Audit & Assurance
Overview
Financial statements are prepared keeping in mind the laws of the land applicable to the entity, in accordance with the provisions of The Companies Act, 2013, and the accounting standards issued by Accounting Standard Board in consultation with The ICAI.
Reviews and audits of the aforesaid financial statements are a continuous process and our audit & assurance team has a huge experience in independent review of financial statements to give a true and fair view of the state of affairs , by performing agreed upon procedures with due diligence , which can withstand any test or scrutiny.
Our audit & assurance services include statutory & compliance audit, internal and management audit and bank audits.
1. Statutory and Compliance Audit
Statutory Audit is a legally required review of the truth & fairness of a company’s financial records, by examining information such as bank balances bookkeeping records & financial transactions.
Statutory audit namely places emphasis on adherence to the various laws of the land & compliance with regulations & provisions as made from time to time.
However gone are the days when Audit was conducted only as a mandate of Law. Investors & Stakeholders at large have a lot of expectations from the Audited Financial Statements and thus, expect a high level of lucidity, uprightness & accuracy. We at L.B. LADDHA & CO. take a scrupulous approach to meet these expectations through following Standard Audit & Assurance procedures and ensuring due diligence in performing the audits through a well-thought out audit program, crafted individually for each client.
2. Internal and Management Audit
Improving an organization’s functioning, efficiency and operations involve running internal assessments that are unbiased, impartial, objective and are usually conducted by an independent third party. An Internal Audit will help bring a focused and disciplined modus operandi to the organization by studying and understanding its working, finances, accounts, management, etc., and by evaluating possible and potential risks. The results of an Internal Audit can then be the basis of solid strategy implementation to reduce risks, improve efficiency and output quality as well as overall governance. As Internal Auditors, we specifically focus on conducting functional review & strengthening internal control within the organization.
Apart from Internal Audit services, we also offer Management Audit Services. This assessment focuses more on the actions, policies, and decisions of the management of a firm, in order to examine and evaluate their performance. The object of the Audit is largely restricted to non-financial segments. We take painstaking efforts to understand the vision, mission & the various decisions of the management & their impact on the business at large, through comprehending the intentions behind the decisions taken.
3. Bank Audits
At L.B. LADDHA & CO. we make use of our research and technology skills combined with our accounting and business proficiency to perform inspections of financial institutions such as banks. Bank audits are broadly categorized into Concurrent Audits, Statutory Audits, and Information Systems Audits. Examining live transactions taking place, tracking daily cash balance limit adherence and checking for potential risk of fraud, etc. are all part of our Bank Audit services.