Audit & Assurance

Audit & Assurance

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Audits are retrospective, independent checks on an organisation’s financial situation. They are often a legal requirement and are usually carried out as part of a team at the client’s premises. An auditor will assess the client’s systems and records for accuracy, honesty and risk. Where audits are not required by law, many companies opt to have their financial information assured independently by accountancy firms.

Audit and Assurance Work Involves

  • Statutory Audits
  • IFRS & US GAAP
  • Ind-AS -Advisory and Implementation

Statutory Audits

Our approaches to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and are free of any misstatements, errors and discrepancies. In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies.

At ZADN & Associates we have robust audit tools, resources and procedures to provide the means for our professionals to deliver high-quality audit services. In delivering these services we adhere to the highest standards of independence, professional objectivity and technical excellence thereby focusing on understanding the clients’ business and control issues from the inside out. It combines a rigorous risk assessment, diagnostic processes, and audit testing procedures as well as a continuous assessment of our clients’ service performance.

We Provide Specialized Services in Statutory Audit in The Following

Audit of financial statements: We recognize the management’s needs for submitting timely financial statements with conformity to the industry practices and rules and regulations. The company assists its clients by helping them prepare financial statements that reflect the client’s fair and transparent dealings while conducting any business transactions. The company assists in preparing financial statements like Cash Flow statement, Profit and Loss Account and Balance sheet for its clients.

Financial review: It helps in identifying the strengths and weaknesses of the financial accounting procedures and systems of the company. The deficiencies are addressed by suggesting suitable measures for improvement that ensure quality while meeting the industry accounting standards.

IFRS & US GAAP

With the rapid increase in multi-national companies operating in India, came the need to reconcile or re-cast financials of the Indian counterparts (prepared in accordance with Indian GAAP) as per internationally accepted financial reporting standards. Indian businesses have had to gear up in understanding the intricacies of these international financial reporting standards with the ever-increasing focus on quality and transparency of such financial reporting in order to provide reliable financial statements to its parent entity for consolidation purposes.

ZADN & Associates advises and assists all its multi-national clients on various aspects of the financial statements under different GAAP.

IFRS & US GAAP Services Include:

Advising and assisting in conversion of Indian GAAP compliant accounts to IFRS or US GAAP;

Reconciliation of Indian GAAP compliant accounts with accounts under IFRS or US GAAP

Advising clients on Foreign Group reporting pack of accounting data and assisting them in complying with requirements from global auditors;

Conducting customized training workshops for client’s employees to enable them to build in-house capabilities in understanding the intricacies under IFRS

Ind-AS -Advisory and Implementation

Ind-AS has been made applicable w.e.f. Financial Year 2016-17. At ZADN & Associates, we have expertise in helping the corporates to make smooth transitioning to this new statutory requirement.

Services Includes in Ind-AS -Advisory and Implementation

Our broad scope of work will be to provide an end-to-end solution to achieve smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS) starting from Financial Year 2016-17.

  • Identification of differences between current Indian GAAP and Ind AS
  • Identification of accounting and reporting differences between Indian GAAP and Ind AS
  • Identification and selection of exemptions available under Ind AS 101
  • Impact assessment on various component of businesses
  • Assess the impact of changes on various components of business, including IT system.
  • Detailed implementation plan based on this impact assessment
  • Assistance in preparing Financial statements as per Ind AS for transition date, comparative period and reporting period
  • Assistance in preparation of opening balance sheet on 1st April’2016.
  • Assistance in preparation of Financial statements for comparative period (FY 2016-17) and reporting period (FY 2017-18)
  • Training for knowledge transfer
  • Impart training to users to explain the differences post Ind AS transition.
  • Assistance during statutory audit
  • Discussion with Statutory Auditors to clarify if there is any difference of opinion on any judgment exercised related to Ind AS transition.

Get Personalized Financial Guidance for Individuals & Businesses

Whether you’re running a business or planning for the future, you don’t have to do it alone. We at ZADN & Associates, will help you to meet your evolving business, tax, and financial planning needs. We help you make informed decisions and achieve your goals by assessing your complete financial picture.

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