What you think as an auditor what we do? We provide you the assured services related to the activities that provide an independent, objective assessment of records with the objective to assure the management, the Board and regulations that the records are accurate and operations are done in accordance with applicable policies and regulations.
Below you can check on all the audits in brief that is provided by us.
We provided the best services of cost audit as we have experienced and also engaged in various industries like Auto, Dairy, Textiles, Garments, Steel/Copper/Aluminium etc. Statutory cost audit is for the compliances of companies who meet its provision. And here we are not only to meet the compliances but we also provide the reliable data to achieve the price fixing and decision-making objectives.
Cost Audit offers many advantages to management, shareholders, statutory auditor, consumers and government.
i. Detection of frauds and errors.
ii. Measure performance of managers.
iii. Inter-firm comparison can be made with ease.
iv. Comparative operational efficiency of each department of division.
i. Correct valuation of Inventories may project a true picture of organisation before shareholders and other investors and help them to assess its performance.
ii. Highlights efficiency, utilisation of manpower and other resources, adequacy of return, etc.
i. Help them to determine the value of stocks, remuneration of managerial personnel, etc., with ease and accuracy.
ii. Data and statements of cost audit help him to prepare his audit programme and plan so that he concentrates more on those aspects which have not been adequately covered by cost audit.
i. Reasonable price for consumers.
ii. Audit aims to ensure efficiency, it reflects in reduced price to consumers.
i. Helps the government to settle accounts where cost-plus contracts have been made.
ii. The government can intervene to protect the interests of the consumers, labour, shareholders and investors from exploit-age or inefficient managements.
iii. At the national level, cost audit promotes cost consciousness and overall efficiency. This means that every rupee invested produces the maximum quantity of goods and services.
As per law, GST Audit can be performed by Chartered Accountant or Cost Accountant either. So we, Goyal, Goyal & Associates are here to offer you the best compatible services regarding the GST Audit.
GST is a trust based taxation regime, wherein the taxpayer has to self assessed his tax. So, to ensure that self assessed tax is correct or not, the GST Audit is initiated. It includes the examination of records, return and other documents maintained by a GST registered person.
During Audit, the accounts that will be reviewed by us are:
When GST Audit is applicable?
Every taxpayer having turnover exceeding INR 2 crores is required to submit GSTR 9C duly certified by CA or CMA along with GSTR 9. This certified is required once for every financial year.
Due date for submission of GST Audit Report : on or before 31st December of the subsequent year.
For more information, you can visit to http://gstadvisorz.com/
We believe that due to changing business dynamics, corporate failures, and pandemics- the risk assurance becomes necessary. When we talk about risk assurance, the first thought comes in mind is for Internal audit that helps in assessing risks and evaluates the internal control and checks.
Currently we are dealing in various audits and we have experienced of Internal Audit and control also where we provided our report on regular basis with our suggestions for efficiency and effectiveness to our clients.
What we offer you:
i. Evaluation of internal controls, performing gap analysis and suggesting areas for improvement and efficiency
ii. Risk Assessment and assurance about the risk mitigation.
iii. Ensuring proper compliance with the various regulatory provisions.
iv. Detect if there any frauds and errors.
v. Evaluation of department for internal control.
vi. Comprehensive evaluation of internal controls, internal systems and internal processes in organizations and recommending areas for improvement.
Management audit is a systematic examination of decisions and actions of the management to analyse the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the Company. Unlike financial audit, management audit mainly examine the 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 often conducted before mergers, restructurings, bankruptcies, and succession planning; they can identify weaknesses in a company's management.”
Why need Management Audit?
Inventory Audit is the physical verification of inventory. As a large number of companies are operating across the 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 Inventory Audit Conducted?
Inventory Audit is conducted to ensure that
Concurrent Audit means the examination of the financial transactions at the time of happening or parallel with the transaction.
Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, 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.