Need Auditing and Assurance services in Delhi? Here is help

Every company or business, whether big, small or medium, needs auditing services in the present world. Outsourcing of these services to a reputed and dependable chartered accountant firm can leave you with more time and energy to invest in corporate or marketing strategies. There are many such firms providing Auditing and Assurance services in Delhi and they can offer you helpful insights to achieve optimal effectiveness of different business functions.

What do chartered accountant firms do?

Before beginning the process of auditing, chartered accountants will first acquire an in depth understanding of your business, accounting system and internal controls. They will also bear in mind your exact requirements. Then through auditing, they will create financial statements according to the standard accounting principles which is a fair estimate of your state of affairs.

Types of auditing

Prakash K Prakash is one such company that offers Auditing and Assurance services in Delhi and rectification measures for any irregularities in the financial system. Auditing services generally include statutory audits, tax audits, internal and management audits, information system audit, income and expenditure audit and current asset or stock audit.

What type of audit do you need?

If the turnover of any business is greater than Rs.1 crore, or the total receipts from any profession is more than Rs. 25 lakhs in any previous year, then tax audit is required. Internal and management audits are necessary for ensuring strong internal and managerial control systems. It also diminishes the risk of deliberate or accidental omissions and errors.

Information System audits deals with the evaluation of certain computer programs and the data processing environment. Concurrent or income and expenditure audits are required when regular business transactions have to be verified. Stock audits help companies to verify about their stocks or debtors. Also the lender may need to check the repaying capacity of its borrowers.

Good to know

Most well known chartered accountant firms boast of highly qualified and experienced professionals such as Chartered Accountants, financial analysts, advocates, tax advisors, and company secretaries. They may also have other supporting staff from commerce background. The firms may also provide numerous other services like book keeping, business setup, company law services, treasury services, corporate advisory and FEMA or RBI related services.

Before hiring any auditing and assurance service, please make sure that they perfectly realize your requirement, their rates are reasonable and what they will exactly deliver. You may also want to enquire about how long they have been in the business and the type of clients they have served.

Prakash K Prakash has been offering a broad spectrum of Business Services like Company Law Services, Financial Accounting Services, Chartered Accountants In India, Fema & Rbi Related Services and more.