Accounting_Tax_Audit

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Accounting/Tax/Audit/Compliance Advisory

The firm provides value based services in the domains of Auditing & Assurance, Direct and Indirect Taxes, Transaction Advisory & Business Consulting. The firm believes in providing cutting edge services to its clients in a holistic manner. The unique blend of analytical, insightful and a motivated team provides an unassailable advantage to the firm in executing assignments in an effective and efficient manner. The firm has created a niche in creating specific service lines in each of the main practice domains it provides services in. Proactively measuring the industry and business needs has helped the firm to offer tailor made solutions for clients which at times are an overlay of all the practice domains.

Accounting Services

Audit: Investors have large expectations from the audited financial statements and expects high level of transparency, fair & accurate reporting. With increased cross-border investment in India and progressive integration with international reporting standards such as IFRS and US GAAP, the Audit function has become progressively more complex. Broadly, Audit involves the following : Indepth study of existing systems, procedures and controls for proper understanding; Suggestions for improvement and strengthening; Ensuring compliance with policies, procedures and statutes; Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Indian Accounting Standards/IFRS; Checking the genuineness of the expenses booked in accounts; Reporting inefficiencies at any operational level; Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence; Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account; Issue of Audit Reports under various laws. Our contemporary Audit Processes enable us to bring effectiveness and efficiency in our methodology. To keep up with the latest changes in Audit Standards and Regulations in India and overseas, the Audit Team has a well-constituted Knowledge Management process. PRAJCO Audit is peer review certified as mandated by the Institute of Chartered Accountants of India.

Statutory Audit: Statutory Audit are those as required by the Statue. PRAJCO has various statutory audits across sectors of Private & Public Limited including Listed Companies under Companies Act, Charitable & Religious Trust under Trust Act, Banks under Banking Regulation Act, Firms, LLP and HNI’s under Income Tax Act. With our strong background & vast experience we ensure the timely completion of such audits to completely satisfy your statutory commitments & obligations

Tax Audit: Tax Audit is carried in accordance with the specified provisions of the Income tax laws of India and providing disclosures of relevant information in specified formats. A Tax Audit involves an expression of the tax auditors' opinion on the truth and correctness of certain factual details, given by assessee to the Income Tax Authorities to enable an assessment of tax. Our endeavor is to mitigate the burden of tax and to review that disallowances and deductions if any, under the various provisions of Income Tax Act, 1961 are properly and correctly calculated, so that the income assessable can be computed correctly.

Internal Audit: An Internal Audit is designed to review the business as a whole to identify potential threats to the organization’s health & profitability and to make suggestion for mitigating the risk associated with those threats in order to minimize the costs. It helps an organization accomplish its objectives by bringing a systematic & disciplined approach to evaluate and improve the effectiveness of risk management, control and management. Internal audit plays a pivotal role in improving an organization’s effectiveness and efficiency by providing reasons for deviations from the laid down internal control procedures & effective measures to overcome them. The scope of internal auditing within an organization is broad and may involve areas such as the efficacy of operations, the reliability of financial reporting, detecting and investigating fraud, safeguarding assets, optimum utilization of the organization’s resources and compliance with laws and regulations. PRAJCO has helped clients in strengthening existence, operation & adherence to their internal control system & bringing about an all-round development.

Management Audit: Management Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Management Audit has become a useful tool for Stakeholders, Investors & Owners to get an insight into the operations of Investee Company. Through such Audit process, focused and direct information flow is ensured for the benefit of these Groups. For Private Equity, Strategic Investors, Venture Capitalists etc, Management Audit assures objective source of independent advice. The conventional scope under Management Audit covers the following key aspects: Effectiveness and efficiency of operations, Reliability and integrity of financial and operational information, Safeguarding of assets, Compliance with laws, regulations and contracts. Apart from the above areas, Management Audit also focuses on efficacy of Corporate Governance, Information Technology, Risk management & controls etc. Effectiveness in the Management Audit process is brought about by periodic and frequent reporting, presentations and discussions with the Stakeholders concluding with defining solutions in the concerned areas.

Special Investigation Audit: The Special Investigation Audits are carried on behalf of Banks, Financials Institutions, Top Management, Judicial Bodies, Special group of Investors etc. The audits are conducted as per the specific scope agreed. The main objective of such an audit is to provide a critical review of a company's working and its state of affairs. Our Approach is to make sure that the financial accounts are prepared as per Generally Accepted Accounting Policies, Practices and Standards, the detailed analysis of the accounting statements are based on identified contingencies and provisions, we help in identifying the leakages of revenue to the organization, persons responsible for such leakages and various steps available for the recovery and we suggest corrective actions to be taken to prevent such incidents in future.

