Auditing is an exceptionally complex process where the auditors’ importance as a vital link in the financial reporting chain has increased. Hence, today, their role as trusted advisors of all stakeholders has expanded manifold.
We at AJM fully understand that to deliver high quality audit and assurance services, we must look beyond the traditional ways and means and understand the stakeholders concerns relating to performance, privacy, risk, controls and data analysis. Our experience with the leaders in the various industry verticals enhances the confidence of various stakeholders. Our audit begins with understanding client’s area of operations and thereafter identifying the major risk areas. We work closely with clients to comply with Accounting Standards, Standards on Auditing and other applicable provisions of the law.
AJM adheres to the highest standards of technical excellence, professional objectivity, and independence in the delivery of services.
All companies registered in India are required to get their Financial Statements audited by Chartered Accountants under Companies Act, 2013. These audits are undertaken in accordance with the Indian Accounting Standards and guidelines issued from time to time by the Institute of Chartered Accountants of India.
Additionally, all businesses and professions which have turnover above a certain specified amount are required to have their records audited by Chartered Accountants under Income Tax Act which would also mandate disclosure of information in the prescribed format. Similarly, trusts and societies are also required to be audited as per the respective statutes applicable to them.
Additionally, all businesses and professions which have turnover above a certain specified amount are required to have their records audited by Chartered Accountants under Income Tax Act which would also mandate disclosure of information in the prescribed format. Similarly, trusts and societies are also required to be audited as per the respective statutes applicable to them.
We are also registered with the Reserve Bank of India to undertake statutory audit of Banks in India. We have conducted statutory audit and limited reviews of many public sector and private sector banks during the past four decades.
Concurrent audit envisages scrutinizing the real time financial transactions at the time it has taken place/ parallel with the other transactions and checking its authenticity. It is mainly used for providing a clear ‘point-in time’ financial picture of an organization. We have the expertise in conducting hundreds of concurrent audits on behalf of banks and various financial institutions.
Risk assessment is identification and analysis of risks that influence accomplishment of an organisation’s objectives and the determination of its risk management processes. It embraces determination of operating objectives and identification of activities/ event that could prevent a business from adhering to its objectives. At AJ MOHAN & ASSOCIATES we endeavour to create an analytical tool that maps the potential alarming glitches and preventive measures to avoid them.
Stock audit is an area of specialization and core competence for us. This is designed to provide credible assurance to a contributor that the amount released has been utilized for the purpose for which it was given and also for compliance monitoring of the other terms. Stocks and physical assets such as raw materials, WIP and finished goods pose a challenge of proper valuation. Moreover, control and management of the receivables is integral part to financial health of any business entity.
As a large number of companies are operating across the country through multiple locations and channel partners; this makes the asset management a challenging assignment. We are committed to provide unmatched Stock Audit Services because of our unparalleled reach; our all India network and the command of our partners on all the regional languages spoken across the length and breadth of the country We thus aim at delivering focused services for keeping a close watch on their physical assets.
Revenue audit is an audit of items governing income & expenditure of an entity, which is providing service. These audits are conducted with a view to verify the accuracy, relevance of the expenditure incurred and the incomes earned by such service providers. We have conducted revenue audit of many banks across India to ensure compliance to the latest circulars and notifications w.r.t. leakage.
Even the most reputed and influential organizations acknowledge that they are bound to have some gaps when it comes to the expertise and resourcefulness of their internal audit team. Their result-oriented leaders appreciate the concept of abridging this gap by various creative ways such as internal audit co-sourcing. In this scenario, trusted professional service firms are hired externally to serve as partners to their internal audit staff.
We have been carrying out co-sourced audits for several organisations at their Head Offices covering multifarious functions.
We are among the few firms in the country empanelled with the Indian Banks Association for special monitoring of accounts having credit facilities advanced by all public sector banks in excess of Rs 2500 million. This involves a regular and ongoing examination of the end use of funds disbursed to such large entities.
Today, innovations in technology have changed the way enterprises do business. Technology is now linked to almost every aspect of business and with it, the businesses are now more vulnerable to technology risks. Our team assists clients by identifying these risks and recommending measures to mitigate these risks. We conduct Information System Audit in two phases.
Phase 1: Gathering information and planning.A risk-based audit approach is now being popularized to assess the risk, helping the IT/IS auditor to make a decision as to whether to perform compliance or substantive testing.
We primarily evaluate Information Security upon consideration of the following four aspects:
To protect the information assets up to the desired level, organizations require to be on the wave front of the latest technology, must be updated about the possible threats to information and the corresponding counter measures. In a field where change is the only constant factor, it is difficult to ensure that the organization achieves the desired level of security, thus making the services of security professional an integrated part of technology and its upgradation.
