AUDIT & ASSURANCE
Auditing is a highly complex process; and the importance of auditors as a vital link in the financial reporting chain and their role as trusted advisors has increased manifold in the present era. We at VAA understand that to deliver quality audit and assurance services, we must look beyond the traditional ways and understand stakeholder’s concerns relating to performance, privacy, risk, controls and data analysis. Our experience with leaders in various industry verticals enhances the confidence of various stakeholders. Our audit begins with understanding client’s area of operation and identifying major risk areas. We work closely with client to comply with Accounting Standards and other applicable provisions of the law.
In delivering these services, we adhere to the highest standards of independence, professional objectivity and technical excellence.
Our audit procedures and policies have been subjected to external reviews by Quality Control Board of ICAI and Peer Review. The Audit approach of a firm is to concentrate efforts on controls and key risk areas enabling to provide a straightforward and cost effective audit. The service engagements include performing of audits of financial statements of Corporates, banks, NGOs etc.
VAA has rich experience and expertise in:
Statutory Audits :
Statutory Audits are conducted to report the Company’s Financial position and accounts to the Statutory Department. At VAA an experienced team of qualified professionals are designated to do such audits. The audit report are prepared strictly in accordance with the rules and regulations defined by the Government agencies and as per the accounting standards set by the Institute of Chartered Accountant of India (ICAI) with due care taken.
Internal Audits :
The end result of an internal audit is no longer limited to focusing on the processes and controls surrounding financial reporting. Internal audit now has a more strategic role. It can create value by identifying enterprise-wide risks, leveraging synergies, monitoring and providing early warning of new risks; and improving processes/ efficiency. VAA provides a platform to its clients to achieve more from the business by providing internal audit services of highest standard.
Concurrent Audits :
Concurrent Audits are conducted to report the Company’s Financial position and accounts to the management. At VAA an experienced team of qualified professionals are designated to do such audits. The audit report are prepared strictly in accordance with the rules and regulations defined by the Government agencies and as per the accounting standards set by the Institute of Chartered Accountant of India (ICAI) with due care taken.
Operational Audits :
VAA’s advanced and analytical audit approach focuses on internal control and operational process analysis to ensure maximum productivity and efficiency in the processes/ practices. We work to identify the areas of weakness that violate or have the potential to violate legislative business policies, regulations and legal requirements. The ultimate purpose of VAA’s is to satisfy its client’s needs and advice the best action to be taken. The end result gives our client streamlined operations which are safe and generates high ROIs.
Forensic Audits :
An examination and evaluation of a firm’s or an individual’s financial information for the use as an evidence in the court of law. At VAA, we undertake financial investigations pertaining to misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities, NGOs and HNIs/ industries we serve. Our well trained and qualified Professional experts handle such issues with great proficiency and get the best result out of it.
Stock Audit :
Stock Audit is all about the checking and confirmation of Accuracy, Value, Quantity existence and ownership of stock. For VAA Stock Audit is an area of specialization and core competence, We are committed to provide unmatched Internal Audit Services because of our unparallel reach and all India network. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.
Risk Assessment :
Risk Assessment is the identification and analysis of risks at earlier stage that influence the accomplishment of an organization’s objectives, and determining the risk management processes. Risk assessment involves determining the operating objectives, systematic identification of activities/ events that could prevent a business unit from achieving its objectives. At VAA, we aim at creating an analytical tool that maps out the potential alarming glitches and the preventive measures to avoid those glitches.
Due Diligence :
Due diligence is an investigation or audit of a potential investment or product to confirm all facts, such as reviewing all financial records, plus anything else deemed material. VAA holds an expertise and an established track record in this area. Our aim is to enable entrepreneurs and decision makers to make sound investment decisions with great confidence and fruitful result at every stage. We aim at eliminating the risk and potential flaws of investing at domestic and international locations. we develop a road map for our clients to make their investment rich.
US GAAP :
The common set of generally accepted accounting principles, standards and procedures that companies use to compile their financial statements. GAAP is a combination of authoritative standards (set by the policy board) and simply the commonly accepted ways of recording/ reporting accounting information. At VAA, we have accumulated the expertise needed to conduct US GAAP Audits.
International Financial Reporting Standard (IFRS) :
IFRS is a set of international accounting standards and it talks about how the particular type of transaction and other events should be reported in the financials of any organization. IFRS can be considered as a great initiative in the financial reporting standards at the global rostrum. We at VAA have qualified and trained Human Resources to assist in IFRS Convergence and balancing both the short term and the long term objectives of the businesses.