Modern day successful businesses understand the value of transparency and the confidence that thrives thereon. Across the world, there is a change in thinking to a more robust and effective assurance regime.
The global business landscape has been changing by transformational events and trends across countries. Implementation of newer Accounting and Regulatory Standards has reshaped financial and reporting environment. We help you understand and address today’s most critical financial and reporting issues.
Statutory Audit Services
Statutory means anything regulated by laws of the state. Statutory audit is the official inspection of a company’s accounts typically by an independent body. More elaborately put, it is the audit of books of accounts of a company, according to the requirements of a statute, to ensure true and fair representation of its financial records. Audits are primarily aimed at protecting a company’s stakeholders.
They help investors gain confidence in a company and reflect the company’s true business health and performance. A fast-paced business environment combined with the need to sync with global standards has raised the performance bar for companies and brought in high-quality statutory requirements in the country.
The demand for accurately audited accounts has put more weight on the shoulders of a statutory auditor, usually a chartered accountant. As a result, in recent times, statutory audit has magnified in terms of complexity.
Statutory requirements under various laws and regulations in India require an Independent Audit of the Financial Statements of a business entity. RGS is actively engaged in providing assurance services for private companies, public companies, limited liability partnerships, trusts, partnerships, etc.
Statutory Audit Engagements enable users of financial statements to interpret the financial health of the business and also enables interested stakeholders to repose their faith in the business performance. The expectations of varied stakeholders require a robust process-driven and technology-enabled independent audit function that truly justifies its purpose.
Highly selective in the independent audit engagements it conducts, the Independent Audit practice at RGS is led by experienced team member and enabled by use of technology. Today’s modern businesses and their reliance on technology requires the audit teams to be equipped with innovative technology.
Our services include
- Statutory Audit under Companies Act
- Tax Audit under Income Tax Act
- GST Audit
- Bank Branch Audit
- Stock Audit
- Revenue Audit
Internal Audit and Risk Advisory
Our services are designed to suit individual client specific needs. It can provide you aid in managing your key business concerns, be it achieving your strategic business goals, meeting operational challenges, complying with regulatory norms, or managing reporting requirements.
Our services include
- Providing and supporting in implementing result oriented and practical solutions
- Compliance with the various regulatory provisions and operational manuals
- Helping in meeting the clients’ regulatory requirements
- Evaluation of internal controls and suggesting areas for strengthening
- Review of existing business processes, policies, and practices with a view to suggest best practices
- Identification and recommendation and implementation of areas for cost reduction, revenue optimization and improvement in operational efficiency
A key focus area for the Firm has been providing Internal Audit and Risk Advisory Services to businesses. Internal audits provide the freedom and room for creativity to solve a particular problem in an effective manner to add value to the entire process.
RGS has a resolute team working on internal audits and risk advisory services to corporate entities. As a non-attest function, the Risk Advisory function thrives on adding value to a client process or concern.
Our Team has deep knowledge in internal audits, which are primarily conducted to provide your company’s management with a clear, comprehensive, and unbiased analysis of the functional efficiency of the organization and to suggest areas for improvements.
We strongly believe being a value addition exercise rather than a mere compliance exercise. We passionately believe in providing value added services through highest levels of professional competency and integrity to its clients.
Financial Accounting Advisory Services
Companies are constantly evolving and can face complex financial reporting challenges, arising from business changes (i.e., acquisitions, disposals, financing, and equity issues) and development of the regulatory environment (i.e., accounting standards, listing rules, company law).
It is vital that companies understand the financial reporting impact of entering a transaction or contract and the options available to help them reach the best commercial decision that allows the business to grow and achieve more.
Accounting for complex transactions, navigating new, existing standards, and developing memos for accounting positions can overload finance departments. We understand what auditors look for and can help you with the preparation of robust memos, correct calculations, and models to support you through your audit process.
RGS Team can support you in building an effective and efficient finance function with a range of accounting, reporting and analytics services. We also support finance functions with robust financial data analytics and innovation through our tools.
Seeking expert advice, either regularly or as a one-off for unfamiliar or demanding situations, is critical to understanding the impact of a transaction on key metrics and financial statements and choices available, whilst alleviating pressure on finance teams.
Our Accounting Advisory offering provides an integrated approach with traditional accounting and assurance, financial reporting, and governance, with expertise in systems, processes, and controls.
Accounting and assurance support
- Consultation on the impact of complex accounting issues
- Transaction accounting support and advisory
- Development and review of accounting policies
- Preparation of consolidation models
- Cash flow preparation
- Assurance and agreed upon procedures
Financial reporting support
- Year-end and month-end financial statement close processes
- Disclosure notes drafting
- Support with front-end narrative reporting (Directors reports, Strategic reports)
- Technical accuracy review of financial statement for potential issues