Facing a business audit can be daunting but with the right support, you can navigate the process smoothly and efficiently. Praman Advisors offers specialized Audit Support Services to help businesses prepare for and manage audits with confidence, ensuring compliance and peace of mind.
1. Overview:
Praman Advisors' Audit Support Service is designed to act as a crucial liaison between your business and external auditors. Rather than just a reactive solution, we provide a proactive approach to audit readiness. Our service involves a team of experienced professionals who work to restructure and organize your financial records, ensuring all necessary documentation is in order and readily available. The goal is to streamline the audit process, minimize disruptions to your daily business operations and address potential issues before they arise. This service covers various types of audits including statutory, internal and tax audits.
Partnering with Praman Advisors for audit support offers significant advantages for your business:-
- Minimized Disruption: By preparing all documentation in advance and handling communications with auditors, we allow you to focus on your core business activities without interruption.
- Reduced Audit Risk: Our team identifies and rectifies potential compliance gaps or discrepancies in your financial records, significantly lowering the risk of negative audit outcomes, penalties or fines.
- Ensured Compliance: We help ensure that your company's financial records and practices are fully compliant with all relevant accounting standards, tax laws and regulatory requirements.
- Time and Cost Savings: Proper preparation and professional support can reduce the time and resources spent on the audit, avoiding costly re-inspections and post-audit corrections.
- Improved Financial Management: The process of preparing for an audit with our support leads to better-organized and more robust internal financial processes and controls for your business.
To initiate the audit support service, Praman Advisors requires several key documents and information to get a clear picture of your company's financial health. While the exact list may vary based on the specific type of audit, the following are generally required:-
- Financial Statements:
- Audited financial statements for the previous two financial years (or since incorporation, if less than two years).
- Latest provisional financial statements.
- Ledger and Accounting Records:
- Trial balance.
- General ledger.
- Bank statements.
- Cash book.
- Purchase and sales registers.
- Statutory Filings:
- Previous tax returns (e.g. Income Tax, GST).
- GST Returns (GSTR-1, GSTR-3B).
- TDS/TCS returns.
- Corporate Documents:
- Memorandum of Association (MOA) and Articles of Association (AOA).
- Board resolutions and minutes of meetings.
- Other Relevant Documents:
- Agreements and contracts (e.g. rent agreements, loan agreements).
- Details of fixed assets and asset valuation reports.
- Employee payroll details.
- Any other documents requested by the auditor.
The process for availing Praman Advisors' Audit Support Service is straightforward and designed for efficiency:-
- Initial Consultation: Connect with a Praman Advisors expert to discuss your specific audit needs and challenges.
- Document Submission: Submit the required documents and financial records for review. Our team will guide you on what is needed.
- Detailed Assessment: Our professionals will perform a comprehensive pre-audit review of your records to identify and rectify any potential issues or gaps.
- Audit Representation: We will act as a liaison, representing your business and handling all communications with the auditors including providing timely responses and additional documentation as requested.
- Post-Audit Support: After the audit, we assist in addressing any findings or recommendations made by the auditors and help implement necessary improvements to your financial processes.
The fees for Audit Support Services are customized based on the complexity of your company's structure, the volume of transactions and the specific scope of the audit. Praman Advisors provides a personalized quote after a detailed initial assessment. We believe in transparent fee structures with no hidden charges.
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The timeline for the service is also a variable factor, as it depends on the audit schedule and the promptness with which you provide the necessary documents and information. However, our streamlined process and dedicated team work to ensure the most efficient and timely completion of the audit support.
Frequently Asked Questions
We provide support for a wide range of audits including statutory audits, internal audits, tax audits and GST audits.
By preventing costly penalties and fines for non-compliance and by reducing the time and resources your in-house team would need to spend on the audit, our service offers significant long-term cost savings.
Yes, we can assist at any stage of the audit process, whether you are preparing for it or are already in the middle of it. Our team will quickly assess the situation and provide the necessary support.
Yes, Praman Advisors uses a secure, technology-driven platform to handle all client information with the utmost confidentiality and security. We adhere to strict data protection protocols.
