AUDIT & ASSURANCE

Audit & Assurance - Get all your accounts in order

RBA is a tax consultancy that helps clients by understanding the increasing complexity of the regulatory environment, the need for greater transparency in operations and disclosure norms. The practice provides assurance to the various stakeholders beyond the traditional critique of numbers.

We, at RBA provide the following Assurance Services:

• Statutory Audits for Corporates, Trusts, NGO’s & LLP’s
• Tax Audits for Corporates, Trusts, NGO’s, LLP’s, Partnership Firms and Proprietary Firms
• Internal Audits Corporates Trusts, NGO’s, LLP’s, Partnership Firms and Proprietary Firms
• Bank Branch Statutory Audits of Nationalised Banks, Private Banks & Co-operative Banks
• Information System Audit
• Branch Audits of Banks.
• Revenue Audit of Banks.
• Internal Audits.
• Concurrent Audits.
• Audit of PF Trusts, Charitable Trusts, Schools, etc.
• Audit of Co-operative Socities.
• Information System Audits
• Internal Audit / Control Review
• Business Auditing Services
• Financial statement audit
• Revenue/ Expenditure Audit
• Consultation reviews
• Stock Audit
• Management Audits
• Certification/ Attestation Work
• Pre-Audit Compilations
• Due Diligence
• Corporate Governance Audits/ Compliance etc.
• Special investigations

Audit & Assurance Services are at the core of any successful and visionary Financial Management setup. Employing advanced techniques and creative approach in Auditing for better financial & administrative controls, we at RBA, one of the best chartered accountant firm in India also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Audit and Assurance services add efficiency and profitability to your organization by providing independent credibility to your financial statements, professional service advices to management, and expedient solutions to improve the systems & performance.
The financial statement audit has never been more important. In today’s business environment there is more scrutiny and scepticism of a company’s financial statements than ever before. Investors expect more: greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.
A well-conducted audit can provide business owners with valuable information and assurance that statements are fairly presented. At RBA we view the audit process as an opportunity for our clients to learn more about their businesses so they are better equipped to communicate with banks, investors and partners while taking financial decisions. We at RBA provide our clients with an objective presentation of their financial information as well as qualified advice and observations.

Our Experience in Auditing and Assurance Services
We at RBA are experienced at identifying opportunities and we have helped many clients take advantage of changing industry trends and legislation to grow their businesses. Our technology allows us to work efficiently and accurately. Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional ethics, standards, regulations and laws. The primary objective of every audit is to express true and fair view on the fair presentation of the financial position and operational results of our clients.
For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, RBA can provide high quality audit services making it best chartered accountant firm in India. We can also address any specific regulatory reporting requirements such as those under International Financial Reporting System (IFRS) including foreign private issuers.
Our work takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include a few multinational corporations, Domestic Corporates as well as many small and medium-sized Domestic companies.
- Compliance with regulations
- Advice on controls and processing system weaknesses
- Confirmation of accounting treatments with respect to complex transactions
- Increased monitoring of prospective accounting and regulatory changes
- Independent review of externally reported information
- Accountants’ reports

Statutory Audit under Companies Act, 2013
Under various kinds of statutes, all the businesses or entities require to have their accounts audited properly. We at RBA undertake the same under the statues of the Companies Act 2013. Scrupulous Stock Audits are also made by us to facilitate the final auditing of the accounts of a company. There are a large number of different accounts to be maintained for managing all the operations, activities, processes, etc. concerned with a company of India, or a joint venture. Proper maintenance and precise auditing of such stocks are essential for the company to run smoothly.

Transfer Pricing Audit
Transfer pricing (TP) is a term used to describe inter-company pricing arrangements relating to transactions between related entities. These can include transfers of intellectual property, tangible goods, services, and loans or other financing transactions.
Such inter-company transactions, domestically and across borders, are growing rapidly and are becoming much more complex. Compliance with the differing requirements of multiple overlapping tax jurisdictions is a complicated and time-consuming task.
At the same time, tax authorities both local and regional, are imposing stricter penalties, mandatory documentation requirements, increased information exchange and carrying out intensive audits.
Whatever your transfer pricing needs, our dedicated Transfer Pricing professionals are ready to work with you.
With the ever-increasing scrutiny of transfer pricing activity by tax authorities worldwide, we can assist you in the development of tax-efficient structures that help increase compliance with local country requirements, prepare for audit response, resolve transfer pricing disputes and decrease transfer pricing exposure in future periods.

