Special Purpose Audit

  • Management Audits: Audits requested by the management from time to time viz. reviewing special purpose accounts, etc.
  • Operational Audits: Analysis of transaction flows in business operations viz. inventory, finance, receivables etc.
  • Investigation Audits: Audits carried out at the request of the management to investigate issues like suspected fraud. Also known as Forensic Audit

Certifications required under various Acts and regulations:

  • Certification under the Income-Tax laws for various deductions, etc.
  • Certification for Transfer Pricing.
  • Certification under the Indirect Taxes.
  • Certification under Exchange Control legislation for imports, remittances, ECB, DGFT, EOU, etc
  • Certification required for STPI and SEZ
  • Any other regulation requiring chartered accountant certification

Statutory Audit

All public and private limited Companies are required to prepare their financial statements in the prescribed format under Companies Act, 1956 and get them audited annually before they are filed with the Registrar of Companies. In the case of Companies listed on any stock exchange in India, the financial statements prepared by Companies are subjected to limited review on a quarterly basis before they are published.

According to Section 224 of the Companies Act, every company, at each annual general meeting, is required to appoint an auditor to hold the office from the conclusion of that meeting until the conclusion of the next annual general meeting. Accordingly, audit of annual financial statements is compulsory for all companies, both private and public. Failure to get the financial statements audited will lead to penal consequences.

Tax audit

As per Section 44AB of the Income Tax Act, 1961 every person carrying on a business (with turnover or gross receipts exceeding Rs.1 crore in any year) or a profession (gross receipts exceeding Rs.25 lakhs in any year) with effect from Financial year 2012-2013 has to get his financial statements audited by an Accountant and furnish a report in the prescribed form before the due date specified for filing the return of income. Failure to comply with this provision attracts penal consequences.

Internal audit and Risk assessment

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
As business environment is becoming more complex, there is a growing realization about the need for periodical review/audit of books of account by the Management. An effective internal audit system helps in building mechanisms to detect fraud & irregularities, identify weaknesses in process, helps in taking steps to ensure effective utilization of resources and compliance with laws and regulations governing the entity.
Periodical monitoring serves as a early warning system to address anticipated problems or shortcomings. The internal audit services we offer is not limited to Finance and Accounts function but also cover the operational areas as well.
Further, the Companies (Auditor’s Report) Order, 2003 requires the statutory auditor to comment on the adequacy of internal control and in case of companies having a turnover of 50 crores or more whether the system of internal audit is in place.

Concurrent audit

Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, compliance with procedure and guidelines. Normally Banks and Financial Institutions undertake concurrent audits as a part of their internal control environment to preclude the incidence of serious errors and fraudulent manipulations. It attempts to shorten the interval between a transaction and its examination by an independent person not in its documentation.
The concurrent audits ensure that transactions are not dealt with in routine but in adherence with the systems and procedures laid down and emphasis is laid down on substantive checking in key areas rather than test checking. This helps in assessing overall performance of the branch while assessing productivity and profitability and to offer useful comments on the basis of audit conducted. It also brings any irregularity in working which may result in financial or other loss to branch immediately.
We render services in this area by deputing a dedicated resource on full time basis under proper supervision and control.

Bank Audits

We have established ourselves as the leading enterprises actively committed towards offering Bank Audit Service to the clients. With the help of our experienced professionals, we render the service for checking the accuracy of transactions in respect with the time. Our experts also provide right solutions and ideal advices to the clients so as to attain their maximum satisfaction. We render this service to the clients at reasonable prices.

Due Diligence

To maximize the value of every transaction, Alvarez & Marsal employs a focused and tailored approach to rapidly identify and understand potential deal breakers, value drivers and other areas of specific interest to our clients.

SP Lodha professionals bring extensive experience with clients providing commercial / market diligence, financial accounting due diligence, operational due diligence, IT due diligence, valuation services and tax due diligence in a unique integrated approach.