Audit & Assuarance

Audits are all about Checks, Controls and assurance, which may be complied statutorily or even be held voluntarily by the entity to assure the true view of business in terms of finance.

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Compliance Check - Company Secretarial Audit

Secretarial Audit is a process to check compliance with the provisions of various laws and rules/ regulations/procedures, maintenance of books, records, etc., by an independent professional to ensure that the company has complied with the legal and procedural requirements and also followed the due process.

Concurrent Audit

JAL provide systematic concurrent audit services to timely examine the financial transactions on a regular basis to ensure accuracy and compliance with procedure and guidelines.

Cost Audit

A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives.

Income Tax & GST Audit

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.

Internal audit

JAL assist clients with internal audit functions, providing comprehensive, year-round audit procedure, which goes well beyond the routine transactions, testing the effectiveness of the internal control environment and risk management, process improvement and cost control tactics.

Management audit

Management audit are primarily conducted in order to provide the client’s management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements.

We, at JAL, strongly believe in Management Audits being a value addition exercise rather than a mere compliance exercise. Our Management audits focus on:

  • Providing an unbiased and objective in-depth assessment of the managerial and leadership competence and potential of the entire management team.
  • Perform differentiated and individual evaluation of the executives in question.
  • Assisting in meeting the clients' Corporate Governance requirements.
  • Suggesting improvement of the present and future performance and establishing appropriate standards.

Propriety Audit

Propriety audit has been described as an audit of the actions and decisions of the executives. The focus of such an audit is on the financial discipline, the authority structure, efficiency, rules and regulations and the protection of public interest.

Revenue Audit

A Revenue audit is where your tax returns are compared to your tax records. There are generally three reasons for which we can decide to audit you:

  • Screening tax returns - this is where we look at your returns and compliance history for any patterns or trends. This is the most common method of selecting a business or tax payer for audit.
  • Projects on business sectors - Revenue might focus on a particular business sector, trade or profession when choosing businesses or tax payers for audit.
  • Random selection - a small number of audit cases are selected using this method.

Statutory Audit

JAL assist clients with Statutory Audit under the Companies Act, Banking Regulation Act, Bombay Public Trust Act, Societies Registration Act and the Co-op Societies Act. JAL undertake these audit assuring compliances with all legal formalities.

Stock / Inventory Audit

Stocks and physical assets such as raw materials, products, plant and machinery, office equipment, IT systems etc. are value assets of a company.

JAL provide Stock based auditing to companies helping them safeguard and monitor their physical assets and inventories efficiently. JAL follow a strict audit and reporting mechanism that ensures that every aspect of stock is evaluated and findings are reported in a transparent manner to levels concerned.

System Audit

JAL assist clients in establishing and complying with the Information System Auditing Standards. JAL establish controls whether managerial, organizational, operational or application in IT environments.

Transfer Pricing Audit

A Transfer Pricing Audit is an investigation by a tax authority to ascertain whether a company is compliant with applicable transfer pricing regulations. During the analysis, the tax authority assesses corporate information such as the accounts, ledgers, statutory records, documents, transfer pricing documentation, and agreements.

There are different types and levels of audits. In some cases, an audit is focused on a particular controlled transaction, and done by one single tax inspector. In other cases, transfer pricing can be part of a much bigger review, and involve a whole team of investigators.

Other agreed upon verification, assessments & assurances services.

Forensic Accounting & Audit

A forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding.

JAL has the expertise of accounting and auditing procedures as well as expert knowledge about the legal framework of such an audit.

Due deligence Services

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. It refers to the care a reasonable person should take before entering into an agreement or a financial transaction with another party.

Risk Management Service

Risk Management allows organizations to improve the quality of project management practices and governance from the decision to invest to final delivery of project outcomes. Risk management promotes dialog between all stakeholders and sponsors and supports realistic approaches, plans, and project estimates. When implementing or improving Risk Management, you need to consider the organization’s/project’s risk management maturity, processes, methodologies, organization, culture, technologies and oversight structures.

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