Audit and Assurance

The focus of the audit and assurance services is to provide you with a quality product that suits your needs, offer helpful suggestions that will help improve your operations, provide financial guidance when necessary, and provide a level of service that will result in a long-lasting relationship.

Statutory Audits

Due Diligence

Investigation/ Forensic Audit



Stock Audit

An audit is a systematic review and assessment of all the information or documents. There are different Audit types, but in context to professional services, an audit is generally considered financial. The primary intention of Audit is to provide reasonable assurance, but not absolute assurance that the financial statements give an accurate and fair view with regard to the financial reporting framework.

Assurance is a professional service provided with the aim of improving the quality and transparency of information. It also reduces the chance of problems that occurs due to incorrect information. An audit is a type of assurance service. Audit and assurance services can be regulatory or compliance-based. They work to ensure that the company or an organization follows the guidelines, rules, policy and provides both internal and external confidence for financial statements.

  • Accounting & Reporting Advisory Services
  • Audit and Financial Reporting
  • Corporate Governance
  • Employee Benefit Plan Audits
  • Information Systems Assurance
  • International Financial Reporting Standards
  • Third-Party Attestation
  • Revenue Recognition

Frequently Asked Questions

• Audit looks at the accuracy of financial reports, whereas assurance is the process of analyzing and is used to assess accounting entries and financial records.• The Audit is the first step, which is followed by assurance.• The Audit is done by an internal auditor or external auditor, whereas an audit firm does assurance.

An audit provides a reasonable level of assurance that your financial statements are free from material misstatement and conform to the Indian Accounting Standards.

Assurance service is an independent professional service, typically provided by Certified Chartered Accountants, to improve information or the context of information so that decision-makers can be more informed and presumably can make better decisions.

The types of assurance services are explained below:• Business Performance Measurement.• Information Systems Reliability.• Electronic Commerce.• Health Care Performance Measurement.

The Audit is the process of evaluating the accounting entries present in the financial statement of the company. The audit checks the accuracy of the financial reports. Assurance is the process of analyzing and used in the assessment of accounting entries and financial records.

The primary purpose of assurance is to check the accuracy of financial reports. It also provides assurance to all the stakeholders that there is no misrepresentation done in financial records, no misuse of funds, no fraud, and no fraudulent activities done in a company or done by the company.

An audit aims to provide an objective, independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management. Hence, it increases the user’s confidence in the financial report, reduces investor risk, and consequently reduces the cost of capital.

There are three main types of audits:• External audits,• Internal audits, and• Internal Revenue Service (IRS) audits.External audits are commonly performed by Chartered Accountant results in an auditor’s opinion, which is included in the audit report.
The International Auditing and Assurance Standards Board (IAASB) is an independent standards body that issues standards like the international standards on auditing, quality control guidelines, and other services for supporting the international auditing of financial statements.
Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system to ensure compliance to requirements. An audit can apply to an entire organization or specific to a function, process, or production step.
A typical audit is comprised of four stages:• Planning• Fieldwork• Reporting• Follow-up.
Six specific steps in the audit process should be followed to ensure a successful audit.• Requesting Financial Documents.• Preparing an Audit Plan.• Scheduling an Open Meeting.• Conducting Onsite Fieldwork.• Drafting a Report.• Setting Up a Closing Meeting.