Statutory Audit, Tax audit and related compliances
Every company registered / established under the Companies Act, 2013 in India has to get its accounts audited every year. It is directed to verify whether the company is adhering to all the compliance procedures applicable. In statutory audit, the statutory auditor has to report on the financial statements of the company for the given period as to whether they represent a true & fair view of the state of affairs of the company. Statutory audit report serves as a significant tool of measure to all the stakeholders / general public in assessing the viability of the company in future with respect to their dealings.
We have a strong team of Chartered Accountants who are well-equipped with the auditing framework in India & are capable of conducting the statutory audit as per the global reporting standards. We have separate dedicated teams at different branches for conducting the statutory audit of various clients located across different cities.
With liberalization of economy, the size and complexities of a typical corporate have substantially increased, causing Internal audit function to acquire special significance. AMJC carries out internal audits for various Corporates. The accounting systems, internal controls operations are periodically reviewed, the recommendations for modification/improvements are made.
While auditing as a Process necessarily means scientific test checking of records of a corporate, many times due to the size of the corporate or the complexities of the operations, concurrent audits are necessitated. AMJC service under this head ensures continuous adherence to the predefined systems and procedures of the organisation. Improvements in systems are also periodically checked.
As vital business decisions are taken by the top management in any entity, an assessment of their competencies after certain point of time is required to be done by an independent agency. This maintains optimum independency in analysing the concerned individuals’ skills & capabilities in managing his area of operations.
AMJC has conducted such management audits for various emerging corporates. Conducting management audit requires specialised knowledge of inter-personal skills with a great sense of maturity level of the audit personnel. We have developed a dedicated team who specialises in conducting such audits efficiently.
An operational audit is a review of any part of an org nization’s procedures and methods for the purpose of evaluating efficiency and effectiveness. At the completion of an operational audit we will submit recommendations for improving operations.
Operational audits can be carried out in many different areas for evaluating operational efficiencies. These could range from evaluating the efficiency and accuracy of processing payroll transactions to more complex engagements such evaluating the efficiency, accuracy and customer satisfaction in the process of collection, shipment and delivery of packages by a courier service.
Through operational audits undertaken to meet your specific needs we could assist you in improving your operational efficiency
A compliance audit is carried out to determine whether the organization is following specific procedures, rules or regulations set by a higher authority. Compliance audits could include determining whether accounting personnel are following the procedures prescribed by the company, examining contractual agreements with bankers and other lenders, compliance with stock exchange directives.
Forensic Audit & Investigations
Forensic auditing examines individual or company financial records as an investigative measure that attempts to derive evidence suitable for use in litigation.
Forensic auditing combines investigative techniques along with an understanding of accounting principles to determine if there are suspicious practices hiding beneath company or individual financial records and statements.
We as Certified forensic auditors at AMJC are trained to present their findings in legal proceedings that concern fraud, embezzlement, or financial disputes.
Due Diligence Reviews
The financial due diligence process is one of the most crucial part of any transaction.AMJC holds an expertise and an established track record in this area. Our aim is to enable entrepreneurs and decision makers to make sound investment decisions with great confidence at every stage. We aim at eliminating the risk and potential flaws of investing at domestic and international locations.
Information Technology audit
There are three basic kinds of IS Audits that may be performed:
General Controls Review
A review of the controls which govern the development, operation, maintenance, and security of application systems in a particular environment. This type of audit might involve reviewing a data centre, an operating system, a security software tool, or processes and procedures (such as the procedure for controlling production program changes), etc.
Application Controls Review
A review of controls for a specific application system. This would involve an examination of the controls over the input, processing, and output of system data. Data communications issues, program and data security, system change control, and data quality issues are also considered.
System Development Review
A review of the development of a new application system. This involves an evaluation of the development process as well as the product. Consideration is also given to the general controls over a new application, particularly if a new operating environment or technical platform will be used.
The Sarbanes-Oxley Act (SOX) does not directly regulate Information Technology. However, IT is the backbone of the financial processes that are regulated by this historic Act, whose primary objective is to assure the integrity of financial statements. A key aspect of that integrity is the control and security of the financial systems and the IT infrastructure supporting those systems.
AMJC looks after VAT audits covering Maharashtra and other selected states. We besides carrying out VAT Audits, also helps clients in proper filling of VAT Returns and advising on the compliances required under various VAT Regulations. We also assist the clients in making proper presentation before the Tax Authorities and provide advisor service.
Stock and Debtors Audit
Stock Audit and Debtors Audit is an area of specialization and core competence for AMJC We are committed to provide unmatched Internal Audit Services because of our unparallel reach and all India network. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.
The main objective of the revenue audit is to assess leakage of income by checking the interest and service charges earned/ or paid by the bank. It also includes checking various daily expenses of the branch.