Audit And Assurance
As an auditor, SGA provides you with assured services related to the activities that offer an independent objective assessment of records with an intent to assure the board of management. We deliberately focus on analyzing the regulations to make sure that the records are accurate and the operations are done in accordance with applicable policies and regulations.
Below you can check on all the audits in brief that are provided by us.
We make sure to deliver the finest and on-point solutions and services of cost audit, backed up by years of experience. Our clients’ segment is engaged in various industries like Auto, Dairy, Textiles, Garments, Steel/Copper/Aluminium, etc. Statutory cost audit is for the consent of companies who meet its provision and at SGA provide trustworthy data to achieve the price fixing and decision-making objectives along the compliances.
Cost Audit has many advantages in different sectors such as management, shareholders, statutory auditor, consumers, and the government.
Management
- Discernment of frauds and errors in the data
- Checking managerial performances.
- Making Inter-firm Comparison hassle-free.
- Comparative operational efficiency of each department of the division
Shareholders
- Projecting a correct valuation of inventories adds trust of the organization before shareholders and other investors and helps them to assess its performance.
- Pointing out efficiency, usage of the workforce, and other required resources,e.t.c.
Statutory Auditors
- Helping to make regulation of stock values, and remuneration of managerial personnel, easy and accurate.
- Data and statements cost audit help him to prepare your audit program and plans so that he concentrates more on those aspects that have not been adequately covered by cost audit.
Consumers
- Budget-friendly prices for consumers.
- The audit aims to ensure efficiency, it reflects in reduced prices to consumers. Government
- Helps settle the cost-plus contracts for the government.
- Helping the government to protect the interests of the consumers, labor, shareholders, and investors from exploit-age or inefficient management.
- Promotes cost consciousness and overall efficiency, at the national level. For every rupee invested to produce the maximum quantity of goods and services.
As per law, GST audits can be performed by a Chartered Accountant or Cost Accountant either. SGA offers you the best appropriate services regarding the GST Audit.
GST is based on the taxpayer’s trust and own sales assessment. We initiate the GST audit to make sure that the trust-based self-assessed is flaw-proof and rectify it. It includes the examination of records, returns, and other documents maintained by a GST-registered person.
Accounts reviewing during the GST Audits will be:
- Sales Register
- Stock Register
- Purchase Register and Expense ledgers
- ITC availed and utilized
- Output tax payable and paid
- E-way bill generate
- Any documents that record communications from the GST department.
When is a GST audit required? Any taxpayer registered under GST should get his accounts audited. For a turnover above 2cr, one has to submit the GSTR 9C Duty and GSTR 9 that could be sanctioned by any CA or CMA. Companies require this certification once in a financial year and the due date for the submission of this GST audit report is on or before 31st December of that same year.
Due to our observation of the practical issues and complexities in business d dynamics, corporate failures and pandemic risk the internal audit became a great medium for assurance that helps in mitigating risks and analyses the internal control and checks. We are working on several internal audits at the moment and have experience in such cases. Internal audit and control also provided our report on a regular basis with our suggestions for efficiency and effectiveness to our clients.
What we offer you
Internal control assessment, gap analysis Performance, and suggestions for improvement and efficiency
Assessment and assurance about Mitigating the risk.
Ensuring proper consent with the various regulatory provisions.
Detection of frauds and errors.
Evaluating the internal control department.
Overall evaluation of internal controls, internal systems, and internal processes within the organizations and feedback on areas for improvement
A management audit is a detailed assessment of managerial decisions and actions for performance analyses. Reviewing the managerial aspects like organizational objectives, policies, procedures, structure, control, and system in order to determine the efficiency or performance of the management over the activities of the company is the key inclusion of a Management audit.
Management audit mainly examines non-financial data to audit the efficiency of the management. It focuses on results, evaluating the effectiveness and suitability of controls by challenging underlying rules, procedures, and methods. “Management audits are important before bankruptcies and succession planning; mergers, and restructurings, to point out the weaknesses in a company’s management.
Why need Management Audit?
- Making important decisions like making or buying, closing down a unit, acquisition of a business, etc.
- Assessing the competency of the executives.
- Suggestion on the effective use of resources of the organization.
- Helps in the rehabilitation of sick units.
- The opinions and suggestions of a group of experts on the functioning of the organization are possible only through management audits.
An inventory Audit is the physical verification of inventory. A large number of companies are operating across borders through multiple locations, some even with various channel partners. We are here to offer our focused services to companies to keep them assured of their physical assets.
Why is an Inventory Audit Conducted?
- An inventory Audit is conducted to ensure that
- Proper preservation/Storage of Inventory.
- That the obsolete and non-moving inventory has been separately identified.
- That the pledged inventory is realizable.
- That the physical stock value confirms the value shown in Bank Stock Statement.
- Whether the stock is owned by the borrower.
- That the party is submitting the Inventory statement regularly.
- That the inventory is Age-wise categorized.
Concurrent Audit means the assessment of the financial transactions at the time of happening or parallel with the transaction.
A concurrent audit is a systematic and timely assessment of financial transactions on a regular basis to ensure accuracy, authenticity, and compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions. It is an ongoing appraisal of the financial health of an entity to determine whether the financial management arrangements (including internal control mechanisms) are effectively working and identify areas of improvement to enhance efficiency.
Objectives:
- Ensure voucher/ evidence-based payments to improve transparency
- Ensure accuracy and timeliness in the maintenance of books of accounts
- Ensure timeliness and accuracy of periodical financial statements
- Improve accuracy and timeliness of financial reporting, especially at sub-district levels
- Ensure compliance with laid down systems, procedures, and policies
- Regularly track, follow up and settle advances on a priority basis
- Assess & improve overall internal control systems