Auditing and Assurance service is the core of any financial management set up. Stockholders, creditors and private investors need assurance that the financial statements of an organization reflect its true and fair position. Auditing comprise methodical review, examination and analysis of financial statements. It also includes verification of specific information provided by the auditor.
It includes reviewing compliance of accounting procedures, provisions of company law, tax laws and other related laws & standards and guidelines as recommended by the Institute of Chartered Accountants for India, in sync with international accounting norms. Statutory audit in recent times has become extremely difficult and complicated due to globalization, volatile business and statutory environment and compliance of global accounting standards.
Our statutory audit team at KMK & Associates takes pride in having a deep understanding and expertise of Accounting Standards, Company’s Law, General Accepted Accounting Principles, International Financial and Reporting Standards. We analyze the performance of the company with the help of ratios, cash flows and analytical tools. We report the performance to the board of directors. As statutory auditors, we maintain high ethical and professional benchmarks. Our statutory auditors are efficient Chartered Accountants exclusively trained for conducting statutory audit under company act, income tax, labor laws and other applicable laws.
According to the Income Tax Act 1961, the books of accounts of a businessman or a professional need to be audited according to the provisions in the act if the turnover or gross receipt exceed the specified limits of the act. Section 44AB lays down the provisions for the taxpayers to get their accounts audited.
We provide comprehensive tax audit services based on the requirements of the Income Tax Act. We endeavor in keeping our team and our clients updated with the latest amendment to laws. Our tax audit services also include envisioning proper tax planning for our clients. Apart from issuing tax audit report including our findings, observations etc; we also advise our clients for long term gains. We take pride in mentioning the fact that our firm has also been empaneled to carry out special audit under section 142(2A) of the Income Tax Act, 1961.
Internal audit pertains to a management tool used to review and analyze the operations of an entity and guide the management in implementing corrective actions accordingly. Internal Audit has evolved tremendously. It involves a huge scope of audit that ensures proper functioning of all domains of an organization like sales, finance, HR, inventory, utilization of resources etc.
Internal audit team at KMK & Associates strives to conduct internal audit with the highest standards of auditing procedures and ensures all the compliances of the client’s requirements. We work independently and objectively to add value to the operations of the organizations through audit and assurance services.
Bank audit involves reviewing banks and financial entities. It relates to focusing on the accuracy, completeness and legitimacy of the financial activities of banks. This is carried out by special auditors. It is vital to carry out bank audit periodically as prescribed.
KMK & Associates has high experience in bank audit of banks. Through Concurrent audit, we examine financial transactions to verify if they have been conducted in accordance with the systems and procedures laid down. We have been empanelled on various nationalized and private banks to conduct the daily concurrent audit as well as annual statutory audit.