Audit and Assurance Services

Attest Services
1. Our firm specializes in technology-driven audit and assurance services tailored to each client’s unique needs. Our expertise extends to understanding the client’s business intricacies, navigating regulatory frameworks, adhering to accounting standards, and leveraging advanced data analysis tools.
2. Our audit methodology is thorough and systematic. It begins with crafting a bespoke work plan, conducting a comprehensive evaluation of internal control systems, and maintaining ongoing oversight and mentorship from our Partners/Senior professionals throughout the audit process. The culmination involves substantive management discussions and the issuance of our detailed audit report.
3. Our approach to audits prioritizes value addition for our clients. Rather than viewing audits solely as regulatory obligations, we aim to strengthen our clients’ internal and financial control systems, thus enhancing their overall operational effectiveness.
4. With decades of experience, we have successfully delivered audit and assurance services across a spectrum of industries and in compliance with various statutory requirements.
5. These audit and assurance services include:
  
  Audit of listed and unlisted companies under the Companies Act, 2013;
  
  Audit of Banks under the Banking Regulation Act, 1949;
  
  Audit of Insurance companies under the Insurance Act, 1938;
  
  Audit of Mutual Funds under the Securities and Exchange Board of India Mutual Fund Regulations;
  
  Audit of Portfolio Management Schemes under the Securities and Exchange Board of India Portfolio Manager Regulations;
  
  Audit of Power Companies under the Electricity Act;
  
  Audit of stockbroking entities under the Securities Contracts (Regulation) Act, 1956;
  
  Audit of large business entities (corporate and non-corporate) under the Income Tax Act, 1961;
  
  Audit of business entities under the GST laws;
  
  Audits required under exchange control regulations (liaison offices, site offices and branch offices of foreign companies);
  
  Audit of Non-Banking Financial Companies under the Reserve Bank of India (Non-Banking Financial Companies) Regulations;
  
  Audit of non-profit organizations (charitable organizations) under the Maharashtra Public Trusts Act, 1950 and under the Foreign Contribution (Regulation) Act;
  
  General Purpose audit of financial statements under IFRS.
Accounting Advisory
1. We collaborate closely with our clients, providing guidance and support as they navigate the intricate landscape of accounting standards, guidance notes, and disclosure requirements.
2. Our advisory services entail regular consultations with clients regarding intricate accounting matters. These insights are drawn from comprehensive research, deep-rooted expertise, extensive experience, and industry best practices.
IFRS & US GAAP
1. The surge in multinational corporations establishing operations in India has necessitated the alignment of financial statements prepared by Indian entities, following Indian Generally Accepted Accounting Principles (GAAP), with internationally recognized financial reporting standards. This transition underscores the imperative for Indian businesses to adeptly comprehend the nuances of these global financial reporting standards, driven by heightened emphasis on the quality and transparency of financial reporting. This effort is essential to furnish dependable financial statements to parent entities for consolidation purposes.
2. AVRSK provides comprehensive guidance and support to its multinational clientele across a spectrum of financial statement aspects, catering to diverse GAAP frameworks..
3. These services include:
1. Advising and assisting in conversion of Indian GAAP compliant accounts to IFRS or US GAAP;
2. Reconciliation of Indian GAAP compliant accounts with accounts under IFRS or US GAAP;
3. Advising clients on Foreign Group reporting pack of accounting data and assisting them in complying with requirements from global auditors;
4. Conducting customized training workshops for client’s employees to enable them to build in-house capabilities in understanding the intricacies under IFRS
Controls & Risks Advisory/Assurance
1. The intensifying global competitive landscape, coupled with heightened scrutiny from stakeholders, governmental bodies, and creditors, underscores the imperative for establishing robust internal control systems and risk management processes within organizations.
2. There is a burgeoning demand from independent directors, key management personnel, and stakeholders for internal auditors to assume a more expansive role. This includes not only ensuring the adequacy of internal controls and systems but also providing guidance on a wide array of enterprise risks, encompassing business, operational, financial, and systemic risks.
3. At AVRSK, we specialize in conducting risk management and internal audits on behalf of management, focusing on specified areas to bolster internal systems and controls. Our objective is to assist organizations in navigating the complexities of risk within a dynamic business landscape. Additionally, the proper implementation of management information systems or enterprise resource planning systems is paramount to ensuring accurate and timely information dissemination to management.
4. Our range of services in this area includes:
  
  Critical evaluation of internal controls, internal systems and internal processes in organizations and recommending areas for improvement;
  
  Risk Management audit and review with a view to provide valuable insights to the management of enterprise-wide risks;
  
  Internal audits of specified areas, which are conducted using a Risk Based Approach;
  
  Assisting and advising organizations in complying with corporate governance requirements, as specified in Clause 49 of the Listing Agreement, Sarbanes Oxley Act;
  
  Identification and recommending areas of cost reduction, streamlining of operations and recommending ways and means for improving the bottom line;
  
  Reviewing compliance with various regulatory requirements;
  
  System audits encompassing review of physical, financial and access controls, adequacy of back-up procedures implemented by organizations, stress testing of systems etc.;
  
  Review of Management Information Systems, suggesting means for improving such systems to provide meaningful input to top management, and assistance in setting up such systems;
  
  Advice and Assistance in setting up and implementing ERP systems, such as SAP.

Attest Services

Accounting Advisory

IFRS & US GAAP

Controls & Risks Advisory/Assurance