Our services towards Information Security include:
Forensic audit envisages examination and evaluation of a firm’s or individual’s financial information for use as an evidence in a court. We undertake financial investigations of misconduct, bribery and corruption; with focus on assessing financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, government agencies, municipalities, private equity firms, NGOs and HNIs/ industries that we serve. Our well trained and qualified business domain experts handle such issues with great proficiency. Broadly, we render the following services in this area:
We have been at the forefront in offering services of outsourced Internal Audits. We are a firm proponent of risk based auditing and stress on a value added approach focused on Business Processes and in building up a strong relationship with respective Audit Committees by communicating efficiently and effectively.
We believe that the end result of internal audit is no longer limited to focusing on processes and controls surrounding financial reporting. Internal audit now has a more strategic role. By identifying enterprise-wise risks, monitoring and predicting new risks, and improving efficiency by leveraging synergies, an internal audit can create much value for the client.
We provide a platform to our clients to achieve more from the business by providing internal audit services of highest standard.
Global competitive pressures focus on corporate governance function by all the quarters – the stakeholders, the government and creditors alike have increased the need for putting in place an effective system of internal controls and risk management processes. Independent directors, industry-wide leaders, management personnel, as well as stakeholders are now demanding that the internal auditors play a larger role not only for keeping systems in place and ensuring adequate internal controls, but also as advisors to guide them on all the aspects of enterprise risks that could be related to the business, operations, finances, and systems.
Sound governance and risk management processes are essential for a business to ensure achievement of strategic objectives and long-term sustainability. We provide specialist staff 'mix' to add real value to organisations across all sectors.
We conduct risk management and internal audits on behalf of the management with the objective of enhancing internal systems and controls and helping organizations to better cope with risks in the rapidly changing business environment. Various management information systems or ERP systems also need to be implemented properly, to ensure proper information reaches the management.
Our range of services in this area includes:
We provides a best-in-class technical service and valuable Partner contribution which is a key differentiator of our service to clients. Our objective of meeting the needs of clients' stakeholders is achieved through tailoring our approach to an organisation's size, complexity and culture. This approach enables us to fortify our relations with our long-term clients, many of whom might consider us to be their preferred firm for comprehensive assurance services.
GST audit is conducted to ensure compliance to the provisions of GST law. We provide best service to companies in complying with all statutory requirements.
Mystery audit is a tailored service, made for our clients to help them understand their customers experience for their brand. Companies need to make use of this activity to scale and reach more customer base by building brand credibility by Quality Control. An ignorance to customer experience can directly affect the company’s integrity, business and overall reputation. Therefore Mystery audit acts as a crucial tool for delivering satisfactory customer services, standard pricing, quality and maintaining brand loyalty. We have carried out many such incognito verifications of on line operations in hotels, restaurants, hospitals etc.
The preliminary phase of an audit prior to the official examination of the accuracy of an organization’s financial statement, predominantly used to establish scope of the audit and the areas of concern. It provides a platform for:
Project Audits are carried out in a phased manner, right from the planning to the execution phase, where each milestone is assessed/ reviewed for inputs (cost, material etc) and the outcome of each phase is audited, with the budget slab.
We also have rich experience of conducting Special audits of entities/projects funded by various multilateral lending agencies.
We have rich experience of conducting Special Audit of Entities funded by various Multi-Laternal Agencies as well as Central and State Governments.
IFRS can be viewed as the most important initiative in the financial reporting standards at the global podium. Nearly 120 nations and reporting jurisdictions permit/ require IFRS for domestic listed companies, while over 90 countries have fully conformed to IFRS as per the information disseminated by International Accounting Standards Board (IASB), including a statement acknowledging such conformity in their audit reports. We have qualified and trained team to assist in IFRS convergence, balancing both, the short term and the long term objectives of the businesses.
Sarbanes Oxley Compliance (SOX) & Internal Control Over Financial Reporting (ICFR) is a set of control requirements that regulate the working of financial statements. Our expertise and experience in this field enables us to provide concrete guidance from the very start of SOX compliance engagement, by creating long term compliance objectives for our clients.
We aim at Sarbanes Oxley Compliance (SOX) & Internal Control Over Financial Reporting (ICFR) is a set of control requirements that regulate the working of financial statements. Our expertise and experience in this field enables us to provide concrete guidance from the very start of SOX compliance engagement, by creating long term compliance objectives for our clients. We aim at
Quality audit is a methodical and an autonomous examination to determine whether activities of a firm complies with the planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve pre-defined objectives. It is an effective mechanism to verify compliance regulation audits with two important goals:
Tailored audit is ‘Customized Audit’ function designed to cater organization’s need. It takes the generic audit to a new level through the addition of client expectations, policies and processes. The process involves preparing of documentations covering pre-defined critical business requirements. Tailored-audits follow the standard auditing principles.
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