Services
Audit and AssuranceWe provide an array of audit and assurance services encompassing a diverse client base ranging from small businesses & start-ups to international groups.
Our Audit Mechanism complies with Auditing Standards issued by the The Institute of Chartered Accountants of India (ICAI) which is aligned with the International Auditing Standards.
Our Audit begins with understanding client’s area of operation and identifying major risk areas. This helps us customise the Audit Programme for each Client, based on which the Audit is conducted.
We adhere to the highest standards of independence, professional objectivity and technical excellence and ensure that our client’s business derives optimum value from the audit process.
Our Audit Services
Internal Audit
The focus of our audit methodology is to identify the internal control gaps and ensure their rectification on an ongoing basis. Reporting is done on a monthly / quarterly basis according to client mandate. The Audit Report would include a Risk Matrix for Management to quickly identify major risk areas.
We undertake internal audit of corporate & other entities. We hold a strong expertise in the following verticals :
- Aviation
- Construction
- Infotech
- Manufacturing
- Diagnostic Services
The audit programmes are custom built in order to perfectly suit the need and be able to face the challenges of our client’s business. An internal audit will typically cover the following areas :
- Physical verification of cash balance
- Physical verification of Fixed Assets
- Physical verification of major raw materials & stocks
- Verification of bank reconciliation statements
- Verifying accuracy of financial data input
- Verifying authorization levels & limits
- Ensuring statutory compliance under various statutes
Statutory Audit
While conducting a Statutory Audit, we follow a structured audit programme to ensure that the company has complied with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.
Our Audit Programmes are designed to arrive at an opinion as to whether the financial statements show a true and fair view of the Assets & Liabilities of the Entity and the profitability or loss of the enterprise for the period under review.
Statutory Audit Reports are annually filed with the Ministry of Company Affairs & other Statutory bodies as a mandatory requirement by Corporates.
Information Systems Audit
The Process inter-alia would involve:
– Identification of Business-Critical Assets
– Risk Analysis – Potential Threats to these Assets are evaluated
– Review of Risk Management process
– Design of the Controls to mitigate the threats & Review of its Implementation
– Training and Awareness
– Periodic Re-Evaluation and Assessment
Management & Operational Audit
Management and Operational Audits include an insightful analysis of every/required operational dimension. Depending upon the complexity and size of the organisation and whether it is being conducted for the entire entity or a particular business unit the audit plan is designed.
Through a detailed and well-structured mechanism in place we assist our clients in setting up of effective systems and procedures and formulation of corporate policies.
Certifications:
There are several applications and registrations entailing the need for certification and attestation by a Chartered Accountant. These certifications may not totally take away the risk of litigation, but a judicious selection of the right professional, mitigates such risk to a great extent.
Our Firm provides necessary certifications and attestation services based on the requirements and available documentation.
- Net Worth Certification
- Certification under the Income Tax Act 1961, for foreign payments
- Certifications related to a Special Economic Zone (SEZ) Unit
- Certification for Foreign Remittances under the Foreign Exchange Management Act 1999
- Certification of Financial data for submission to Government Agencies
Other Service Offerings under Audit and Assurance:
- Transfer Pricing Audit under the Income Tax Act 1961
- Audit of Charitable entities under the Income Tax Act 1961
- Audit under the Goods & Services Tax Act 2017
- Audit under Foreign Contribution (Regulation) Act 2010
- Forensic Audits
- Audit of AOPs, Trusts, Societies & Partnership Firms
- Stock Audits
- Due Diligence Audits
HEAD OFFICE
Cochin
Address
Korah & Korah
1st Floor, Lucky Star Building,
Market Road, Cochin – 682 035.
info@korahandkorah.com
Phone
0484-2364428 / 2371811/ 2352380
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