Audit_Assurance

mitesh@mtcandassociates.com
Tel No. +91-22-35972067


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AUDIT & ASSURANCE

Auditing & Assurance Services are at the core of any Financial Management setup. It ensures proper working of the organization according to laid down internal controls and also the efficiency and effectiveness of the controls itself. Our Audit services extend beyond the conventional/traditional financial reporting function. It is far beyond the mere evaluation of financial statements.

MTC provides assurance services to its clients in India and abroad. We offer a complete range of Assurance Solutions to help improve your financial efficiency, accuracy and stability. Regular training provided to our team on audit methodology and regulatory requirements helps us to provide consistent and quality audit services. The audit process is coordinated in the most efficient and effective way to ensure that the objectives of our clients and strengthening of comprehensive governance are met.

Financial statements need to be prepared in compliance with the regulatory requirements, Accounting Standards and any other industry specific requirements. The auditor's opinion enhances the credibility of financial statements by providing a high, but not absolute, level of assurance.

As part of the Audit practice MTC evaluates the efficacy of the internal control & compliance mechanism of the client and ensure that all reporting needs are complied with. As part of our Audit & Assurance Services MTC undertakes:

Statutory Audit

The statutory audit is carried in accordance with the provisions and framework established by law or statute, applicable Indian Accounting and Auditing Standards and in accordance with the guidelines issued by the Institute of Chartered of India. The objective of such service is to give opinion on whether the financial statements (stand-alone / consolidated) give a "True and Fair View" in conformity with the accounting principles generally accepted in India.

Constant improvement programs initiated by us help our clients to prepare for forthcoming changes in accounting rules, regulation and standards.

Tax Audit

The purpose of a tax audit or a return examination is to determine whether reports filed with the taxing authorities are correct. Our Endeavour is to mitigate the burden of tax and to review that the various provisions of the Income tax law are properly complied with, so that assessable income can be computed correctly.

Internal/Management Audit

Management Audit is a systematic examination of decisions and actions of the management to analyze the performance. Management audit mainly examines the non-financial data to audit the efficiency of the management. Our internal audit methodology is aligned to identify key risks in the process, map them to the business objectives, establish the gap and help the management in closing them. On account of the changing business dynamics, recent corporate failures and increased stakeholders accountability, internal/Management audit has a vital role to provide the management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and also to suggest possible areas of improvements.

GST Audit

GST Audit is carried in accordance with the specified provisions of the Good Service Tax (Sales Tax) laws of India and providing disclosures of relevant information in specified formats to the Sales tax Authorities to enable an assessment of sales tax. We ensure that the various provisions of the Sales tax law are properly compiled with.

Transfer Pricing Audit

The term "transfer pricing" covers the setting, analysis, documentation, and adjustment of charges made between related parties for goods, services, or use of property (including intangible property) via separate accounting for each related party. Transfer pricing audit is carried out, in accordance with the provisions of the Income tax laws of India Income-tax Act, 1961 [i.e. Sections 92 to 92F under Chapter X-Special Provisions Relating to Avoidance of Tax], and an Accountant report is issued under Section 92E in respect of an international transaction between associated enterprises and of specified domestic transaction.

Concurrent Audit

Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. Banks, Financial Institutions, Insurance Companies, Mutual Fund Companies and Large organizations and corporations need to verify day to day business transactions. We have a pool of qualified & experienced professionals and ancillary staff, to conduct such audits.

Due Diligence Review

Due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. We offer a confidential, sound, unbiased perspective and are the ideal complement to client’s internal resources to generate valuable due diligence reports and business analyses for our client that become an integral component of their decision-making and negotiation processes.

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