Compliance Audit is carried out with the intention of determining whether the procedures or regulation set by relevant authorities have been followed or otherwise. A Compliance audit may be conducted on the behalf of Bankers or Stock exchanges to examine whether the terms of contractual agreements with the relevant authorities have been followed or not. Typically the reports of such Audits are given to specified persons or authorities who are seeking assurance in the concerned matter.

Corporate Governance: Corporate Governance refers to the set of systems, principles and processes by which a company is governed. They provide the guidelines as to how the company can be directed or controlled such that it can fulfil its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. Clause 49 of the Listing Agreement makes it mandatory for all listed companies to submit a compliance report. Fundamentally, there is a level of confidence that is associated with a company that is known to have good Corporate Governance and Stakeholders and Investors increasingly depend on such Governance standards. Predominantly, the Corporate Governance study and implementation covers the following:
Corporate governance refers to a combination of laws, regulations, procedures, implicit rules and voluntary practices which help companies to perform efficiently and maximize long term value for shareholders and at the same time looking after the interests of other stakeholders like buyers, government, society at large etc. SEBI and listing agreements of various stock exchanges require that the requirements of corporate governance are duly complied with. Our services include periodic monitoring through internal audit, independent audit, independent verification, effective Supervision, accountability, sufficient number of Independent directors on the Board, formation of an independent audit committee for the board, adequate disclosure and transparency in reports, participation in board meetings.

Company, Firms and LLP incorporation: We specialize in Incorporation of various entities. Be it Company, LLP ,Partnership Firm or Joint venture, our team is well equipped with all the expertise to ensure that our clients have not to go through hard phase of Incorporation. We completely deal with all the regulatory and compliance aspect of entity incorporation and assure our clients that their major focus continue to remain on business operations.

Corporate and other ROC Compliances: In India, companies AND LLP’s are regulated by registrar of companies that require various compliances on part of companies during pre incorporation and post incorporation phase. This compliance includes annual return filing, maintenance of statutory registers, other compliances, maintenance of minute’s book etc. At APN we take care of all the compliances that are required to meet by companies and LLP under company’s law.

Due Diligence: Due Diligence is commonly used as a pre-investment intelligence tool for obtaining an independent and sophisticated report concerning the investee’s credentials. WE at PRAJCO guide our clients through due diligence process. This process ensures determining that there are no unrecorded liabilities, lawsuits or tax reassessments outstanding and that the company is in good standing with the relevant authorities. We help determining that the valuation is reasonable given historical earnings and asset based of the business. We help structure the deal to minimize the tax implications. This will ultimately help you structure the financing of the deal to minimize your total investment. Our team follows set processes, armed with checklist that fosters quick turnaround time. The Firm has acquired varied experience through the Due Diligence process helps to deal with industry specific issues more effectively. Our engagements for Due Diligence are initiated by Private Equity Investors, Strategic Investors, Joint Venture Partners and at times, potential Sellers for helping them with the Due Diligence process.

IFRS/GAAP : International Financial Standard Reporting (IFRS) is now the global Accounting Standard followed worldwide, with more and more countries adopting IFRS reporting and making it mandatory for companies to do so too. After the initial quick burst, India is adopting Indian Accounting Standards convergent to IFRS in a phased manner. Despite the slow progress; Stakeholders are increasingly demanding financial statements that are IFRS compliant as these inspire tremendous confidence in the Investor community. The PRAJCO team team regularly update themselves with the latest changes in the domain of Indian Account IFRS. Identifying and resolving the challenges that companies face on the road to conversion, the PRAJCO team is on hand through the entire period and process of conversion into IFRS compliant.

INDAS: To comply with the international practices, Ministry of Corporate Affairs (MCA) has notified phase-wise convergence of Indian Standards with IFRS which is known as Indian Accounting Standard (Ind AS) effective from financial year 2016-17. In Phase I, Indian Accounting Standards were applicable to all listed companies and companies having net worth exceeding Rs.500 crores.

Assistance in analysing the Gap between Indian GAAP (generally accepted accounting principles) and Ind AS
Assistance in identifying / deciding new policies / procedures required to be implemented under Ind AS
Assistance in implementation of identified changes for convergence to Ind AS
Training your staff on key Ind AS concepts and requirements
Assistance in compilation of financial statements under Ind AS
Ind AS consultancy on technical issues

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