Overview

Our Assurance, Audit, and Attestation services are designed to support stakeholders such as lenders and investors. These services also benefit organizations looking to enter international financial markets. KSV provides a comprehensive array of services, including compilations, audits, and reviews, helping organizations gain a thorough understanding of key factors for business growth.

Our audit strategy emphasizes a deep understanding of clients’ business philosophies, human resources, and operational systems. Additionally, our approach includes best practices tailored to the specific needs of each organization. With our extensive knowledge of regulations, we effectively address complex issues like International Financial Reporting Standards and Sarbanes-Oxley compliance.

• Statutory Audit
• Internal Audit
• Forensic Audit
• IND AS Implementation

Compliance Audit

This audit is vital for ensuring a company’s compliance with established rules and regulations. It involves monitoring whether personnel adhere to the company’s guidelines. This includes reviewing legal documents related to banks and other lenders to ensure alignment with central bank, stock exchange, or government directives. The findings of such audits are reported to specific individuals and the higher authority that requested the audit.

Concurrent Audit

Organizations like banks, asset management firms, financial institutions, and insurance companies often use the internal audit method. Concurrent Audit is similar to Internal Audit and is conducted regularly. This helps monitor the effectiveness of standard operations in line with statutory requirements. Concurrent Audits supplement the internal audit team, providing continuous support with factual findings.

Financial Statement Audit

A financial statement audit assesses whether the financial statements are presented in accordance with specific criteria such as Indian Accounting Standards, IFRS, or US GAAP. As business complexity increases, auditors need to focus on more than just accounting issues. Our approach involves a thorough understanding of the business to enhance audit efficiency. We use a risk-based audit technique aligned with ISAs, covering:

• An in-depth understanding of the business and relevant industry factors
• Risk evaluation and strategy development
• Documenting review procedures, audit planning, and execution
• A direct and communicative process, enhancing internal controls
• Maintaining high professional standards with quality control processes

Follow-up Audit

Follow-up Audits are conducted approximately six months after an internal or external report is submitted. They aim to plan corrective actions based on the audit findings. The results are then communicated to the external auditors.

Information Technology Audit

This audit reviews a firm’s IT infrastructure, programs, and performance. There are generally three types:

• General Controls Review: assesses the management, maintenance, and security of application systems.
• Application Controls Review: examines controls over the input, processing, and output of data.
• System Development Review: evaluates the development process and final product of new application systems.

Integrated Audits

Integrated Audits combine Application Controls Review, Department Review, and Operational Unit assessment. This provides a comprehensive understanding of an institution’s functional operations.

Internal Audit

Internal Audits are designed to improve a company’s operations. They help organizations achieve their goals by providing a systematic approach to evaluate and enhance the effectiveness of risk management and governance processes. Internal Audits have a broad scope, covering operational efficiency, financial accuracy, fraud prevention, asset protection, and resource utilization in line with company policies.

Inventory Audit

Financial institutions extend credit to entities based on their inventory or receivables. This can be done through overdraft, cash credit limits, etc. Regular checks are essential to verify the status of current assets, ensure statutory compliance, and assess debt turnover.

Operational Audit

An Operational Audit examines the efficiency and effectiveness of an organization’s operations. It concludes with recommendations for improving business productivity. Operational Audits can cover various areas, from payroll transactions to complex procedures like courier services. Our audits are tailored to help you enhance functional efficiency.

Performance Audit

A Performance Audit provides an unbiased evaluation of a company’s program performance. We use personalized and constructive review methods to identify ways to achieve exceptional performance results. Benefits include identifying areas for improvement and enhancing overall organizational performance.

Revenue Audit

A Revenue Audit identifies revenue leakages, which can result from internal control deficiencies, fraud, or personnel errors. It is typically conducted once or twice a year. KSV has specialized expertise in this area, particularly within the banking sector.

Statutory Audit

A Statutory Audit involves reviewing a company’s financial statements for a specific period. The auditor reports on the company’s current affairs, providing stakeholders with a crucial tool to assess the firm’s financial health and compliance with regulations.

Payroll Audit

Salaries undergo detailed examination during a Payroll Audit. This audit considers various factors, such as employee authentication, updated personnel information, hours worked, and salary scales. It also includes reviewing the reimbursement amounts.