V. SINGHI & ASSOCIATES

CHARTERED ACCOUNTANTS

 
     
   
 
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AUDITING

Possibly one of the most important functions of a Chartered Accountant and his specialized training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that the same represents a true and fair view of the state of affairs of the organization. Our firm has been providing a range of Audit Services since 1977. Its exposure in the Audit sphere has ranged to the large corporate houses in India . The various kinds of Audit Services that we are providing are Statutory Audit, Internal Audit, Liquidation Audit, Stock Audit, Management Audit, Concurrent Audit (On behalf of Financial Institutions and Banks), Tax Audit, Continuous Audit, Proprietary Audit, Systems Audit, and Inspection Audit etc.  With a team of partners and other professionals and their assistance we are able to render the quality services to our clients and will continue to do so in future also.

 

Statutory Audit Services

The complexity of Statutory Audit function has increased manifolds during recent times. Globalization, fast changing business and statutory environment combined with need for synchronization with various global accounting standards and ever increasing reliance on audited accounts by a variety of interested parties has put ever increasing responsibilities on the shoulders of Statutory Auditors.

Our Statutory Audit team consist of ever improving set of skilled individuals trained exclusively for conducting auditing function. Our audit team is trained and updated on the ever changing compliance requirements to stay ahead of the curve.

Our Statutory Audit Department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure usability of audited accounts for most of the interested parties like financial institutions, shareholders, investors, governments, banks and public at large.             

 

Internal Audit Services

Our Internal Audit Services (IAS) employs highly skilled professionals, who can solve many of organisation’s common problems with the right solutions, contemporary processes/methodologies and superior tools/technologies. We can help organizations to improve their quality and effectiveness of Internal Audit process by:

  • Advising and assisting in the development of Internal Audit and risk management methodologies
  • Assessing whether the Internal Audit function is delivering effectively to stakeholders
  • Providing Internal Audit resurging solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage
  • Supporting Internal Audit functions with software to enhance and support their work
  • Training for Internal Auditors using our extensive market and industry knowledge

   

Management Audit Services

With the assistance of our efficient professionals, we are able to serve our clients with best-in-class Management Audit Services. These services are appropriate for assessing the systems, methods and policies that are followed by an entity’s management in the administration. Tactical and strategic planning and the proper use of available resources enable us to provide benefit to employees. Our management audit services are provided keeping in mind the concerned industry specifications and cater to the varied needs of corporate houses, MNCs and other entities.

 

Investigation Audit

Companies that act with integrity in addressing acute business problems have an advantage with real benefits. To that end, we help companies manage risk, investigate alleged misconduct and fraud, and measure the financial implications of disputes.

Capitalizing on the adroitness of our professionals, we offer investigation audit services to our clients that review the operations at various levels of the management to ensure flawless processes and effective control. During the course of such audit all activities/persons are closely observed to ensure that no internal fraud is happening in the company and if any loop holes are found the same are directly reported to the management. This audit is done with complete discretion so as not to alert or hurt any body’s sentiments.

 

Tax Audit

The audit is one of the most specialised services of our Firm. Our highly skilled professionals not only conduct audit of the big corporates but also help large to medium size corporates to comply with various requirements of law. In the process, we not only appraise the accounts of our clients and issue reports but also suggest them to save taxes while complying with the statutes.

 

Bank Audit and Information System Audit

The replacement of manual operations by automated systems in banking operations has brought out major improvements in customer service, house keeping, decision-making, productivity and profitability in banks. The adoption of technology in banking operations has opened up multiple delivery channels to customers to do their routine banking transactions through ATMs, P-S terminals, Internet, Mobile, etc., apart from other conveniences like Anywhere Banking Branch (ABB), Multi-City Cheque Book, etc. The Information System (IS) Audit in the Banking sector in India has gained importance in the context of accelerated pace of technology absorptions, like migration from distributed computing to centralize processing on Core Banking Solution (CBS), adoption of technology solutions for Asset Liability Management (ALM), Anti-Money Laundering (ALM), compliance with Know Your Customer (KYC) norms, Risk Management, dependence on third-party technical services, outsourcing of non-core areas of operations, forming of consortiums among banks for sharing of ATM networks, etc. While the automation of banking operations brings in the advantages, it places new challenges before us in the area of paperless on-line transaction processing environment. The survival of the banks is often dependent on the quality, adequacy, integrity and timely availability of its information resources. Protecting information becomes critical to the continuity of the business operations. Hence, the issues related to security and control can never be overlooked. The issues related to security of computer hardware, software, systems, data etc. and its communication need to be considered in a holistic manner. It is required to monitor periodically that these procedures and controls are in place to ensure that the information stored on these system is dependable. This periodical monitoring is achieved by IS Audit. The objective of audit does not change whether it is a manual or a computerized environment, only the approach of audit changes.

Any laxity in controls/security of Information System could be eliminated if IS Audit is conducted at regular intervals. Conclusions and recommendations emerging out of an IS Audit influence the decision making process of the management.

We have conducted Statutory Branch Audit of various Scheduled Banks i.e. Central Bank of India, State Bank of India, Punjab National Bank, United Bank of India and Bank of Baroda since 1987-88 mainly in eastern part of the country such as Assam, Bihar, Mizoram, Nagaland, Orissa and West Bengal. In these 26 years of continuous Statutory Branch Audit we have conducted audit of various small and big branches having Loans and Advances ranging between Rs. 5 crores to 100 crores. During the course of audit, we have conducted audit of Assets Recovery Management Branch, Branch having Foreign Business transactions etc. Apart from conducting Statutory and other audits, our firm has experience of conducting Concurrent, Revenue, Stock and Inspection Audit of various branches of Scheduled Banks. Our partners are well experienced in conducting and finalisation of accounts of Banks.

With two partners, having “DISA” qualification, experienced professionals and other assistants we are able to render quality services to Banks and our clients and will continue to do so in future also.

Other Accounting and Audit Services

We also provide our services in the field of development of accounting procedure manual and SOPs, inspection audit, fixed assets and inventory verification, due diligence (financial and legal), capitalization of expenditure, and accounting at the implementation stage and other attestation services.

 
     
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