"AJSH & Co LLP"    is now    "Mercurius & Associates LLP" "AJSH & Co LLP"    is now    "Mercurius & Associates LLP" "AJSH & Co LLP"    is now    "Mercurius & Associates LLP"

Audits in India

We are committed to deliver an independent, efficient, effective, quality and comprehensive audit and assurance services
An audit is not merely a formality; it is a necessity to protect your business and encourage it to thrive in constantly evolving regulatory environment. Early warnings, open communication and pragmatic solutions of issues are essential features of audit approach adopted by MAS. By taking the time to gain a thorough understand of the client’s businesses and integrating rigorous risk assessment with diagnostic processes in audit procedures tailored to the specific audit, our firm maintains excellent relationships with clients. This quality-led approach by team members ensure an intelligent and constructive assurance services are provided to every client. Through robust audit tools, resources and procedures, MAS delivers high quality audit services, adhering to the highest standards of independence, ethics, and professional objectivity while applying technical excellence. As part of our strategy, continuous audit quality improvement, service performance and delivery to clients is continuously assessed.

Our portfolio of audit services includes-

  • Statutory Audits: We believe the statutory audit should be viewed as an opportunity, not an overhead. It is a legally required review of the accuracy of a company’s or governments financial records. The purpose of a statutory audit is the same as the purpose of any other audit i.e. to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions of both public and private companies, banks, financial Institutions, PSU’s, firms and sole-proprietors.
  • Internal Audit: Focus is to ensure strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas.
  • GST Audit: Audit under GST means the examination of records, returns and other documents maintained by the taxpayer to check the accuracy of turnover declared, taxes paid and to assess the compliance with the provisions of GST. We provide our esteemed services for Goods and Service audit in India by fulfilling the demands of different sectors. Read more
  • Tax Audit: To prepare report in Form 3CA/3CB including annexure in Form 3CD as per div 44AB of the Income-Tax Act. We assist our clients with their tax audit by:
    • Reviewing the tax authority notice or inquiry and explain what it means
    • Researching issues involved
    • Assisting you in assembling documents and records for the tax audit
    • Reviewing the tax audit findings and explaining them to the client
    • Explaining the appeal process and other options available in the event client disagree with the tax authority’s findings
  • Process / Transaction Audit: A process audit is an examination of results to determine whether the activities, resources and behaviors that cause them are being managed efficiently and effectively.
  • Management Audit: To assess the systems, methods and policies followed by an entity’s management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvement.
  • Stock Audit: It is an area of specialization and core competence for MAS with unparallel reach and PAN India network. As large number of companies are operating across borders through multiple locations with various channel partners, ensuring a watch over their physical assets is a challenge. We offer focused services to such companies to keep them assured of their assets. Stock audits are also carried out for banks and financial institutions which have extended credit to businesses against physical goods and assets. The objective is to ensure that the security against which funds are lent by the bank is safe and valued correctly. Read more
  • Forensic / Risk Audit: Our forensic audit focuses on high risk areas and helps you strengthen internal controls.
    • What is it: Forensic audit techniques seek to uncover corporate or other organization fraud. Results emanating from a forensic audit are typically used to support both civil litigation and criminal prosecutions. Forensic audit techniques can be broken down into five basic categories.
    • Testing Defences: Most businesses and other organizations have procedures and defences set up to prevent the occurrence of fraud. A good initial forensic audit technique is to attempt to circumvent these defences yourself. The weaknesses you find within the organization’s controls will most probably guide you down the same path taken by suspected perpetrators. This technique requires you to attempt to put yourself in the shoes and think like your suspect.
    • Trend Analysis: Businesses have cycles and seasons much akin to nature itself. An expense or event within a business that would be analogous to a snowy day in the middle of summer is worth investigating. Careful review of your subject organization’s historical norms is necessary in order for you to be able to discern the outlier event should it arise within your investigation.
    • Digital Forensic Examinations: Every transaction leaves a digital footprint in today’s computer-driven society. Scrutiny of emails, accounting records, phone logs and target hard drives is a requisite facet of any modern forensic audit. Digital investigations can become quite complex and require support from trained digital investigators. However, many open-source digital forensics tools are now available to assist in this phase of the investigation.
    • Face-to-Face Interviews: Forensic auditing is akin to detective work, and every good detective desires to look his witnesses and suspects in the eye. Personal interviews with the staff of your target entity yield a better understanding of its operations and of the culture that exists within it. According to John J. Hall of the Journal of Accountancy, critical information can be gleaned from interviews with parties who have knowledge of the events without being directly connected to the fraud.
    • Full Financial Auditing: Detailed financial audits can be complex and most often require the assistance of a qualified forensic accountant. Basic financial audit techniques include bank statement reconciliations, scrutiny of all vendor contracts and payments, review of tax returns and analysis of public filings. Financial forensic audit techniques seek to identify suspicious transactions and trace them back to potential perpetrators.
    • Due Diligence: We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.  Read more
How we can help in Forensic / Risk Audit:
  • Gather and analyze evidence
  • Integrate interview information with queries from databases, emails, and hard drives
  • Report our findings, review internal controls, and provide remediation options
  • Expert testimony
Our timely planning, execution, feedback and/or review for services is something that we maintain on a consistent basis by ensuring constant communication across any and every channel possible with our clients for utmost transparency and therefore, leaving no margin for error.

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