Enhance Transparency & Build Trust with Comprehensive Audit and Assurance Solutions
Today’s dynamic business environment enhances the importance of maintaining transparency and accountability, with proper Audit and Assurance. At Brint Consulting, we help businesses of all sizes from multinational organizations to rapidly growing startups with comprehensive audit and assurance services. Our aim is to instill confidence in your stakeholders and consumers about your financial wellbeing and future prospects.
Every business must showcase the strength of its financials and operations to ensure stakeholders and consumers of their current and future prospects. This can be done by showcasing that your financials are in order, and you have sufficient capital for future prospects. Helping clients with optimal audit and assurance services we ensure that our clients build everlasting trust and confidence in your stakeholders and consumers.
Our Wide Range of Services
At Brint Consulting we understand the importance of auditing and assurance services in assessing the state of your business’ finances with the following range of solutions.
Statutory Audits
It refers to the examination and verification of a company’s financial statements and records to ensure compliance with the applicable laws and regulations. These are mandatory requirements and are conducted by independent, qualified auditors who are registered with the Institute of Chartered Accountants of India (ICAI). The primary objective here is to provide an opinion on the fairness and accuracy of the financial statements prepared by the company.
The Companies Act, 2013, mandates that every company must undergo a statutory audit. It ensures that the company’s financial statements are true and fair to its financial position and performance. Companies are required to appoint auditors at their annual general meeting.
The appointed auditor examines various financial documents including balance sheets, profit and loss statements, cash flow statements, and other financial records. Auditors also ensure that the company comply with the accounting standards, legal requirements and regulatory guidelines.
After the completion of the audit, an audit report is issued expressing their opinion on the fairness of financial statements. Statutory audits play a crucial role in promoting corporate governance by providing independent assessment of the company’s financial reporting and internal controls.
Internal Audits
It’s a crucial component of corporate governance and risk management, and is conducted within the organization by internal auditors. Primary objective is to assess and improve the effectiveness of internal controls, risk management and governance processes. There are multiple key aspects as discussed below.
These are guided by various regulatory frameworks including Companies Act, 2013 and ICAI guidelines. Its scope includes a wide range of areas like financial management, compliance with laws and regulations, operational efficiency, information technology systems and risk management.
Internal auditors are expected to maintain independence and objectivity in their assessments. It helps provide unbiased evaluations of organizational processes and controls. They also communicate their findings and recommendations to management and board of directors. Moreover it’s not a one time activity, but a part of an ongoing process.
Internal audits in India adhere to professional standards set by ICAI and other relevant authorities. Standards are set to ensure consistency, quality and ethical conduct in practices. They also complement external audits conducted by statutory auditors.
Tax Audits
Tax Audits is a regulatory mechanism designed to ensure compliance with the provision of the Income Tax Act, 1961. It is conducted by tax authorities to verify the accuracy and completeness of the financial statement and documents filed by taxpayers.
They are typically applicable to a certain category of taxpayers like individuals, companies, partnership firms etc whose turnover or gross receipts exceed a certain threshold. Tax audit is carried out by a CA who are empaneled as auditors by the Comptroller and Auditor General of India.
The due date for filing a tax audit report is usually September 30th of the assessment year. During tax audit, auditors examine various financial documents, accounting records and other relevant documents ensuring compliance with tax laws.
Non-compliance with the tax audit requirements could lead to penalties under Income Tax Act. The penalties may vary depending on the nature and extent of non-compliance. It covers various aspects of taxation including income computation, adherence to accounting standards, tax deductions and exemptions claimed and compliance with other provisions of the Income Tax Act.
Due Diligence
Due diligence refers to the careful and thorough examination of financial information, business processes and internal controls. It is typically conducted by auditors to provide assurance on the reliability and accuracy of financial statements.
The primary objective is to obtain a reasonable assurance that the financial statements are free from material misstatement. It is conducted in accordance with the Companies Act, 2013, and the Standards of Auditing (SAs) issued by the ICAI. Due diligence involves a comprehensive examination of financial records, accounting systems, internal controls and supporting documentation.
Auditors also perform risk assessments to identify areas of potential material misstatement. Materiality is a key concept of due diligence, where an auditor sets a materiality threshold to determine the significance of misstatement. Findings are then documented to reach the conclusion.
These findings are then communicated to the management and those who are charged with governance. This step provides them with an opportunity for clarification and resolution of identified issues. Final step is the issuance of an audit report.
