Audit and Assurance

Statutory and Tax Audit

Audit is a detailed examination of Financial Statements with an eventual objective to provide an opinion, whether it represents a true and fair picture of the company/entity.

Our professionals at BnB have many years’ experience, competence, industry knowledge and integrity. Our audit approach, is tailored to suit the size and nature of any organization and draws upon our extensive knowledge and talent, understanding of laws, regulations and legislation. We approach your audit with a deep and broad understanding of your business, the industry in which you operate, and the latest regulatory standards, helping you deliver value confidently through transparency of your reporting to stakeholders.

We have an effective Peer Review Certificate from the Institute of Chartered Accountants of India, enabling us to undertake audit work for listed and public-interest entities

Tax Audit is an examination of a business or individual tax affairs to check whether the transactions undertaken by them are as per the Income Tax Act like declaration of all the computable income or are they entitled to certain tax deductions or any tax offsets which they had claimed in their tax return. Our taxation advisory team has a vast experience in tax laws of India and they are presently assisting many of our clients with cost-effective and practical solutions to file their tax audit returns in time.

Forensic Audit

An Investigation into the accounts of the entity which involves thorough study and interpretation of audit evidence in cases that involve fraud, embezzlement of funds, and other financial claims. Purpose of a forensic audit is generally to extract evidences to support prosecution of a party of criminal offence such as fraud, embezzlement of funds or negligence in litigation procedures. Forensic audit is an integrated procedure meticulously performed, which requires accounting and investigative skills to extract conclusive evidence to support the claims of the entity.

Due Diligence audits

Due diligence audit is basically a careful investigation into the complete financial picture of a company. Generally, these audits come before a purchase, merger or other major decision that could negatively influence the finances of one or more businesses. These audits are generally used to ensure that no hidden liabilities exist.

GST Audit

The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return. An annual return must be filed once in a year by the registered taxpayers under GST on the due date as prescribed under law. It is critical for the taxpayers to start focusing on the audit of compliances under GST law and input and output reconciliations form a critical part of the GST audit certification. Annual audit under GST comprises furnishing a statement in Form 9C, duly certified by a CA/CWA. A registered person whose annual turnover exceeds INR 5 crores (INR 50 million) during the financial year, needs to file a statement of reconciliation between the annual returns in GSTR-9 and the figures mentioned in the audited financial statements in Form-9C. We offer qualitative value – added services encompassing a comprehensive review of all GST records.

Stock audits and Revenue audits

A revenue audit is a two-tier process that scrutinizes the figures and information as given in tax returns against those found in its business records of an entity. Whereas stock audit is the area of specialization for us. Our Stock Audit team follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated, and findings are reported in a transparent manner to levels concerned.

Internal and Management Audit

We assist clients in enhancing risk management; improving performance and operating efficiency while providing the foundation to achieve better business performance.

Through our service offerings in internal and management audit, we:

review and evaluate the effectiveness of your organization’s internal controls,
carry out an independent assurance and consulting activity to add value and improve an organization’s operations,
help to accomplish an organization’s objectives by evaluating and improving the effectiveness of risk management, control, and governance processes,
perform systematic analysis and assessment of processes and policies of an organization to evaluate its effectiveness.

Information Technology Assessment and IT Audit

Information Technology is the backbone of the operations at any company which makes an IT audit a crucial step in maintaining the stability in an organization. IT audit is an examination of the Information technology infrastructure to assess its effectiveness, performance and if it is aligned with the objective of the entity. It is an important step to ensure that the IT controls are in place and are enough to protect the organisation’s assets, data, and information, or if any further improvement is required.

IFRS/ Ind AS Advisory

Conversion of financial statements prepared under Indian GAAP to IFRS for the purpose of reporting overseas to parent company and/ or foreign investors. We assist in development of plans for implementing the following changes:

Making the client understand the importance and assess the impact of the implementation of /Conversion to IFRS.
Advice on adaptation of IFRS tool and processes etc.
Technical advice on accounting procedures and support for the whole conversion process.

Conversion of financial statements prepared under Indian GAAP to Ind-AS. We assist in development of plans for implementing the following changes:

Ind AS adoption.
Assistance in analysis of difference between Indian GAAP (generally accepted accounting principles) and Ind AS.
Assistance in identifying / deciding new policies / procedures required to be implemented of under Ind AS.
Assistance in implementation of identified changes for convergence to Ind AS.
Training your staff on key Ind AS concepts and requirements.
Assistance in compilation of financial statements under Ind AS.
Ind AS consultancy on technical issues.

As a renowned audit firm in India we offer highly reliable services that ensure complete compliance with IFRS/Ind AS like assist companies in carrying out analysis of the adoption of IFRS/Ind AS.

Internal Financial Controls (IFC)

Testing of design and operative effectiveness of organisation’s process and entity level controls.
Help organization transition to a process – based approach for financial control compliance, identifying effective ways to appropriately reduce effort through better risk assessment, scoping and use to technology.
Approach and methodology is oriented towards a consultative and collaborative model, bringing to table good understanding of your industry
Benefits of IFC include – Definition of clear accountability and Transparency, opportunities to plug leakages, streamlining & standardizing controls and enhancing governance framework.

React us at:

Head Office
81, Hemkunt Colony
Opp Nehru Place
New Delhi – 110048

Phone: +91-11-41635599, 41835599
EMail : info@bnbindia.co