returns
- Handling of litigation cases
- Representation before competent tribunals
Value Added Tax
- VAT registration
- Consultancy and advisory services
- Retainership
- Filing of periodical returns
- Handling of litigation cases up to the tribunal level
GST
GST is a proposed system of indirect taxation which is being introduced as per Constitution Amendment Act 2016 & is likely to be rolled out from 01.07.2017. GST would be a comprehensive indirect tax on manufacturing, sale and consumption of goods and services to replace existing taxes levied by State & Central Government.
Our team is fully prepared to handle this new system of indirect taxation, starting from registration, filing of returns & compliance of provisions of the Act besides consultancy services.
INTERNATIONAL TAXATION AND TRANSFER PRICING
Transfer pricing refers to the rules and methods for pricing transactions between enterprises under common ownership or control. Because of the potential for cross border controlled transactions to distort taxable income, tax authorities in many countries permit adjustment of intragroup transfer prices that differ from what would have been charged by unrelated enterprises dealing at arm’s length.
We undertake transfer pricing services for clients and suggest /advise them various solutions who undertake international transactions with their associated enterprises such as Transfer Pricing Analysis, Benchmarking Analysis, Transfer Pricing Certificate etc as per the provisions of transfer pricing law 2001.
DUE DILIGENCE
Due diligence refers to an investigation or audit of a potential investment to confirm all facts such as reviewing financial records and other relevant materials. It is in fact a process which a person must take before entering into a financial transaction with another party.
Our Co. has developed itself for this kind of jobs and has advised various clients in respect of taking financial investment decisions by eliminating risks to the maximum possible extent.
ROC MATTERS
We have a well trained and experienced team to advise and handle various services required under the provisions of Companies Act such as:
- Registration of Companies and LLPs, ensuring compliance with statutory requirements
- Change in company name, registered office, or directors
- Increase of authorized share capital
- Amendments in the object clause or Articles of Association
- Registration of charges, including preparation of search and status reports
- Maintenance of statutory registers
- Preparation and filing of annual returns and financial statements
- Other routine company secretarial services for public, private (listed and unlisted) companies
PRIVATE EQUITY & VENTURE CAPITAL
- Private Equity (PE) is a type of equity and one of the asset classes, typically provided by private equity firms.
- PE investments are categorized into two types:
- Foreign Institutional Investment (FII): Investments in listed companies.
- Foreign Direct Investment (FDI): Investments in unlisted companies.
- Venture Capital Funds are investment funds that manage investor capital to acquire equity stakes in startups and small to medium-sized enterprises with strong growth potential. These are typically high-risk, high-return investments.
Gst audit
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorised expert.
GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.
Compliance Audit
A compliance audit is a formal review of an organization's procedures and operations to determine if they are adhering to internal rules, regulations, policies, and external laws. It ensures an organization is following set standards, including government regulations, industry frameworks, and internal guidelines.
Compliance audits are formal evaluations or assessments of an organization’s adherence to frameworks and/or regulatory requirements. Compliance audits are conducted by independent audit practitioners, and most have the following characteristics:
Credit Audit
A credit audit is a systematic examination of a company's credit risk management processes and procedures to ensure they are effective and compliant with relevant regulations. It assesses the quality of credit appraisals, monitoring, and overall credit portfolio. The goal is to identify potential weaknesses and recommend improvements to enhance credit quality and minimize credit risk.
Credit audits play a crucial role in assessing and evaluating an individual's or a company's financial standing. It involves a thorough examination of credit-related information, such as credit reports, financial statements, and transaction records. By conducting a credit audit, one can gain valuable insights into their creditworthiness, identify potential risks, and make informed financial decisions.
