The purpose of an audit is to provide users of financial statement with an opinion by an independent auditor on whether a company’s financial statements are presented fairly, in all material respects, in accordance with financial reporting framework. To form this opinion, the auditor gathers appropriate and sufficient evidence, observes, tests, compares and confirms until gaining reasonable assurance. The audit provides users such as lenders and investors with an enhanced degree of confidence in the financial statements. We, at N. G. THAKRAR & CO., an audit firm in Mumbai believe in creating value that makes a real difference to a client’s business. The foundation of this service would have far reaching benefits to our clients as ourteam of dedicated professionals evaluate potential risks and ensures to deliver effective auditing and assurance services by applying audit methodologies to create better audit evidence and gain deeper insights.
The methodology of our audit firm in India has below mentioned key elements:
- Understanding the business
- Using analytical approach and Procedures
- Review of Annual financial statements in line with applicable laws and relevant Accounting Standards
- Providing Guidance and ensuring compliances of statutory provisions
Our managing partner CA. Natwar G. Thakrar, has over 35 years of extensive experience in auditing and accounting industry. Our expertise in analysing accounting systems, designing better systems with proper internal controls and management information reporting help our clients to adequately plan their business building strategy and give them the confidence to pace up with the rapidly moving economy.
In today’s dynamic business environment, for any business organization, one of the most important challenges is to ensure compliance of various laws and considering the fact that the law has become more complex in recent years as a result of many reforms, amendments and notifications, it is of utmost importance for every organization to comply with various laws so as to ensure better corporate governance and meet with the requirements of vigilant government authorities.
Our Assurance clients extend to virtually all business sectors and industry segments, ranging from Manufacturing, Trading, Trusts, Hospitals, Service sectors, etc.
As Internal auditors, we deal with issues that are fundamentally important to the survival and prosperity of any organisation. We look beyond financial risks and statements to consider wider issues such as the organisation's reputation, growth, its impact on the environment and the way it treats its employees. The role of internal auditors is mainly to help the organisations to succeed. We do this through a combination of assurance and consulting. The assurance part of our work involves telling managers and governors how well the systems and processes designed to keep the organisation on track are working and post that we offer consulting to improve those systems and processes where necessary.
The statutory audit of banks forms an integral and important part of control mechanism of the regulators, like RBI. It provides the stakeholders including the Regulators, a comfort with regard to credibility of the financial information that a bank generates at every year end. Given the nature, scope and volume of transactions undertaken by banks in India, coupled with their geographical spread and the various regulatory directions to which they are subject, audit of the financial statements of banks indeed becomes very challenging for the auditors. Hence to maintain the quality of bank audits, we keep our team well equipped in terms of knowledge of the banking sector and initiate steps to keep up to date with the latest developments.
Other Attestation Services
It includes engagement as per Standards on Auditing (SAs), Review Engagments as per Standards on Review Engagements (SREs), Other Assurance Services as per Standards on Assurance Engagement (SAEs) or any other assurance services rendered by the full time practising Chartered Accountants.