Tax Audit under the Income Tax Act, 1961
Every assessee, whose annual turnover exceeds Rs. 1 crore or the total business receipts from any profession exceed the amount of Rs.50 Lacs in any previous year, is bound to get the accounts audited and report the same according to the section 44 AB of the Income Tax Act. We at RBA conduct such tax audit services for all small and big companies and corporations of diverse sectors.

Internal Audit
An effective internal audit is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organization. Organizations are increasingly leveraging internal audit as a strategic resource, recognizing that internal auditors’ broad and deep perspective of operations, risks and potential opportunities can help inform business decision-making. All organisations are subject to fraud risks and there have been several instances when frauds have disgraced organisations as a whole. With increased regulatory focus and widespread negative impact of frauds, the managements and senior executives are increasingly concerned about the vulnerability and exposure of their businesses/ organisations to frauds and whether or not they are adequately protected. This emphasizes the need of internal audit in fraud risk management.

Mandatory Requirement For Internal Audit In India
Section 138 of the Act was enforced with effect from 1st April 2014. As per section 138 of the Companies Act, 2013, such class or classes of companies as may be prescribed shall be required to appoint an internal auditor to conduct internal audit functions and activities of the company. Accordingly such class or classes of companies have been prescribed in Companies (Accounts) Rules, 2014 by Ministry of Corporate Affairs. The following class of companies shall be required to appoint an internal auditor namely ,
Listed companies : - Appointment of an internal auditor is mandatory

Unlisted public company and private companies : - Appointment of an internal auditor is mandatory if either of the following

*to be checked for the preceding financial year
However, a company can also on sole discretion opt for internal audit even if it does not qualify for the mandatory requirements due to several benefits stated above.
Our audit methodology includes making recommendations for improvement, not just to express numbers and ensure compliances. The recommendations are realistic because we want you to implement them. We also ensure our clients are updated all around the year of accounting, financial and regulatory developments that may impact their business. Working in the capacity of an internal auditor, we provide following services:
Risk Assessment and development of risk based audit plan;
Evaluating the adequacy of the system of internal controls;
Recommend improvements in controls;
Assess compliance with policies and procedures and sound business practices;
Assess and ensure compliance with legal and contractual obligations.
Review operations/programs to ascertain whether results are consistent with established objectives and whether the operations/programs are being carried out as planned.
We at RBA, can assist organisations that need help improving the quality and effectiveness of their internal audit processes in a number of ways.
First, by advising and assisting in the development of internal audit and risk management methodologies, including assessing whether the internal audit function is delivering effectively to stakeholders.
Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage.
Third, by supporting internal audit functions with software to enhance and support their work. In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly-tailored solutions.
For in-depth and scrupulous checking of all day-to-day transactions, large business organizations inevitably need the help of Internal Audit. Generally, every company is required to verify physically his fixed assets and stock in trade, once in a year through an independent agency.
While conducting internal audits we devise means and suggest methods to properly streamline the working processes advise maintenance of appropriate internal records, to keep fool - proof mandatory records, introduce cross-check system of money and material handling, and plan different strategies for their overall improvement.
Our Approach towards the Audit and Assurance Services offered by us under this category include:
To maintain the track record of our quality work, timely delivery and cost efficiency, we have a well-defined and precise role set for our client servicing teams. Entire RBA is webbed through effective communication systems and processes.
- Planning and preparation of ingenious audit approach and programs, as per your requirements.
- Evaluating the strengths and weaknesses of the audit areas, and reporting their efficiency, effectiveness, and the state-of-control by analysing scrupulously the audit evidence.
- Presentation of the reports of findings, conclusion derived, and the suggested recommendations, to inform the management, about the adequacy of controls and effectiveness of operations.
- Appraising the actions taken by the management regarding the follow-up and the reporting techniques.
- Clinging to the norms of ethical and professional standards, to ensure the impeccable quality and consistency of the audit work.

