Service 02 / 07
Audit & Assurance
Independent examination of financial information and internal control — conducted to professional standards, documented at every step, and reported in language that decision-makers can act on.
Overview
An audit is only useful if it changes something — a decision, a control, a disclosure.
Assurance work sits at the centre of the chartered accountancy profession. Done well, it gives lenders, boards, investors and regulators a reliable basis for their decisions. Done mechanically, it becomes a formality that consumes time without adding confidence.
Our audit and assurance practice covers five distinct engagements — from physical verification of inventory to review of IT systems and controls. Each engagement begins with a documented scope and ends with findings that are specific, evidenced and actionable.
What We Cover
Five assurance engagements, applied with professional independence.
Select a service to see scope, deliverable and how it applies to your business.
01 · Stock Audit
Inventory verified on the ground, not assumed from the ledger.
Stock audit examines whether the inventory recorded in the books actually exists, is correctly valued, and is stored and accounted for in a manner consistent with the business's own policies. It is commonly required by banks for working capital limits, and by management where inventory is a significant balance sheet item.
The engagement combines physical verification with a review of records — purchase, issue, transfer and valuation — and reports discrepancies with the evidence behind them.
- Physical verification of stock and reconciliation with records
- Valuation review — cost, NRV and method consistency
- Identification of slow-moving, obsolete and damaged inventory
- Storage, custody and documentation controls
- Reporting suitable for bank stock statements and lenders
02 · Compliance Audit
A structured check of whether statutory obligations are actually being met.
Compliance obligations rarely fail all at once. They erode quietly — a missed filing here, an expired registration there — until they surface as a penalty, a notice or a stalled transaction. A compliance audit maps the obligations that apply to the business and tests performance against them.
Scope is agreed with management: it may cover company law, tax, labour and sectoral requirements, or focus on a specific area of concern. The output is a findings report with severity ratings and remediation steps.
- Mapping of applicable statutory and regulatory obligations
- Testing of filings, registrations, licences and returns
- Review of board, statutory and internal records
- Findings report with risk ratings and remediation actions
- Follow-up review of previously identified gaps
03 · Internal Audit
Risk-based review of processes, controls and the way work actually gets done.
Internal audit looks inward. It tests whether the controls management believes are operating are, in fact, operating — across procurement, sales, payments, payroll, inventory and treasury. The value lies less in finding errors and more in identifying where a process can fail before it does.
Engagements are structured around a risk assessment and an annual audit plan, with periodic reporting to management and, where applicable, the audit committee. Findings are discussed with process owners so that recommendations are practical rather than theoretical.
- Risk assessment and annual internal audit plan
- Process and internal control testing across key cycles
- Review of SOP adherence and authorisation limits
- Periodic reporting to management and audit committee
- Tracking of remediation against agreed action points
04 · Statutory Audit
The statutory audit, conducted to the standards the law and the profession require.
Statutory audit under the Companies Act, 2013 requires an independent examination of the financial statements and an opinion on whether they give a true and fair view. The engagement is governed by the Standards on Auditing issued by the ICAI, and the reporting requirements that apply to the entity.
Our approach emphasises planning, risk assessment and evidence. Audit procedures are documented, significant judgements are discussed with management, and the audit report reflects the conclusions actually reached — including, where required, reporting under CARO and on internal financial controls.
- Audit planning, risk assessment and materiality determination
- Substantive and analytical procedures with documented evidence
- Reporting under the Companies Act, 2013 and applicable standards
- CARO reporting and internal financial controls reporting where applicable
- Coordination with management, audit committee and other auditors
05 · System Audit
When the books live in software, the controls have to be tested there too.
System audit examines the IT environment that produces financial information — the ERP, accounting software and supporting applications. It tests whether access is appropriately restricted, whether changes are controlled, whether data is complete and whether an audit trail exists.
This is increasingly relevant as businesses move to ERP platforms and automated workflows. A system that silently permits unauthorised edits, or loses transaction history, undermines every control built on top of it.
- Review of user access rights and segregation of duties
- Change management and system development controls
- Data integrity, backup and disaster recovery arrangements
- Audit trail availability and configuration
- Reporting on IT general controls relevant to financial reporting
Let's Discuss
Need an audit that adds confidence, not just a report?
Share the engagement requirement and we will respond with a clear scope, timeline and professional fee.