Auditing & Assurance Firms In Bangalore

Corporate Governance Best Practices 
With businesses seeking to achieve success on a global scale, it is becoming more and more imperative to set the right regulatory practices in auditing and assurance. We assist you in meeting these demands by conducting thorough audits and providing seamless assurance as part of our services. We not only provide high-quality services for you and your organization, but also present clear and transparent information, which is beneficial for your stakeholders and investors.
Our Audit and Assurance Solutions help clients not only achieve their regulatory objective as an Attest Function but also achieve control over the business objective from an accounting and financial perspective.
 

Statutory Audit  

We undertake the statutory audit of many commercial businesses that require an audit for a variety of reasons including:
They are a public company
They are a small foreign-controlled company
It is a requirement under their financing facilities
It is a requirement under their shareholder agreement or constitution.
Whilst our audits are undertaken in accordance with the Auditing Standards, they also focus on providing insight into internal control systems, quality and completeness of accounting records, adequacy of accounting policies, compliance with applicable legislation and risks faced by the business.

Internal Audit 

  
Unlike external audit which focuses primarily on financial  accounting and statutory reporting compliance, internal audit is a  broad-based assurance function to strengthen organizational operations  and governance. Effective corporate governance is about more than  policies and procedures. Your directors and board must be actively  involved in decision making across your organization, and for this they  need reliable and timely information and advice.
Our internal audit process is designed and executed in  accordance with the Standard on Internal Audit issued by the Institute  of Chartered Accountants of India. It is an independent, objective  assurance activity designed to add value to business operations and  assist an organization to accomplish its objectives by:
Bringing a systematic and disciplined approach to business risk evaluation
Improving the effectiveness of risk management processes
Improve the effectiveness of internal control processes
We offer a flexible engagement model that enables customizing  engagements based on your organizational needs. We can help your board  and management demonstrate effective corporate governance by:
Measuring and improving business performance
Identifying business deficiencies
Reviewing strategic and corporate planning processes
Assessing board and sub-committee performance, including individual director assessments
Assessing board control including delegations and policy setting
Preparing independent performance audits and valuations of specific activities
Investigating allegations and complaints
Creating a fraud-resistant structure
Tax Audit
Under direct taxes, the CBDT has posed onerous responsibility  on the auditor via the Income Tax Act 1961 which has various provisions  requiring a compulsory tax audit. For tax purposes, the Income Tax Act  1961 specifies several provisions that allow public charitable trusts,  corporate and non-corporate assesses, and others to conduct a tax audit.
Arpitha & Associates is known for delivering quality  services to its clients. The professional team helps in developing  strategies and an effective management system that enhances operations  and provides significant value to the business. We at Arpitha &  Associates firmly believe in Tax Audits being a value addition exercise  rather than a mere compliance exercise.
Management Audit
Rapid change in the business environment is fueled by  political, economic, social, cultural and technological changes.  Management in start-ups and mature organizations must recognize, adapt,  and change.
Management audits play a crucial role in helping a leadership  team to improve their operational processes. Our evolved methodologies  not only provide qualitative assessments of risk that highlight the  fundamental causes of performance gaps, they also deliver authentic and  relevant solutions to prevent repeats. Early warning reporting  identifies potential fraud and accounting irregularities. All this helps  to improve the earnings potential of our clients.
Offerings:
Internal audit
Internal financial control
Process review
Standard operating procedures
Risk assessment
Due diligence audit  
Organizations in both the commercial and not-for-profit  sectors often have business or acquisition opportunities. Management or  the governance body will often request an independent opinion on certain  aspects of financial risks.
An emphasis on purpose
We design our due diligence procedures with an emphasis on  the purpose and objectives of the due diligence activity. This involves  working closely with management or a project team to determine what key  risks might exist. This involves determining which of the key risks  could have material financial consequences and the nature of evidence  that would provide greater insight into the potential risk consequences.
We assist organizations in the design and execution of due  diligence processes as part of business restructurings, mergers and  acquisitions.
Fixed Asset Audit
Accurate Financial Asset Register provides True representation of Fixed Assets in Balance Sheet
Enterprise Asset Management
We provide baseline asset inventory & tagging services to  organizations across all industries as the first step to implementing  Enterprise Asset Management. The asset inventory data becomes the  foundation for efforts to limit capital spending, optimally utilize  capital assets, mitigate maintenance & repair expense, and control a  variety of other operational aspects of physical assets.
