Assurance Services

STATUTORY AND TAX AUDIT SERVICES

The basic principal of statutory auditing is to ensure that the financial statements such as the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true & fair view and are free from any material misstatement. Our approach to statutory financial auditing services of the financial statements ensures that the accounts prepared are in accordance with the Generally Accepted Accounting Principles (GAAP).

We have a professionally managed team with proven expertise in the field of financial accounting and management that has been providing advice to wide range of companies with respect to complex accounting procedures in a quick, timely and efficient manner.

Services
Contacts
Address

312, Wegmans House 21, Veer Savarkar Block Shakarpur, Vikas Marg, New Delhi - 110092

Contact Us

+91 11 42445310
+91 9810016650, 9810312175

Mail Us

connect@dhawanco.com

OUR SERVICES INCLUDE:

Financial review

It helps in identifying the strengths and weaknesses of the financial accounting procedures and systems of the company. The deficiencies are addressed by suggesting suitable measures for improvement that ensure quality while meeting the industry accounting standards.

Tax related issues

Dhawan and Co. advises its clients on various issues related to complicated tax regulations that can have financial implications for them. The main objective is to minimize any tax burden for the client allowing them to experience a greater control of their financial position and performance as a stakeholder.

Public Sector
  • The firm has been empanelled with Comptroller & Auditor General of India (CAG) for last over 25 years.
  • Overall experience of over 20 companies spanning 25+ years.
  • Industries served include power, housing & infrastructure, Non Banking Finnace Companies (Asset Finance Companies), manufacturing, agriculture and telecom.
Banking Sector
  • The firm is empanelled with Reserve Bank of India (RBI) for conducting statutory audit of all major public sector banks for more than 3 decades.
  • Conducted several independent branch audits of some of the largest banks over the years.
  • Conducted Central Statutory Audit of a Public Sector Bank for 3 years.
Insurance Companies
  • Conducted audits of several regional / divisional offices of life and general insurance companies.
  • Collective experience of 10 + years of conducting regional / divisional audits of insurance companies.
Private Sector
  • Statutory auditors of several reputed companies in the private sector.
  • Experience of over 50 companies spanning 25 + years
  • Industries served include manufacturing, power, infrastructure, automobile ancillary, hospitality, entertainment, education, finance.
Social Sector
  • The firm has been providing its services to a number of trusts and societies.
  • The firm has conducted statutory audit of a number of trusts including provident fund trusts, gratuity trusts and pension funds of large sized companies.
  • The firm has been statutory auditors of a number of co-operative group housing societies (CGHS), reputed institutes, hospitals, conservation breeding societies.
  • Collective experience of over 20 + years.

IFRS CONVERGANCE AND REPORTING

The use of international financial reporting standards (IFRS) as a universal financial reporting language is gaining importance across the globe. IFRS presents challenges at all stages of the IFRS conversion lifecycle. They provide a common financial reporting platform for companies that have previously reported on a wide variety of country specific accounting principles. Dhawan & Co. has experience of helping clients transition from local GAAP to IFRS and assists clients across India  to provide accurate and meaningful IFRS financial reports.

Dhawan & Co. support companies successfully to complete their conversion in accordance with new accounting standards. Dhawan & Co. is equipped with a range of professionals to help company’s conversion to IFRS, including: technical accounting, treasury, tax, human resource, M&A valuations and project management.


Dhawan & Co. help you in following areas

  • Introduction to IFRS 
  • Advice on technical accounting and support tools.
  • Allocation purchase price related to business combinations.
  • Assess the tax implications in moving to IFRS.
  • Business Combinations.
  • Capital market transactions.
  • Consistent application of accounting principles.
  • Consolidated Financial Statements.
  • Conversion to IFRS.
  • Corporate governance.
  • Deferred Tax Accounting.
  • Employee Benefits.
  • Expertise in Transitional IFRS project management tool.
  • Fair Value Accounting.
  • Financial Instruments.
  • Foreign currency translation.
  • IFRS Comparison with Indian GAAP.
  • Improvement in comparability of financial information and financial performance with global peers and industry standards.
  • Improvement in reliability of financial statements.
  • Objective assessment of project processes, controls, and deliverables.
  • Optimize all decisions related to IFRS conversion and ensure that wider business opportunities are considered.
  • Preparation of IFRS financial statements.
  • Regulatory compliance.

DUE DILIGENCE

FINANCIAL DUE DILIGENCE

A process of exploration undertaken by a variety of lenders including banks and financial institutions called Financial due diligence for evaluating the performance of a business. Being a comprehensive process, it can change the potential of a business while in vivid situations e.g. joint ventures, mergers & acquisitions etc.

We undertake financial due diligence reporting so as our clients can take intelligent decisions. Thus help them save money, and time spent.

