The
assurances wing of the Network renders the following Audit Functions/Certification.
» System
study.
» Documentation flow.
» Suggestions on improvement of systems.
» Post facto review of transaction data.
» All the items related to general ledger.
» Scrutiny and Audit of payroll records.
» Statutory compliance of commercial law.
» Issues related to transfer Pricing.
» Internal Controls.
» Fixed Assets Verification and Other Related
records.
» Review of contracts of the Company with
a view to establish compliance.
» Accounting process and risk assessment
review of the process.
» Suggesting reengineering of the process
if required.
Concurrent Audit:
Concurrent Audit is important especially in large organizations like in Banks, Private or Public or Government Undertakings, Financial Institutions. Even Share holders/ Stakeholders selects areas or operations that requires Audit to be conducted on Concurrent basis. This Audit is done on a daily basis and along with the transaction occurrence.
Management Audit:
Management Audit is an independent third party re view of the activity and Internal Control of Organizational functions so as to ensure compliance with the organizational goals, rules, regulations objectives, policies and procedures. It is purely done at the behest of the management and is recommended for governance.
The objective is to strengthen the organization strategies and performance, this is done with a view to improve effectiveness of the policies and processes.
Management Audit covers the following
areas:
» Management
structure.
» Goal setting and measurement.
» Utilization of the resources of the organization,
both material and manpower.
» Definition of the clear process to ensure
better compliances.
» An yardstick to measure the effectiveness
of management control.
Statutory Audits:
Batgach performs Statutory Audit of several Corporate, non-corporate under various applicable governing laws including Companies Act, 1956. The main objective of a statutory Audit assignment is to ensure that the financial statements prepared by the management give a true and fair view.
Our approach to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting principles and are free of any misstatements, errors and discrepancies.
We ensure that compliances of the Indian Companies Act, all Accounting Standards as well as International Accounting Standards as applicable for Indian as well as Foreign Companies are complied with
The primary focus of the statutory Audit is
Clients requiremet |
Our response |
| Single firm providing all services |
Batgach is able to bring to the
Company the “single advisor” concept by providing
a whole range of audit, business advisory, tax and other consulting
services. In short Batgach., will strive to provide
a multi-disciplinary seamless service from one source. |
| A firm which believes in high quality |
Batgach., follows high quality
standards set by the international organization and the work.
All staff has to necessarily undergo continuing education
which meets professional requirements and standards. |
| A firm with the right expertise and resources
to match the Company’s needs |
Batgach., will commit substantial
time to continually improve its understanding and appreciation
of the needs of the Company. This will be done on the basis
of regular interaction through formal and informal meetings.
Batgach., has various specialized capabilities and it
will be in a position to render a host of services, which
address some of the more important needs of the Company.Our
professional staff comprises accountants / auditors , consultants,
executives and specialist teams in taxation, audit, consulting
etc. |
Understanding the client relationship
and requirements of the sector in which the client operates. |
Our team has demonstrable expertise in
servicing undertakings in Information Technology (including
subsidiaries of US based companies) and we understand the
needs and requirements of the client. |
| Outstanding service driven by an understanding of the business
issues |
All our assignments, including the consulting
and Audit related activities, are based on our knowledge and
understanding of the relevant industry in general and client’s
business in particular. Our client service philosophy makes
it a requirement that we understand the industry and business
reasonably well during the planning phase of an assignment.
In view of this, we shall commit significant senior time to
understanding the company’s business. |
| A firm with a strong audit philosophy and a business approach
to auditing |
Batgach., carries out a focused,
well planned and efficient audit our approach is a top down
risk based approachWe emphasize on early and careful planning
Our audit effort is based on the entity's control systems |
| 'NO SURPRISES' at the end of the assignment |
Batgach., believes in early identification
and timely reporting of key issues.We maintain a continuous
dialogue with the management. |
| A firm which provides value for money |
We carry out a cost effective audit.Customise
client requirements by providing matching resources from our
pool of resources.We monitor our costs of carrying out assignments
regularly. Our offer includes absorption of significant start
up costs resulting in Reasonable Fees and Enhanced Value. |
| Our Audit Philosophy |
The firm’s audit philosophy envisages
a ‘top-down’ business approach, which identifies
and then concentrates resources on areas of higher risk and
issues of concern to management. |
| Management of the Audit |
The overall planning, control and management
of the Audit will rest with our Regional office. The Company’s
main contact will normally be through the engagement partner. Day-to-day contact will be maintained
by the audit engagement manager, who will work closely with
the engagement partner. Other than in an exceptional situation,
the engagement partner, the manager and the team will be retained
on the Company’s audit for a reasonable and acceptable
period. |
| The Audit Cycle |
Our annual Audit cycle will be tailored
to suit the Company’s requirements and, in particular,
will be designed to ensure that the year-end process is as
smooth as possible and that there are no “last minute
surprises”. This is achieved by early and careful planning
and by maximizing our interim and pre-final work to identify
key issues at the earliest opportunity. The following paragraphs
describe in brief the audit process we propose for the Company. |
| Strategic Planning |
We will devote significant efforts at
partner and manager levels to the strategic planning process
for the Company’s Audit. Careful attention to detail
at the outset from the senior members of our team will ensure
that the Audit meets the Company’s expectations and
is cost effective. The main element of our strategic planning
is risk assessment, which determines the focus of our detailed
Audit work. It enables us to direct our attention and resources
to those aspects of the business which significantly affect
the financial statements and are of most concern to the management.
The strategic plan and our understanding of the control systems
will provide the framework to finalize our audit approach.
This will result in a clearer understanding of the business
and ensure that the Audit work is tailored to specific needs.
After determination of the approach, detailed work programs
will be prepared to match the risks we have identified. At
the end of our strategic planning phase, we will hold detailed
discussions with the company’s officials regarding the
plan and the related initial assessment of control systems
and computerized information systems. The firms approach on
the company’s audit, target dates of completion of the
audits, along with the various requirements of the audits,
will also be discussed. |
Focus on Key Controls
|
Detailed systems work will be structured
to focus on key controls. We will identify these during the
planning process, followed by testing of the controls during
the interim phase of the audit. Where appropriate, we will
rely on the operation of key controls identified during our
work to minimize time spent on detailed checking of transactions
and balances at the yearend. |
| Reporting Our Findings |
Forthright and constructive reporting
is one of key benefits of the approach proposed for our audit
of the company. We will meet regularly with management throughout
the year to provide timely feedback on matters arising from
our work. Our reports will be structured to meet the needs
of the Board and the senior management. We will alert management
to important issues early enough to permit measured solutions
and prevent surprises late in the yearend process. It is our
practice to discuss all long form reports with the appropriate
management, to reflect fully their comments, prior to issue. |
Tax Audits:
» To conduct Tax audit under
the provisions of the Indian Income Tax Act, 1961
» The coverage would be on several
areas, to give an illustrative list:
» Company overview,
» Post facto review of transaction
data on a test check basis, depending on the tests of the control
systems in th company
» Review of all the items related
to general ledger
» Scrutiny and audit of payroll
records
» Statutory compliance of several
laws
» Review of the tax audit forms,
statutory remittances, and preparation of form 3CD and issue
of the audit report in accordance with the provisions of law
