ASSURANCE & AUDIT
Assurance Engagements, typically concerning examination of financial statements and internal control framework, are normally obliged upon client entities under:
- the applicable law / regulations within the area of their jurisdictions;
- mandate from management, shareholders / investors;
- financial institutions / lenders, Government agencies or other stakeholders.
Statutory Audit
- Audit of financial statements for legal entities under respective governing laws including evaluation of Internal Financial Control under the Companies Act, 2013.
Tax
- Tax Audit / Transfer Pricing Audit / GST audit under applicable fiscal laws.
Internal Audit
- Internal Audit under the Companies Act, 2013
Forensic Audit / Fraud Investigations / Due Diligence
- Forensic audit / Fraud Investigations – fact finding.
- Due Diligence on behalf of creditors, investors etc.
Certifications / Opinions
- under FEMA / RBI Regulations for cross border remittances (capital account or current account transactions), Certificates for End use of funds, forex exposures, net worth etc.)
- Expert Opinion on complex accounting treatments in line with applicable Accounting Standards and Generally Accepted Accounting Principles, Corporate Law, Taxation, Regulatory and other related matters.
The Reserve Bank of India (RBI) Guidelines: Concurrent Audit of banks and financial institutions.
- Concurrent Audits / special audits as per regulatory requirements (specially for dealing room, credit, deposits, remittances, trade finance, KYC account opening, branch operations – general banking – deposits, lockers, Centralized Operations / Regional Processing Centers, Currency Chests, Stock Audit, Site Inspections etc.
The Reserve Bank of India (RBI) Guidelines: Risk Based Internal Audit for Banks, NBFC & Financial Institutions.
- Implementation of Audit Process Life Cycle within Risk Based Internal Audit System i.e., definition of audit universe, risk assessment, audit plan, audit reports, follow up and closure.
- Preparation of audit manuals, audit process flowcharts and audit procedures / audit programs in line with Professional Practices laid down by the Institute of Internal Auditors (IIA) and the Institute of Chartered Accountants of India.
- Preparation of audit manuals, audit process flowcharts and audit procedures / audit programs in line with Professional Practices laid down by the Institute of Internal Auditors (IIA) and the Institute of Chartered Accountants of India.
- Implementation of systems / tools to enable automated and digital audit environment and Computer Assisted Auditing Techniques (CAAT) to enhance the efficiency and effectiveness of audit process.
- Audit of Governance & Internal Control Framework, Entity Level Controls, Internal Financial Control Framework, Exposure Management Framework, Capital Adequacy Framework (ICAAP), Regulatory Reporting Framework.
- Front to End Audit of Key Business Lines for banks / FIs i.e., Dealing Room (forex, derivatives, money market); Credit Process (across products, clients, geographies, processes,), Risk Management (Credit, Market, Operational, Liquidity, Reputation etc.), Finance, Asset Liability Management;
- Co-sourcing of auditors for Internal Audit Department
The Reserve Bank of India (RBI) Guidelines: IT / system Audit of banks and financial institutions.
- Audit of Information Systems / Technology related processes – controls and governance framework, testing of IT general controls and information security related controls, review of cyber security, application security, network security, data security related control framework.