Audit & Assurance Service
The Indian legal system under various statutes has prescribed mandatory audits of the accounts of the entities operating in India. Assurance keeps the aim to improve the quality of information.
Audit & Assurance Service
Our Audit & Assurance assignments are conducted by the engagement standards issued by the ICAI. Our Audit Methodology is based on the Auditing Standards issued by the ICAI which are converged with the International Auditing Standards. As part of such audit assignments, we assess the adequacy of internal controls and our audit findings also reflect suggestions for improvement of such controls.
All our audits begin with a full assessment and understanding of the client’s business and operations. This allows us to provide constructive suggestions for improving business strategies, management information, and controls. Our examinations are based on statutory requirements and local auditing practices and our procedures comply with the Standards on Auditing.
G R Prasad & Associates offer the following Audit & Assurance services:
1. Statutory Audits:
As required by the Companies Act, 2013
- Internal Audits :
Internal auditing is a profession and activity involved in advising organizations regarding how to better achieve their objectives. G R Prasad & Associates provide businesses with risk management advice and support, drawing on their resources, expertise, and experience. The benefits that will enhance the client’s management from the internal audit service may include, but not be limited to, the following:
- Sound advice on operations, performance, and internal controls
- An assessment of whether the procedures adopted to comply with the envisioned policies
- An assessment of whether best practices are being implemented throughout the organization
- Special audits and investigations:The objective of such an audit is to critically review the operations at various levels of the management to ensure flawless process and effective control.
- Audit under various provisions of Income Tax Act, 1961 (viz.; Tax Audit u/s 44AB, Transfer Pricing Audit u/s 92E, etc.);
- Opinions on accounting and auditing matters: This consists of opinions on accounting and auditing matters in respect of applicability and interpretation of accounting standards issued by ICAI/ notified by Central Government and in relation to auditing standards and requirement of corporate laws in connection with the statutory audit.
- Assurance: Certification Work & Management Audit