Ensure compliance with Narula Gupta & Co.’s Audit & Assurance Services

Regular audits are essential for both regulatory compliance as well as for maintaining a system of internal checks. For the best auditing services, enroll the services of Narula Gupta & Co.

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:

  • Corporate Income Tax

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.

  • Security Transaction Tax

This is a direct tax that is placed on both the buyers and sellers when selling shares, or investing in mutual funds or derivatives.

  • GST

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:

  • Risk identification

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.

  • Efficiency

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.

  • Better governance

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.

  • Fraud detection

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.

Let Narula Gupta and Co.’s Audit and Assurance Services bring global expertise to your business. We operate across Australia, Dubai, the UK, the USA, India, and Singapore.

Get In Touch Today

Frequently Asked Questions

Yes. Not only can you create a system of checks and balances, but also increase efficiency and reduce frauds with the right Internal Controls.

Established SOPs should be strictly adhered to. However, they should be designed as per industry standards and operational procedure and updated regularly to increase efficiency.

Since a third party audit needs to be unbiased, as your regular accounting and auditing company we will have a conflict of interest. However, we can guide you through the auditing process to make sure that you pass all the checks.

While similar, they are not the same task. Auditor assurance involves evaluating documents, reviewing records, and creating reports. While attestation involves checking the validity of said documents and data.