Financial Audit
At IPC, the financial audit services experts possess a strong understanding of all unique business, economic, and regulatory environments that can impact business performance. Our professionals not only proactively identify potential business or accounting issues, but they serve as a business advisor beyond the audit engagement.
We pride ourselves on the services offered beyond the audit engagement. We serve as a long term advisor, a business confidant, to our clients; something we are consistently recognized for through client testimonials. Our professionals are industry agnostic. Through our industry specific involvement in organizations and client engagements we have deep expertise in serving clients within the manufacturing, technology, government contracting, healthcare, construction, real estate, hedge funds, alternative investments, and non-profit industries.
Our advisors work with you to determine a plan – satisfying your reporting requirements, or put your financials under a microscope to detect unforeseen problems.
Tax Audit
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. Our Audit procedure has been designed to comply with the provisions of Income Tax Act 1961.
Our Key service offerings include:
- Conducting tax audit covering the different provisions of the Income Tax Act 1961
- Preparation and filing of Tax Audit Report
- Assisting corporates in finalization of their tax audits by other consultants/auditors
GST Audit
The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return. It is critical to 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. The audit of Annual return (also known as GST audit) lays the foundation for the first external verification/ assessment under the GST law.
At IPC, we believe in offering qualitative value added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.
Our service offerings
- Undertaking GST audits & Assistance in undertraining GST audits
IFRS/Ind-AS Support
IFRS has become the global accounting reporting standard. However, many companies seem unaware or unprepared for the complexities this change represents. Business transformation to IFRS affects almost all the business functions of an enterprise such as organization structure, legal contracts, accounting and finance, taxation, corporate responsibilities, and executive compensation. Conversion to IFRS is a big challenge for companies.
At IPC, we aim to add value to this conversion process and help our clients realize many of the opportunities that this change presents. By assessing the likely impact of this conversion across all the business functions, we assist in development of plans for implementing the necessary changes.
The firm also carries out an independent post implementation review to assist the management in a proactive assessment of the impact on the business and financial models with respect to the fundamental issues and disclosure norms under IFRS.
Our service offerings
- Ind AD adoption
- Assistance in analysing difference between Indian GAAP (Generally Accepted Accounting Principles) and Ind AS
- Assistance in identifying/deciding new policies/procedures required to be implemented under Ind AS
- Assistance in implementation of identified changes for convergence to Ind AS
- Training your team on key Ind AS concepts and requirements
- Assistance in compilation of financial statements under Ind AS
- Ind AS consultancy on technical issues
Risk Advisory & Internal Audit
Risk management is a big concern for both audit committees and senior management in corporate internally. Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. With commitment to integrity and accountability, internal auditing provides value to senior management as an objective source of independent advice.
How we can help?
Internal audit functions that provide the greatest value to the CEO are those with a clear understanding of the value they can offer and have a vision to enhance that value. Our methodology for conducting internal audit goes beyond the traditional quality assurance compliance review to identify high impact improvement opportunities.
Our interactive approach and intuitive framework can help you answer these critical questions.
Positioning – Is internal audit strategically positioned within the business to enable it to contribute to business performance?
People – Does internal audit have the right staffing strategy to deliver on the agreed objectives?
Processes – Do internal audit processes enable it to achieve objectives and is the department responsive to changing business needs?
Forensic Audit
Business environment today is volatile, fraud risks on the rise, perpetrators increasingly sophisticated, stakeholder expectations getting higher and regulatory enforcement, heightened. Against this background, vulnerabilities of a variety of fraud, misconduct, money laundering, bribery, kick-back schemes, amongst others, pose a substantial threat to financial, operational, and brand value of any business. It is therefore not an overstatement to say that identifying and mitigating these risks is crucial to a business’s existence.
Our Forensic Audit and Investigation Services is the answer to help you overcome these critical business challenges, effectively. Our team stands solid on experience and subject-matter expertise to provide the right insight, from strategy to execution. We cover the spectrum of investigative and forensic services and take pride in having worked on diverse engagements, cutting sectors. While we tailor our solution to a client’s requirements, the agility, conviction and sensitivity with which we approach any issue is constant.
Our service offerings
- Comprehensive portfolio of forensic services under one roof
- Undertaking complex investigations, providing the right business intelligence, appropriate response plans, from proactive to reactive services
Corporate Governance
Corporate governance refers to a combination of laws, regulations, procedures, implicit rules and voluntary practices which help companies to perform efficiently and maximize long term value for shareholders and at the same time looking after the interests of other stakeholders like buyers, government, society at large, etc. Lenders whether national or international, also look for them for taking exposure in any corporate. It is a function of transparency and fairness in operations and making proper disclosures.
At IPC we can assess your organization's governance processes, measure them against best practice, and ensure they meet the needs of the business. We can also make sure you comply with the rapidly changing country and financial market specific regulations. Senior executives need to ask themselves when they last studied their organization's corporate governance framework and whether they're confident that it's robust and underpinned by integrated, resilient processes. They need to question the effectiveness of the organization's controls and their comfort level in signing off the annual internal controls statement. We can help businesses evaluate the effectiveness of their organization's governance processes, develop solutions to close the gaps and enable change to minimize risks and maximize benefits.
Our service offerings
- Continuing Board or Board Committee Education
- Governance and Risk Oversight
- Assessment of Corporate Governance
- Development of Corporate Governance
