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) & 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
