CA Lochan Kundra+91 9815433311
CA Simranjeet Singh+91 9814763238
3rd Floor, Aventura Mall, 35-B, The Mall, Amritsar
Our ServicesAudit &
Assurance
If you own a business, the annual audit can sometimes feel like a time-consuming and expensive process that only benefits the statutory authorities. We make sure all your onerous reporting requirements are met as painlessly as possible- keeping banks, creditors, finance providers, and even the Inland Revenue, happy. But More than that we aim to offer you the kind of business advice that could help you to run your company efficiently and cost-effectively. We also offer expert corporate tax planning advice, to make sure you’re as tax-efficient as possible.
- AUDIT
- INTERNAL AUDIT
AUDIT
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.
Lochan Kundra & Associates firmly believes in providing value added services through highest levels of professional competency and integrity to its clients. Our Audit services are designed to suit the individual client specific needs. It provides assistance to clients in managing their key business concerns, be it achieving strategic business goals, meeting operational challenges, complying with regulatory norms or managing reporting requirements.
Our audit is special because of the people who do it – we only recruit the best. We train all our staff to anticipate client needs, communicate clearly and take ownership of their work.
Our Audit Services includes:
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- Statutory Audit under Companies Act 2013
- Tax Audit and other Audits under Income Tax Act 1961
- Internal Audits
- Expenditure Audits
- Stock Audits
- Concurrent Audits
INTERNAL AUDIT
An internal audit is a type of internal control process designed to examine and evaluate the effectiveness of other controls within an organisation. Its main objective is to safeguard the organisation’s assets and properties from loss, waste as well as fraud. An internal auditor takes place within a company, as the name implies working only for the company. As a result, the company’s accounting records, financial activities, and operations will be reviewed by an independent internal auditor or team of auditors.
The Scope and Objectives of internal audit vary widely and are dependent upon the size and structure of the entity and the management’s requirements. The internal audit normally operates in one or more of the following areas:
What Lochan Kundra & Associates Offers
- Our skilled professional auditors adopt a risk-based approach focusing on the objectives and constraints of our clients to achieve those objectives.
- Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening.
- We go further of traditional basics and added tangible value.
- We work to build the internal audit throughout a convenient and productive tool in today’s Corporate Governance Committee environment.
- We are providing expertise to implement the audit work in specialized areas such as fraud investigations, monitoring of projects, implementation of systems, revenue assurance, IT etc.
- Our expert team also serve clients in various industries like Manufacturing, Textiles, Automobile & Electronic Dealerships, Educational Institutes, Trading Concerns.
- Our services are focused on value creation and offers you the vision and foresight throughout the enterprise as a whole, to address the future head on.
1) Review of policies and procedures for compliance
The operation of the commercial firm is influenced by the systems and processes that it implements. The internal auditors’ work scope includes evaluating and reporting on the efficacy and impact of such systems.
2) Verify the accuracy and consistency of information
The internal auditor should verify the accuracy and consistency of information used in finance and operations. The verification also needs to include an assessment of the methods for identifying, recording, classifying, estimating, measuring, and reporting such data.
3) Confirm the company resources have been properly used
Assessing how effectively and efficiently the resources are being used is also within the scope of an internal audit. Moreover, during this step, factors that hinder efficient resource utilisation should also be identified by the internal auditors.
4) Check if the company met its objectives
An examination of the company’s activities or programs is also be performed by an internal auditor to see if the outcomes are in line with the company’s defined goals and objectives. The auditor will also check to see if such activities or programs are being performed as planned.
5) Validate if the assets are well-protected
The internal auditor should examine the current system for protecting assets and, if necessary, confirm their existence.
Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value.
Focus on what’s Imporant
Let’s talk about improving your tax submissions
Are you worried about a possible audit from the IRS or a collective action being taken against you? Don’t wait until it’s too late. The experts at Lochan Kundra Associates are here to assist you with all of your tax needs.
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Lochan Kundra & AssociatesContact Info
Organically grow with the dedicated tax management team.
Our locationsWhere to find us?
3rd Floor, Aventura Mall, 35-B, The Mall Road, Amritsar
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