Inventory & Reconciliation
Our flagship service is a comprehensive approach that  cleanses and fortifies your fixed asset register to establish a stronger  foundation for effective long-term asset management. In addition, fixed  asset inventory and reconciliation services provide the necessary data  visibility to avoid the risk of non-compliance with financial, tax and  regulatory issues. Reconciliation of inventoried assets to a fixed asset  ledger and other corporate asset management databases (e.g. IT,  Facilities, Maintenance, etc.). Detailed review and reconciliation of  remaining capital assets not able to be inventoried, including real  property, bulk assets, ghost assets, intangibles, etc.
Asset Verification & Tagging
There is no room for error when you need a precise picture of  your company’s physical assets. Knowing exactly what assets you  currently have, where these assets are located and how these assets are  changing over time, allows a company to keep track of details of each  fixed asset, ensuring control and preventing misappropriation of assets.
Asset verification and tagging leads to identification of  assets put to actual use. The rest of the assets can be reconciled and  cleaned out of the books of accounts. This exercise helps to keep track  of the correct value of assets. This allows for computation of  depreciation and taxes for insurance purposes while ensuring compliance  with corporate and government policies. The use of bar-coding technology  makes asset verification simple and efficient. Additionally, this  exercise helps to clean up the asset register by identifying any  disposals or movements that may not have been recorded in the books as  well as providing up-to-date information about each asset.
Business Process Audit  
A business process audit is a formal and technical way to  derive and assess whether the company is managing its business  processes, taking into account:
The strategic objectives of the organization
The specific goals
Suitable procedures
Also, one must make sure that:
The performance of processes is within the desired standards
Controls are suitable for the correct measurement of processes
The procedures are suitable to achieve the desired levels of efficiency and effectiveness
As it turns out, a business process audit is a warning that  the administration should take action if necessary. It is also a  guarantee that the work is being done right, when auditors verify it.
The audit process has become a necessary element for most  large companies to remain competitive with the competition, ensuring the  delivery of expected value to customers and business sustainability.
Business Process Audit Benefits
Risk analysis and contingency procedures
It promotes more transparency and corporate governance
Verification of controls used and their suitability for the business
To verify how often the defined procedures and practices are adequate
Provide information for decision making on improvements and changes in processes
Inventory (Stock) Audit
Auditing inventory is the process of cross-checking financial  records with physical inventory and records. It can be completed by  auditors and other parties.
Auditing inventory can be as simple as conducting a physical  count of stock and inventory to match the records with physical stock.
Importance of Auditing Inventory
Observation of inventory is a generally accepted auditing  procedure. This is where an independent auditor issues an opinion on  whether the financial records of inventory accurately represent the  actual inventory being carried.
Auditing inventory is an invaluable aspect of gathering  evidence, especially for manufacturing or retail-based businesses. It  can represent a large balance of assets or capital.
Auditing inventory must verify not only the amount of  inventory but also its quality and condition. This is to see whether the  value of inventory is fairly represented in financial records and  statements.
Auditing Inventory Procedures
Some common auditing inventory procedures are:
 1. ABC analysis
In an ABC analysis, different value and volume inventory  items are grouped. For example, high-value inventory, mid-value, and  low-value products can be grouped separately. The items can be tracked  and stored in their respective value groups as well.
2. Analytical procedures
Analytical procedures include analyzing inventory based on  financial metrics such as gross margins, days inventory on hand,  inventory turnover ratio, and costs of inventory historically.  
3. Cut-off analysis
The cut-off analysis includes pause operations such as  receiving and shipping inventory while making a physical count to avoid  mistakes.
4. Finished goods cost analysis
Finished goods cost analysis applies to manufacturers and includes valuing finished inventory during an accounting period.
5. Freight cost analysis
Freight cost analysis includes determining the shipping or  freight costs for transporting inventory to different locations.  Generally, freight costs are included in the value of inventory, so it  is critical to track freight costs as well.
6. Matching
Matching involves matching the number of items and the cost  of inventory shipped with financial records. Auditors may conduct  matching to verify that the right amounts were charged at the right  time.
7. Overhead analysis
Overhead analysis includes analyzing the indirect costs of  the business and overhead costs that may be included in the costs of  inventory. Rent, utilities, and other costs can be recorded as part of  inventory costs in some cases.
8. Reconciliation
Reconciliation includes solving discrepancies that are found  in an audited inventory. Errors may be re-checked and reconciled in  financial records.