Karthika and Associates | Chartered Accountants

Audit & Assurance services

Comprehensive audit solutions to ensure compliance, accuracy, and transparency in your financial reporting.

  • Regulatory compliance assurance
  • Risk identification and mitigation
  • Operational efficiency improvement
  • Financial statement reliability

Statutory Audits

Mandatory Compliance

Statutory audits are legally required examinations of a company's financial statements to ensure accuracy and compliance with accounting standards and regulations.

Key Features:
  • Conducted by independent auditors
  • Verification of financial statements
  • Assessment of accounting policies
  • Compliance with Companies Act
Industries Served:
Banking Insurance Manufacturing Retail NGOs

Our Approach

Our systematic audit methodology ensures thorough examination while minimizing disruption to your operations:

Planning: Risk assessment & strategy

Fieldwork: Evidence gathering & testing

Reporting: Findings & recommendations

Follow-up: Implementation review

Tax Audits

Comprehensive Tax Review

Our tax audit services ensure compliance with tax laws while identifying opportunities for legitimate tax savings and preparing for potential tax authority examinations.

Income Tax Audits

Verification of income declarations and deductions

GST/VAT Audits

Examination of indirect tax compliance

Transfer Pricing

Review of inter-company transactions

Tax Audit Process

Initial Assessment

Review of tax filings and identification of risk areas

Documentation Review

Examination of supporting documents and records

Testing & Verification

Substantive testing of transactions and amounts

Findings Report

Detailed report with observations and recommendations

Resolution Support

Assistance with tax authority queries and disputes

Internal Audits

Proactive evaluations of your internal controls, risk management, and governance processes to enhance organizational efficiency and effectiveness.

Process Audits

Evaluation of operational processes to identify inefficiencies and control weaknesses.

  • Process mapping
  • Control testing
  • Gap analysis

Compliance Audits

Assessment of adherence to internal policies and external regulations.

  • Policy compliance
  • Regulatory requirements
  • Industry standards

Risk Audits

Identification and evaluation of risks affecting organizational objectives.

  • Risk assessment
  • Mitigation strategies
  • ERM framework

IT Audits

Review of information systems, security, and data integrity controls.

  • Cybersecurity
  • System controls
  • Data governance

Financial Audits

Examination of financial controls and reporting accuracy.

  • Account reconciliations
  • Authorization controls
  • Fraud detection

ESG Audits

Assessment of environmental, social, and governance practices.

  • Sustainability reporting
  • CSR initiatives
  • Governance structures

Concurrent Audits

Real-Time Financial Monitoring

Concurrent audits provide continuous examination of financial transactions as they occur, offering immediate detection and prevention of irregularities.

Early Fraud Detection

Identify suspicious transactions in real-time before they escalate

Process Improvement

Continuous feedback to enhance financial processes

Risk Mitigation

Immediate corrective actions to reduce financial risks

Implementation Approach

Transaction Sampling 100%

All high-value transactions examined in real-time

Exception Reporting Daily

Daily reports of anomalies and exceptions

Corrective Actions Immediate

Prompt resolution of identified issues

Common in: Banking, Insurance, Large Retail, and Manufacturing sectors with high transaction volumes

Stock Audits

Inventory Verification & Valuation

Physical verification of inventory to ensure accurate financial reporting and prevent stock discrepancies or pilferage.

Physical Count

Systematic counting of all inventory items

Valuation Check

Verification of accounting valuation methods

Reconciliation

Matching physical stock with book records

Stock Audit Technologies

Barcode Scanning 90% Accuracy
RFID Tracking 98% Accuracy
Drone Inventory 85% Accuracy
Karthika and Associates | Chartered Accountants