Dhawan & Co. helps you in the following areas:
  • Auditing the special purpose accounts.
  • Early identification of value critical issues
  • Fair and independent analysis & evaluation of financial and commercial information.
  • Ensuring pace and initiative of vendors throughout the sale process.
  • Help gain access to new/existing products in markets, or to increase your customer base.
  • Reviewing financial information to be provided to bidders and various stakeholders.
  • Identifying buyers and finding critical success factors so that required decisions like acquisition etc. can be made.
  • Pricing decision.
  • Suggesting rapid execution regarding divestment.
  • Buyers with greater certainty over the nature of the business and the characteristics of its cash flow.
  • Business Restructuring.
  • Finding vendors with greater control.

STOCK AUDITS

Stock audit in India is the key areas of expertise and competence for our Internal Audit Services in all India network. Stocks and physical assets such as raw materials, products, plant and machinery, office equipment, IT systems etc. are valuable assets of a company. With companies today operating across multiple locations with various channel partners, ensuring all assets exist as per the books of record is a challenge for the operations and the facilities functions.

Dhawan co. provides Stock audit to companies in India helping them safeguard and monitor their physical assets and inventories efficiently. Dhawan co. stock audit team follows a strict audit and reporting mechanism that ensures that every aspect of stock is evaluated and findings are reported in a transparent manner to levels concerned. Stock audit in India is also done for banks and other financial institutions which have extended credit to businesses against physical goods and assets. 

We conduct a comprehensive and accurate valuation of inventories, by taking into account physical controls, obsolete inventory, scrap and returned goods. Under the audit, records of inward and outward movement of goods and stock procedures on the shop floor are verified thoroughly.

SPECIAL INVESTIGATION AUDITS

Despite designing and installing high quality control systems, organizations do face situations involving fraud and financial impropriety. We have assisted clients in unearthing such situations and taking remedial action.

Dhawan & Co. accepts special investigative assignments, the scope of which is ordinarily defined by the client. The objective of the Special Investigation Audit is to critically review the operations at various levels of the management to ensure flawless process and effective control.

The report usually includes sufficient data to support all representations therein; where there are numerous items of a similar nature, exhibits and supporting schedules.

We undertake Special Investigation Audits of the books of accounts as mandated by the management for special purposes including detection of fraud, causes of sickness, compliance of various SEBI regulations (Securities Audit), compliance of terms underlying an agreement etc.

Our Endeavor is to carry out the audit within the scope mandated and usually includes:
  • A detailed investigation of the areas specified in the scope letter covering the financial records and relevant related documents;
  • Physical verification of various assets of the entities;
  • Interviews of the concerned employees, executives, top management, past employees and related external parties;
  • Review of the secretarial records, minutes book etc.

INFORMATION SYSTEM AUDITS

Information Technology has potential business risks that need to be identified and monitored on a regular basis. Changing technology, rising business threats with new business processes have been introduced into the system which pose a serious challenge to the companies to continuously innovate and keep themselves abreast of the new technologies and skills by complying with the legal and regulatory framework. This becomes a huge deterrent when companies lack the required technical expertise, skilled manpower and time required for ensuring a safe and effective IT audit process.

Thus, professional experts who provide Information systems / Information Technology audit services act as a catalyst in providing the most cost-effective and reliable solutions for the organization. Dhawan & Co. has a rich expertise in the area of providing information systems audit service to many companies and banks by helping them implement flexible and efficient solutions in a quick and timely manner for maximizing the business potential.

CONCURRENT AUDIT

We hold expertise in offering Concurrent Audit Services, which is applauded for its effectiveness, timely execution and reliability. In addition to this, our chartered accountants and tax consultants ensure to offer these services, as per the demands of clients. Furthermore, these audit services includes regulations governing purchase, custody, receipt & issue and details related to sale & stock taking of stores.

We offer our clients with impeccable Concurrent Audit Services. These audits are systematic and timely examination of the financial transactions to make sure that they are accurate, authentic and in compliance with government procedures and guidelines. The concurrent audit that we offer does not emphasize on test checking but checks the transactions on a substantial basis with an objective to detect arithmetical errors and manipulation deliberately made (if any).

Moreover, our endeavor is to conduct concurrent audits as per the scope of the entity and includes: 
  • Reporting inefficiencies at any operational level
  • Bringing to light violations of procedures (if any)
  • Detection and arresting of leakages of income, (if any)
  • Ensuring compliance with the procedures and policies
  • Ascertaining whether sanctions for advances and expenditures is taken from a competent authority
  • Review of the Funds Flow Statement and analysis of the utilization of the funds & various resources that were available
  • A systematic review to understand the existing systems and procedures and enable us suggest areas for system improvement as well as strengthening of controls