Audit_Assurance


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Audit & Assurance

Statutory Audit

In the complex landscape of financial regulations, businesses are tasked with the critical duty of maintaining strict compliance. A statutory audit serves as the guiding tool to help them navigate this challenging terrain with accuracy. We understand that a statutory audit is more than just a legal obligation; it’s an essential instrument for upholding financial transparency and integrity. Our associate CA firm, has over 40 years of experience in this field.

Maintaining Legal Adherence
Statutory audits are required to determine if a company is in compliance with the wide range of laws, rules, regulations, and standards. They act as a protective measure for ensuring legal compliance.

Revealing Financial Reality
Statutory audits go beyond mere compliance, uncovering the financial realities hidden within a company’s statements. They provide stakeholders with confidence that the financial information presents a true and accurate picture of the company’s condition.

Requirement and Supervision.
As per Section 139(1) of the Companies Act, 2013, each company must appoint an individual or firm as its auditor. This financial guardian is crucial in safeguarding the company’s financial well-being.

Mandatory Statutory Audit
A. For Companies
Every company, regardless of its type, is required to appoint a statutory auditor. For Limited Liability Partnerships (LLPs), those with a turnover exceeding Rs. 40 lakhs or a contribution over Rs. 25 lakhs must undergo a statutory audit.

B. Proprietorship Firms
For proprietorship firms, a tax audit is mandatory if annual sales turnover exceeds Rs. 1 crore in business or Rs. 50 lakhs in a profession.

Focused Area
Statutory audits are meticulous examinations that cover crucial areas like:

Assessing Internal Controls - Carefully evaluate internal controls to confirm their strength and effectiveness.
Reviewing Balance Sheet Components - Assets, liabilities, and equity are thoroughly examined.
Analyzing Profit & Loss Account - Scrutinize income, expenses, and other financial elements.
TDS Compliance - Ensuring adherence to tax deducted at source (TDS) regulations is a key focus.
Additional Critical Checks - Inspect dividend payments, statutory benefits, loan and advance compliance, and more

Internal Audit

In today’s landscape of complex regulations, intricate operations, and heightened scrutiny, internal audits are essential for organizations. At Steer Ahead, we view internal audits as more than a compliance task; they are critical to sound governance, effective risk management, and achieving strategic objectives.

Key Functions of Internal Audits

Enhancing Governance: Internal audits provide objective assurance that internal controls and risk management practices are effective, reinforcing governance.
Mitigating Risks: A structured approach to evaluating and improving risk management processes helps minimize the potential for fraud and errors.
Assessing Controls: Internal audits assess the efficiency and effectiveness of internal controls, ensuring timely corrective action where needed.

Our Internal Audit Methodology

Audit Charter: A formal audit charter defines objectives and scope.
Organized Testing: A systematic approach to testing controls and procedures.
Competency-Based Audits: Leveraging specialized skills for in-depth analysis.
Coordination with External Auditors: Ensuring alignment and enhancing audit coverage.
Evaluation and Reporting: Comprehensive analysis and actionable reporting.

Focus Areas Include:

Accounting Systems Analysis: Reviewing accounting systems and internal controls.
Information Management: Assessing the accuracy and security of financial and operational information.
Operational Efficiency: Evaluating the effectiveness of financial controls and operational processes.
Physical Verification: Conducting physical checks and verifications as necessary.

At Steer Ahead, our internal audit approach is tailored to enhance your organization’s resilience, efficiency, and compliance, supporting a robust foundation for growth and sustainability.

Tax Audit

At Steer Ahead Consulting, we provide expert tax audit services to ensure your financial records are accurate, compliant, and optimized. Here’s why clients choose us:

Experienced Auditors: Our skilled auditors bring deep knowledge of tax regulations for thorough and efficient audits.
Compliance Assurance: We help you adhere to tax laws, reducing risks and avoiding penalties.
Accuracy and Transparency: Expect precise reporting, clear communication, and proactive improvement recommendations.
Timely Delivery: We prioritize prompt and dependable audit services to strengthen your financial foundation.

Our Tax Audit Services Include:

Comprehensive Tax Audits: In-depth analysis of financial statements and tax filings, risk evaluation, and corrective action suggestions to ensure full compliance.
Compliance Assurance: Regular updates on tax laws, internal control assessments, and ongoing monitoring to keep you compliant.
Efficient and Prompt Audits: Streamlined processes for timely completion, with a commitment to on-time delivery and responsive support.

With Steer Ahead Consulting, tax audits become a seamless and reliable part of your financial strategy, allowing you to focus on growth with confidence.

Attestation Engagements

We deliver tailored, high-quality assurance services designed to meet the unique needs of our clients, whether local or international. We understand the complexities businesses face in meeting professional standards and take a partner-led approach to provide clarity, responsiveness, and guidance in attestation engagements, helping you navigate compliance requirements with ease.

Our attestation services cover a comprehensive array of critical areas, including:

Our auditing services are performed with meticulous attention to detail, including reviews of financial statements under various accounting standards, such as local GAAP, US GAAP, and IFRS.

Attestation Services: Business requites attestations and certifications services for business valuation, legal compliance, regulatory requirements, international transactions, net worth etc. We ensure accurate and reliability compliance service.

Auditing Services: Our network auditing firm provides thorough reviews of financial statements in accordance with local GAAP and IFRS, ensuring precise and compliant reporting.

Customized Evaluations: We conduct tailored assessments of specific financial or operational areas through agreed-upon procedures, delivering insights aligned with your unique requirements.