audit & assurance
ashwani & associates delivers quality assurance services to help you spot hidden opportunities or potential trouble areas in a manner that’s collaborative. We operate at the highest level of integrity and objectivity and demand compliance with the profession’s ethics and independence standards. That’s easy to say, of course, but our record confirms it and has for more than 40 years.
Our Approach to Audits
An audit shouldn’t interfere with business operations. Thorough planning and proper staffing are imperative to delivering timely results and avoiding costly delays.
Our approach to auditing requires that we obtain an in-depth understanding of the organization. The audit is tailored to the specific company’s needs and objectives. This requires knowledge of the goals, major operating policies, regulatory environment and information requirements. In addition, through the utilisation of data extraction software, we are able to flag financial information from your computerised accounting records to maximize audit efficiency and error detection. This ensures that audit time is utilized most efficiently to render our audit report on the financial statements as a whole. We have also been subjected to a peer review by the Institute of Chartered Accountants of India. To view our most recent peer review results, click here.
Compilations & Reviews
If you have assurance needs that don’t require an audit, we can provide either a review and compilation. A compilation is limited to presenting information that is the representation of management in the form of financial statements and supplementary information and accordingly we do not express any degree of assurance on the statements.
In a review of a company’s financial statements, we express limited assurance that there are no material modifications that should be made to the financial statements. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. We provide these services to closely held businesses where the assurance provided to third parties as a result of the audit process is not required.
Services We Offer Include :
Expressing an opinion on the true and fairness of financial statements of the company as required under the statute, accounting standards and guidelines issued by the regulator.
Audit of specific operational management functions (viz. purchase, sales, inventory, fixed assets, special purpose accounting etc.) wherein we handhold the management in improving the overall efficiency.
Auditing the financial statements of an eligible entity in accordance with the provisions of the Income Tax Act, 1961 and providing disclosures through specified formats.
Audit undertaken at the specific request of the management to improve the overall efficiency and detecting or mitigating the chances of fraud or misappropriation of resources.
Indian entity of foreign corporate and medium and large Indian corporate require reporting per International Financial Reporting Standards (IFRS). We carry out extensive reviews and advisory to ensure that the requirements under IFRS are met and provide support through robust impact analysis mechanism.
Reviews undertaken as guided by the statute wherein the effectiveness of internal controls is evaluated with a view to ensure a risk mitigated environment.