Management Audit
It is a comprehensive examination of an organization’s managerial processes, systems and overall effectiveness. In India, it is a crucial tool to evaluate and improve efficiency and performance of business. It typically covers various aspects, including organizational structure, leadership styles, decision making processes, communication channels, planning and control system and overall managerial performance.
There might be no specific body exclusively governing management audits in India, however, there are certain provisions and guidelines under the Companies Act, 2013. They are crucial for identifying areas of improvement, enhancing decision making processes, optimizing resource utilization, and ensuring compliance with relevant laws and regulations.
Management audits are often carried out by internal or external auditors. Key components might include review of organizational goals and objectives, assessment of management policies and procedures, evaluation of leadership effectiveness, analysis of financial management practices and examination of risk management strategies.
The generated report includes findings, recommendations and suggestions for improvement. Also, it is not a one-time activity but a continuous process necessary for evolution. It plays a significant role in promoting good corporate governance practices in India, while aligning organization’s with the principles of transparency, accountability and fairness.
IT Audit
IT Audit involves examination and evaluation of an organization’s information technology infrastructure, systems and processes to ensure they align with the established standards, policies and regulatory requirements. It is conducted in compliance with various regulatory frameworks and standards, including Information Technology Act, 2000.
Also, with the rules and guidelines issued by regulatory bodies like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Ministry of Corporate Affairs. IT Audit covers a wide area including information security, data privacy, IT governance, business continuity planning, disaster recovery, system development and change management.
Key objectives include evaluation of effectiveness of IT controls and safeguards. Identification of vulnerabilities and assessment of risk of unauthorized access, data breaches and other security incidents. The process starts with planning, fieldwork, testing, reporting and follow-up.
Rapid technological advancement and evolving cyber security threats pose great challenges for IT auditors. Complex and interconnected IT systems require a comprehensive understanding of both technology and business processes. IT auditors in India adhere to international standards like ISACA’s Control Objectives for Information and Related Technologies (COBIT) and standards developed by ICAI.
Special Audit
Special audit refers to examination of financial statements and records of an entity that goes beyond the scope of routine audit procedures. They are conducted under specific circumstances and are usually initiated by a regulatory authority or government agency to address particular concerns.
Regulatory bodies like the Securities & Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Comptroller and Auditor General of India (CAG), or the Income Tax Department might order a special audit. The main purpose include cases of suspected fraud, financial irregularities, non-compliance with regulatory requirements etc.
Auditors are appointed by the regulatory authorities, and they can hail from the office of CAG, private audit firms, or relevant bodies. The scope of special audit is defined by the specific issue or concerns that triggered the need for the audit.
Upon completion of a special audit, the appointed auditors submit a comprehensive report to the regulatory authority or government agencies that initiated the audit. The result can bring legal implications, and the organization under audit is required to cooperate fully with the auditors. Based on the findings authorities may decide on taking further actions.
Why Choose Us?
Individuals, businesses and organizations are required to adhere to certain rules and regulations in India for smooth functioning. They might have to go through numerous audits to ensure compliance to provide assurance to stakeholders and customers about their financial health and future prospects. Brint Consulting provides comprehensive services in India, and following are the reasons to choose us.
Reputation & Credibility
Through our comprehensive service in auditing and assurance services, Brint Consulting can help build reputation and credibility.
Industry Experience
We are proud of our team made of experts with years of Industry experience. Brint Consulting is familiar with the intricacies of the business sector and provides tailored and effective services.
Expertise and Professionalism
Our consultants possess all the required qualifications and certifications to provide expertise and professional services to all our clients.
Technology and Innovation
We would work closely with you to understand the current scenario, and provide service with in-house technology and guide through innovation. We can offer efficient and accurate services.
Client-Centric Approach
We are dedicated to providing our clients with expert services. Our client centric approach is meticulously designed to ensure comprehensive services.
Global Network
If your business operates internationally, we can help you as we have a strong global network. We would provide guidance for businesses with cross-border operations.
Regulatory Compliance
Our team is well versed in intricacies of Indian regulatory requirements, we shall also help your business comply with local laws and regulations crucial for a successful audit.
Tailored Solutions
We would work closely with you to understand your business requirements, and would curate a tailored solution specifically for your needs.
At Brint Consulting our team is well versed in the understanding of legal requirements surrounding audits and assurance. Leveraging our expertise we would provide you with comprehensive service. So what are you waiting for? Book Your Free Consultation Today.