We present a high level overview of SSVS’s audit approach which is a risk based methodology in accordance with International Standards on Accounting and Auditing.
Our audit procedures will evaluate the fairness of presentation in the financial statements in conformity with Accounting and Auditing Standards. Quarterly limited reviews of the financial statements will provide us the business overview and risk area understanding which in turn will lead to business insight reporting, internal control strengthening on periodical basis.
Audit will be conducted in accordance with International Standards on Auditing issued by International Federation of Accountants (“IFAC”) and will include such tests of transactions, the existence, ownership and valuation of assets & liabilities as we consider necessary.
We shall obtain an understanding of the accounting and the internal control systems in order to assess their adequacy as a basis for the preparation of the financial statements and to form an opinion whether adequate accounting records have been maintained by the entity. We shall expect to obtain such appropriate evidence as we consider sufficient to enable us to draw reasonable conclusions there from.
We will plan and perform our audit to be able to provide reasonable assurance that the financial statements are free from material misstatements and give a true and fair view. The assessment of what is material is a matter of professional judgment and includes consideration of both the amount (Quantity) and the nature (Quality) of misstatements.
The assessment of materiality during audit planning assists in the determination of an efficient and effective audit approach. The level of materiality also determines the extent of work to be performed and we will discuss with those charged with governance both the materiality we intend to use and the level of work that we intend to perform for the purpose of expressing our opinion on the entity’s financial statements.
Audit and Assurance Services
We use an efficient risk-based audit approach, which will meet all compliance requirements of Indian and International Accounting and Auditing Standards which safeguard you from surprises. Our approach emphasizes on a clearly defined and well thought out audit plan that will minimize cost and inconvenience to your Company.
We place a premium on effecting an orderly and non-disruptive start-up of our services. Providing a quality audit service in the most efficient, least disruptive way possible – “get in, get it done right, and get out” is central to our practice. Under the Audit & Assurance practice line we offer the following.
Statutory Audit :
The objective of the IT Audit is to support the financial audit team in providing assurance over effectiveness of specific application controls and/or controls over computer generated information (CGI) and related general IT controls.
Our IT audit services will include the following:
IT application controls are fully-automated (i.e., performed automatically by the system) controls designed to ensure the complete and accurate processing of data from input through output. These controls vary, based on the business process supported by the application. We will be testing application controls through configuration or simulation testing.
The following are basic steps in performing the Information Technology Audit Process:
Deliverables and Timeline:
Our review of your request, discussions with your personnel and understanding from clients in similar business sector will ensure that we put together a plan to provide you with required deliverables from our audit and review services and other value added services such as management letter and technical updates. We understand that timing is of essence when it comes to client satisfaction and commit to work closely with your team to ensure that all your reporting deadlines are met.