Service Details

STATUTORY AUDIT

Various types of organizations like companies, banks, societies, etc. are required to get their accounts audited in terms of the respective regulating statutes. The principal objective of a statutory audit assignment is to ensure that the financial statements prepared by the management give a true and fair view and are free of any material misstatement. Our approach to Statutory Audit of the financial statements is to provide reasonable assurance to the various stakeholders that the accounts have been prepared in accordance with the Generally Accepted Accounting principles and are free of any material misstatements, errors and discrepancies.

INTERNAL AUDIT

Internal Audit focuses on not only on review of existing internal controls in the various functions of an organization, but also advise on improvements in the existing procedures or introduction of new procedures with an aim to improve internal controls. At RGC, we emphasise on existence of strong internal control systems so as to minimize the risk of accidental or deliberate errors and omissions. Our Internal audit procedures are not restricted to financial transactions only. These include apart from core accounting areas like purchase, marketing and sales, payroll, working capital management, etc., specialized areas like information technology (IT), production, quality control, statutory compliances, legal cases, etc.

MANAGEMENT AUDIT

Management Audit is an independent appraisal activity undertaken to examine and evaluate the effectiveness, efficiency and economy of the organizations activities with an aim to assist the management in the effective discharge of their responsibilities by furnishing them with analyses, appraisals, recommendations, counsel, and information concerning the activities audited. Our management audit procedures aim to maximize management performance by focusing on improving processes within the organization.

TAX AUDIT

Certain class of assesses are required to get their accounts audited in terms of section 44AB of the Income Tax Act, 1961 within the prescribed time. Apart from ensuring that the financial statements prepared by the management give a true and fair view and are free of any material misstatement, a statement of particulars (in form 3CD), which forms part of the audit report, is required to be verified and certified to be true and correct.

VAT AUDIT

Various state VAT enactments have prescribed audit of accounts of certain category of dealers. It not only covers verification of various VAT returns filed by the dealer but also other particulars like details of statutory forms, correctness of input VAT credit, etc. The requirements vary from state to state legislature.

INFORMATION SYSTEM (IS) AUDIT

Everyone is aware of the need for information security in today's highly networked business environment. Information is arguably among an enterprise's most valuable assets, so its protection from predators from both within and outside has taken center stage as an IT priority. We have recognized the importance of information security and offer a wide range of solutions and services on the subject.

STOCK AUDIT

Inventories constitute a major component of assets of a business enterprise and also involves major portion of working capital of the enterprise. It not only includes physical verification of inventories stored at various locations, but also review of basis and calculation of inventory values. It helps Financial Institutions (FIs) and banks in determining the value of assets against which the working capital facilities have been provided. In case of organizations, wherein inventories are located at various places, like retail chains, hotels, etc., stock audits helps management in ensuring proper internal controls. Our audit teams have experience of handling stock audits at multiple locations simultaneous and also working round the clock so as to minimize work disruptions at client locations.

CONCURRENT AUDIT

Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, correctness thereof and also compliance with established policies, procedures and guidelines. It reduces time gap between occurrence of transactions and its review and verification. During concurrent audit, our team ensures that the transactions and decisions are in line with the laid down policy parameters and are within the delegated authority. This helps in checking occurrences of mistakes and errors and also preventing frauds.

REVENUE AUDIT

A Revenue Audit is an examination of the revenue information and figures with an aim to ensure that controls, policies and guidelines of an enterprise’s income generating processes are adequate and effective and the same are being adhered to properly. It involves detection of significant weaknesses and checking of financial statements and other records to ensure that the same are in accordance with regulatory standards and generally accepted accounting principles. It aims to enhance revenue and also plugging in leakages of revenue.

RISK ASSESSMENT & MANAGEMENT ASSURANCE SERVICES

Risk assessment is a process to identify potential hazards and analyze its probable impact. We, at RGC, help management not only in identification of various potential business, financial and other risks but also help them in determination of probable impact enabling them to take appropriate corrective action.

DUE DILIGENCE

Due diligence review is required to be conducted to help the clients in taking various important critical management decisions like fresh investment, acquisition/takeover, merger, etc. At RGC, we conduct Due Diligence Review, Credit Evaluations, Viability Studies, Techno-Economic Reviews and detailed study of target businesses/organisations so as to enable our client to identify strengths, weaknesses and risks in any business/organization and take appropriate management decisions. Our understanding drawn from experience and knowledge of various laws, regulations, practices and procedures help us to vet various critical issues, activities and functions in detail.

SPECIAL INVESTIGATIVE AUDIT SERVICES

We also help our clients and other agencies in investigation of any suspected activities involving financial impropriety or fraud. Unlike various audits, our investigation services are aimed at specific suspected functions/activities and involve detailed checking and analysis so as to help the appointing agency in collaborating their investigations.