Ensure Legal Compliance with Narula Gupta & Co.’s Auditing Services
Being a leading chartered accountant firm, Narula Gupta & Co. has seasoned experts to solve all your auditing and assurance needs.
To make sure your business is adhering to the industry norms, we offer the following services:
1.Statutory Audits
To ensure accuracy, a detailed review of all financial documents belonging to a company is necessary. These are performed to ensure the below:
- Misappropriation and fraud prevention
- Accuracy of financial statements
- Regulatory compliance
- Stakeholder trust
With Statutory Audit services from our financial experts, you will always maintain accuracy in reporting.
2.Direct and Indirect Tax Audits
Companies conducting their business in India have to pay the below in terms of taxes:
This is paid on the net income of the organization, calculated from the profits made during the financial year.
- Dividend Distribution Tax
Companies that pay dividends to their investors have to pay this to the government to make sure that the government receives a share of the earnings.
This is a direct tax that is placed on both the buyers and sellers when selling shares, or investing in mutual funds or derivatives.
A multistage indirect tax, GST is levied on the sale of both goods and services instead of separate taxes at each level to eliminate the cascading effect of multiple taxes.
To identify your taxation needs and compliance terms, get help from Narula Gupta & Co.
3.Internal Audits
Also termed as first-party audits, these can be performed on financial, operational, IT, or compliance grounds to ensure:
To make sure there is no room for fraud and misappropriation in your business processes, the gaps in your SOPs need to be identified and resolved. This task forms the basis of risk identification.
Any business, especially when operating on a larger scale, can have redundancies in both their operational processes as well as recordkeeping. An internal audit can identify these areas that need improvement.
The way that business is conducted and policies are framed is an ever-evolving process that needs to be updated from time to time. Further, additional checks are also needed to ensure that policies and norms are being adhered to. An internal audit encourages the above thus improving governance.
Even with checks in place, no business is impervious to fraud. With an accurate tally of inventory and financial records, internal audits aim to catch any discrepancies present that may lead to fraud.
The experts at Narula Gupta & Co. conduct Internal Control Audits to increase business efficiency in your organization.
4.Compliance Audits
These are taken up as independent evaluations to ensure that a company is keeping up with the legal norms and regulations applicable as well as its own policies. While it has less scope than an internal audit, it still promotes:
- Accountability
- Transparency
- Rule adherence
For assistance with compliance norms, enlist the services of Narula Gupta & Co.
5.Stock Audits
Also termed as an Inventory Audit, it is done to ensure:
- Accuracy in inventory management and reporting
- Cost control and efficient operations
- Easy decision making
Want reduce your overheads by optimizing inventory? Let Narula Gupta & Co. conduct stock audits at your premises.
6.Inspection and Investigation
The main purpose behind conducting an inspection/ investigation is to identify hazards, operational, financial, or otherwise, and address them. Both the scope and periodicity vary from audits since hazard identification is best done in a surprise visit.
Avail expert help from Narula Gupta & Co. for conducting an investigation at your premises.
7.Reviews, Compilations, and Attestation Services
Audits are essential for making complex financial decisions as well as for internal checks. The three levels of conducting an audit are:
- Reviewing all documents for instance your inventory records, invoices, purchase orders, financial statements, and others.
- Compiling necessary reports, using risk assessments, financial findings, and other data obtained from the audit.
- Attesting to their authenticity.
Further, compilations are performed when a business is seeking small amounts of funding, while reviews are important for raising a large amount of capital.
Get help from expert accountants from Narula Gupta & Co. for Audit & Assurance Services.
8.Establishing and Reviewing Internal Control Systems
To identify issues, and prevent fraud and misinformation, having effective internal controls are essential. Some of these are:
- Separation of duties
- Multiple levels of checks and verifications
- Quality control norms
- Compliance norms
With an Internal Control Audit by Narula Gupta & Co., you can stay on top of the policies and operations of your company.
9. Defining Standard Operational Processes
Having Standard Operational Processes (SOPs) provides the below benefits:
- Streamlined operations
- Better Quality Control
- Legal and operational compliance
Get help from our experts to design and review SOPs for your business.
10.Audits of Employee Benefit Plans
Compliance with Labor Laws is essential when running a company and one of the ways to check adherence to said laws is via an audit of Employee Benefit Plans. It usually covers:
- Remunerations and payments
- Contributions made by each party
- Identifying and checking liabilities and obligations
- Accounting for administrative expenses
Identify HR good practices with an audit of your employee benefit plans by Narula Gupta & Co.
11.Preparation for Third-party Audits
For an unbiased evaluation, third party audits are essential. However, when they are requested, you need to ensure:
- That your internal audit information is available
- Your internal protocols and controls have been tested
- Set up communication terms
- Set the scope of the audit
- Inform your stakeholders
Our experts at Narula Gupta & Co. will prepare you for your next third party audit.