Audit is an independent examination of financial statements of the entity to express an opinion on the fairness of the financial statements prepared in accordance with applicable financial reporting framework.
Cost Audit, is the independent examination of cost accounting records of the Companies by independent auditor who shall be Chartered Accountant or Cost & Management Accountant.
Limited Assurance/Review Engagements
The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion. In these engagements the auditor applies analytical procedures to assess the fairness of account balances and transactions.
Agreed Upon Procedure Engagements
An engagement in which an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of the report form their own conclusions from the report by the auditor. The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results.
These engagements may be initiated for whole financial statements or any one or more component of financial statements. These engagements may also be executed for financial or non- financial information.
An engagement, where a professional accountant/auditor is required to certify the compliance with certain laws & regulations to enhance the credibility and authenticity of subject matter.
These engagements may be initiated for whole financial statements or any one or more component or transactions of financial statements. These engagements may also be executed for financial or non- financial information.
There are different types of needs for different types of entities and business, which may include the following
- Review of Projected Financial Statements
- Management Audit
- Forensic Reviews
- Reconciliations of various head of accounts
- Data entry of backlog data
- Business Process re-engineering
- Professional/expert advice on implementation of applicable financial reporting framework in complex transactions
- Review of policies and procedures, documents, agreements etc.
- Physical verification & counting of inventories, fixed assets;
- Secondment of professional staff for short term needs etc.
The client needs the services of the professional accountant’s depending on the specific scope of the engagement. The engagement will be carried in accordance with best applicable standard to meet client’s objective.