Audit And Assurance
Think auditing, Think us
BUSINESSES KNOW THE IMPORTANCE OF AUDIT SERVICES
An audit is more than the objective examination and evaluation of the financial statements in order to comply with statutory obligation. It allows us to grasp a full understanding of the business environment and the laws and regulations governing the clientele operations which enable us to recommend sound and holistic solutions for outlining business strategies, performance, management information, controls, adoption of procedure with envisioned policies and assist in managing the business affairs in an conducive manner keeping in view the statutory requirements and auditing practices and also ensuring compliance with the Standards on Auditing.
Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements. Hence, Audit and Assurance are the core of any successful and visionary financial set-up. At MNV we view the audit process not merely as an compliance tool but as an opportunity for our clients to learn more about their businesses, minute controls for performance improvement, planning their financial needs well in advance; better equipped to communicate with banks, investors and partners. We provide to clients with objective presentations of their financial information as well as qualified advice and observations wherever applicable. Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws
We assure a systematic and independent examination of your financial records. Our team is well qualified to efficiently audit your books and identify the anomalies and red flags that might be deeply buried in thousands of electronic transaction
DIFFERENT TYPE OF AUDIT SERVICES
Statutory audit, also known as external audit, is a type of audit that is mandated by a specific statute or law to make sure that the financial statements of the entities represent a true and fair view of its state of affairs and profitability. Statutory audit is governed by the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014. 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.
We adopt a risk-based approach to address the core issues affecting your financials and business.
MNV has devised proprietary audit methodologies to obtain reasonable assurance that the financial statements are free from material misstatements. Our auditing methodologies enable us to obtain sufficient evidence to reduce the audit risk. We exercise professional skepticism during the course of the audit to draw meaningful conclusions..
We customize the nature, timing, and extent of our audit procedures as per our professional judgement commensurate with the level of risk identified. During the course of the audit, we maintain our independence and encourage free communication. We believe that statutory audit in India is not merely a compliance exercise but also an opportunity to provide recommendations to our clients so that they can achieve higher efficiencies and their business goals.
We leverage technology to bring efficiency and effectiveness in our auditing. We use state-of-the-art audit tools and techniques to maintain audit working papers and files. We plan our audits utilizing the software to ensure that our best resources are deployed onsite. We continuously monitor our progress and take the necessary steps to meet the deadlines.
As India follows self-assessment method to assess income and taxes payable by a person, it is the responsibility of the person to follow all the rules prescribed under the Act. Tax Audit Service is a mechanism by which the Income Tax department would enforce the law effectively through an independent agency by ensuring that income declared in the return is accurate.
Tax auditing and filing tax return on time with transparency and clear records is an important task for any assessee which is subjected to audit. MNV is your best option and trusted confidante when it comes to us, our team of experienced and dedicated auditors will provide value-added services to your accounts. We truly understand the sensitivity and importance of tax for the companies and other assessees, and we make sure we keep top-level of ethical standards and top-notch quality in our services.
When it comes to an internal audit, it is often neglected by companies for want of legal obligation or lack of time and resources. But when the management tries and understands the importance and underlying objective of getting internal audits, and all the benefits it offers, the process of internal audit becomes more valuable and pleasant.
In order to keep our clients abreast about the recurrent standards and requirements for certifications, we provide entire range of internal auditing solutions that fits well with businesses. We ensure that your systems, processes remain aligned in terms of risks and other business objectives by regularly reviewing as well as delivering internal auditing services.
We firmly believe that internal audits, when carried out with accuracy and transparency, can add so much value to your organization. Our auditors look beyond your financial statements and keep a broader view, which includes a closer look at policies, procedures, operational controls, segregation of duties, and safeguarding of assets. Our internal auditors carry out audits keeping in mind the individuality of each company, scope of work, and objectives of the audit.
Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions. It is an ongoing appraisal of the financial health of an entity to determine whether the financial management arrangements (including internal control mechanisms) are effectively working and identify areas of improvement to enhance efficiency.
At MNV, we ensure effectiveness in our auditing process for which we reduce the time interval between auditing and its examination for speed of actions and efficient risk management.
The rapid change in the business environment is fueled 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.
Our management audit service is highly customizable to meet your unique needs. We assist you in managing your key business challenges, be it achieving your organizational goals and objectives, meeting operational issues, complying with laws, or providing information that aids in decision making.
Goods and Service Tax (GST) is a destination-based consumption tax on supply of goods and services. In India, dual gst system operates i.e., GST is levied by Centre and Consumption State. There can be two types of supplies, one is intra-state supply on which CGST & SGST are levied along with applicable cess, if any and other one is inter-state supply on which IGST along with applicable cess, if any is charged. IGST is a mechanism for levy and collection of tax in case of inter-state supply which is collected by Centre and later it is distributed to Centre and Consumption State.
The basic purpose of auditing under GST is to make sure that the ITC refunds availed and claimed, taxes paid, and the turnover is in line with the one claimed by the company. An audit under GST involves inspection of records, returns, and documents furnished by your firm. The GST audit is undertaken to
evaluate whether the business is run in compliance with the GST guidelines and provisions.
If you are looking for a professional auditing experience, then you must know that it requires a thorough experience, skills, robust digital environment and mechanism for the examination of accounts and records to ensure complete compliance with the tax laws.
With decades of experience and a pool of GST professionals, MNV provide transparent and trustworthy GST audit services.
Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. However at times, it may also involve the valuation of the inventory but it would depend on the terms of reference or the engagement letter of the assignment. When heading forward, it is important to remember and keep in consideration the purpose for which the audit is being conducted because different audits may have different approach which would ultimately depend on the aim
Reasons why one should look forward for the stock audit :
- To update the opening stock details.
- To identify the discrepancy between book stocks also known as computed stock and physical stock.
- To update the actual physical stock as book stock.
- To ensure proper preservation and handling of stocks.
We at MNV provide Organizations with complete services of stock audit services in a manner that is beneficial to the organization in the short as well as long term in areas such as stock management, better inventory planning, and prevention of fraud and dead stock and thus helping them in becoming more efficient and streamlined in their processes.