System Audit

An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity, and operating effectively to achieve the organization’s goals or objectives. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.
IT audits are also known as automated data processing audits (ADP audits) and computer audits.
They were formerly called electronic data processing audits (EDP audits).
A system audit is a disciplined approach to evaluate and improve the effectiveness of a system. Audits are carried out in order to verify that the individual elements within the system are effective and suitable in achieving the stated objectives.
With the increasing use of technology, it has become necessary to be protected from data security. System Audit is a critical element and forms a valuable tool. RBA is one of the best chartered accountant firm in India which is armed with innovative techniques and is capable of providing relevant insights, expertise that is aligned to your strategic needs and professional services.  RBA has come up to be the best chartered accountant firm providing the system audit services.
Purpose
The purposes of an IT audit is to evaluate the system’s internal control design and effectiveness. This includes, but is not limited to, efficiency and security protocols, development processes, and IT governance or oversight. Installing controls are necessary but not sufficient to provide adequate security. People responsible for security must consider if the controls are installed as intended, if they are effective, or if any breach in security has occurred and if so, what actions can be done to prevent future breaches. These inquiries must be answered by independent and unbiased observers. These observers are performing the task of information systems auditing. In an Information Systems (IS) environment, an audit is an examination of information systems, their inputs, outputs, and processing.
The primary functions of an IT audit are to evaluate the systems that are in place to guard an organization’s information. Specifically, information technology audits are used to evaluate the organization’s ability to protect its information assets and to properly dispense information to authorized parties. The IT audit aims to evaluate the following:
Will the organization’s computer systems be available for the business at all times when required? (known as availability) Will the information in the systems be disclosed only to authorized users? (known as security and confidentiality) Will the information provided by the system always be accurate, reliable, and timely? (measures the integrity) In this way, the audit hopes to assess the risk to the company’s valuable asset (its information) and establish methods of minimizing those risks.
Types of IT audits

• Technological innovation process audit. This audit constructs a risk profile for existing and new projects. The audit will assess the length and depth of the company’s experience in its chosen technologies, as well as its presence in relevant markets, the organization of each project, and the structure of the portion of the industry that deals with this project or product, organization and industry structure.
• Innovative comparison audit. This audit is an analysis of the innovative abilities of the company being audited, in comparison to its competitors. This requires examination of company’s research and development facilities, as well as its track record in actually producing new products.
• Technological position audit: This audit reviews the technologies that the business currently has and that it needs to add. Technologies are characterized as being either "base", "key", "pacing" or "emerging".

Others describe the spectrum of IT audits with five categories of audits:

• Systems and Applications: An audit to verify that systems and applications are appropriate, are efficient, and are adequately controlled to ensure valid, reliable, timely, and secure input, processing, and output at all levels of a system’s activity. System and process assurance audits form a subtype, focussing on business process-centric business IT systems. Such audits have the objective to assist financial auditors.
• Information Processing Facilities: An audit to verify that the processing facility is controlled to ensure timely, accurate, and efficient processing of applications under normal and potentially disruptive conditions.
• Systems Development: An audit to verify that the systems under development meet the objectives of the organization, and to ensure that the systems are developed in accordance with generally accepted standards for systems development.
• Management of IT and Enterprise Architecture: An audit to verify that IT management has developed an organizational structure and procedures to ensure a controlled and efficient environment for information processing.
• Client/Server, Telecommunications, Intranets, and Extranets: An audit to verify that telecommunications controls are in place on the client (computer receiving services), server, and on the network connecting the clients and servers.

And some lump all IT audits as being one of only two type: "general control review" audits or "application control review" audits.

Bank Audit

Banks are the cornerstone of our economy. They handle huge amounts of public deposits and savings, so they have to be closely monitored and reviewed. A bank audit is one important process of this monitoring.

An auditor carrying out this bank audit have to verify the financial statements of such a banking institution. They have to ensure that the final accounts truly represent the financial position and condition of the bank.
Other than this, there are other special transactions that a bank audit must cover. These include the provisions for NPA’s (non-performing assets), maintaining credit ratios, fulfilling RBI’s statutory requirements etc.
Our service offerings

• Concurrent Auditing Services
• Revenue Audit Services
• Statutory Auditing Services
• Internal Auditing
• Stock Audit Services
• Credit Audit services
• Compliance Audit services
• Legal Audit services
• Investigation Audit Services
• Auditing Services
• Business Audit Services
• Technical Auditing Service
• Vendor Audit Services
• Account Auditing Services
• Forensic Audit Services
• Finance and GST Consultant service for Banking industries