Audits are performed to ascertain the validity & reliability of information; also to provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system (etc.) in question, under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are set to be true and fair when they are free of material misstatements –a concept influenced by both quantitative and qualitative factors.

Auditing is a vital part of accounting. Goyal Associates takes care of all your audit requirements whether internal or external. We implement the best of industry standards in our audit processes and assist you with tailor-made solutions to meet your specific audit needs. Our experienced audit staffs will evaluate the efficacy of the internal compliance mechanism of your company and ensure that all reporting needs are complied with.

The following audit services are provided by us:

Statutory Audit

The regulatory authority has set certain limits above which organizations are required to get their accounts audited. Under various kinds of statutes, all the businesses or entities require to have their accounts audited properly. Apart from providing high quality audit services, our team of chartered accountants, harmonize the financial aspects and offer the following:

• Fair and reasonable view of the accounts.
• Improvement in the system with regards to any weakness.
• Views and accounting treatment with respect to any complex transaction.
• Expert views on any changes or amendments in the statute affecting the organization.

Internal Audit

Internal audit involves in-depth understanding of the business system and processes. Internal Audit activity ensures that the internal control systems are accurate and adequate enough to assist in meeting the organization’s objectives and goals. After conducting an exhaustive check, our team shall offer the following:

• Critical Analysis of the internal control system.
• Views on adequacy of internal controls.
• Systematic and disciplined approach towards Risk Management.
• Effectiveness and efficiency of the reporting structure.
• Information about leakages in the accounting system and any other underlying weakness in the system.

Due Diligence Audit

Due Diligence is an investigation of a potential investment. Due Diligence Audit requires a certain standard of care since it acts as a guiding factor for taking investment decisions in the form of mergers, acquisitions, takeovers etc. It is generally a voluntary activity conducted by an investor or an acquirer prior to signing the contract. Our objective is to assist clients by scrutinizing the financial, legal and accounting system of the organization and reporting on the same. This will enable him to take sound investment decisions.

Special Investigation Audit

We conduct this type of audit wherein the clients require unearthing any fraud or financial impropriety existing in his organization. Suggestions for remedial actions shall follow suit.

Management Audit

Management audit is a very recent concept in the field of auditing. It is a kind of a self-renewal exercise which can be initiated by the management itself or can be done with external help of experts in the field. The process of Management Audit involves complete examination of managerial functions. The next step is to evaluate the role of management in achieving the goals of the organizations. It is a tool to measure the efficiency of the management team. Management Audit helps to attain the following:

• Comparison of managerial functions and their outcome with the standard procedures and goals.
• Establish current level of effectiveness.
• Identify problem areas.
• Initiate corrective steps.
• Lay down standards for future performance.

Management Audit helps in attaining a competitive edge by critically evaluating the strategy, systems and processes.

Tax Audit

Every assesse, whose annual turnover from any business exceeds Rs. 100 lakhs or the gross receipt from any profession exceed the amount of Rs. 50 lakhs in any previous year, is bound to get his accounts properly audited and report the same according to the section 44AB of the Income Tax Act, 1961. We provide such tax audit services for all small and big companies and corporations of diverse sectors.

Certification Work

We also undertake certification works after verifying all the accounts scrupulously. These certified companies are pre-requisite for the fulfilment of the objectives of various regulatory departments of India. We have been tackling such work to support the well-rounded convenience and progress of the companies and corporations of India.