Audit and Assurance

An Audit is generally undertaken with an objective of preparing and presenting to the management and shareholders a complete and fair view of the financial position and operational results of an organization. In India an audit is carried out in line with the guidelines laid down by the Institute of Chartered Accountants in India and Auditing standards

However, an audit goes beyond achieving statutory objectives. It gives a birds-eye view of the performance of the organization, identifies potential threats, risks and loopholes which need to be addressed to help achieve the organizations targets.

DVKS & Associates Audit and Assurance services comprising of statutory audit services and internal audit services are aimed at minimizing the possibility of fraud and error, serve as a tool for improving investor confidence and to help the management take better business decisions and strengthen the existing governance policies.

We understand the industry needs and sector specific challenges which need to be addressed. Through our audit and assurance function, we aim to understand the critical areas of functioning which need improvement, develop a practical approach which help organizations perform better and create a sense of certainty and assurance in minds of those dealing with the organization.

Keeping in mind the constantly changing and volatile environment under which companies operate, compliance reviews and risk mitigation activities are the need of the hour. DVKS & Associates conducts compliance reviews, due diligence, investigates frauds and misconducts and helps quantify and measure the financial impact of these.

Our audit and assurance services include:

Statutory Audit

A statutory audit is undertaken in line with the principles and guidelines framed by the ICAI. We ensure that the financial reports and statements disclose a true and fair view of the operations of the organization.

Tax Audit

A tax audit seeks to verify books of accounts of the taxpayer to ensure that compliances mandated by the Income Tax Law are adhered to. Thus, in accordance with the prevailing laws and statutes, we conduct the tax audit and make the relevant disclosures in the specified formats.

Audit Under Transfer Pricing

Transfer pricing is the term used to describe inter-company pricing arrangements related to transactions between associated, controlled or related entities. These can include transfer of intellectual property, tangible goods, services and loans or other financing transactions.

DVKS & Associates identifies and analyses the transaction undertaken by the entity with its related parties, benchmarks the transactions. We ensure the appropriateness of the price set by the client for goods and services sold between controlled (or related) legal entities within an enterprise

Internal Audit

An internal audit is the evaluation of the processes set up by an organization which impact the effective working of an organization. An internal audit is the measure of the utilization of the resources of an organization, identification of potential risk areas as well as finding solutions to cope with and deal with any inconsistencies which may affect the targets of the organization

Our independent internal audit team works closely with the management of the organization to understand it’s business needs, the policies and the framework within which the organization operates.

Based on the objectives of the organization, our team adopts a “risk based” internal approach which includes:

•  Process understanding
•  Risk based process audit
•  Financial, operational and compliance risk assessment
•  Control gap assessment
• Assisting the management in implementing a cost-effective remediation plan
•  Re-assessing the remediation for effective implementation
•  Assisting in preparation of various registers like Register of Members, Register of Transfer, Register of Charges, Register of Director, Register of Related Party Transaction, etc.
•  Business process re-engineering and implementation

Management And Operational Audit

A management audit encompasses a systematic understanding of the strategies and business plans of an organization to evaluate the efficiency or performance of the management over the activities of the organization.

It is a systematic review of effectiveness, efficiency and economy of operation requested by the management for reviewing special purpose accounts, cost centre audit, operational functions (purchase, sale, inventory, fixed assets etc.) with an objective to improve overall efficiency of the organization.

Our management audit is designed to meet organization specific needs and maximize performance within the organization by addressing and focusing on key business concerns

Process Audit

A process audit is to ensure that an organization has a pre-defined process, evaluating these processes and ensuring if these are being complied with. We assist with evaluating the processes, identify areas for improvement and re-implement the improved processes.

GST Audit

A GST audit is undertaken to verify if correct GST is being paid and refund is being claimed for certain category of taxpayers. Under a GST audit, an examination of records, returns, other relevant documents are particularly carried out and the correctness of turnover, GST paid, input tax credit (ITC) claimed etc. is examined. A GST audit is required for those taxable persons whose turnover during a particular period exceeds the threshold limit.

Due Diligence

A due diligence is a verification or examination or an appraisal of a business undertaken to collect and analyse information before entering a transaction. A due diligence considers a variety of factors/parameters such as competitors, financials, valuations etc. By performing a due diligence, an investor is better equipped whether to undertake a particular transaction.

“Together, we can help make your Organization fit for a future that is sustainable and secure”.