Audit and Assurance

The firm’s foremost objective is to attain and adhere to the highest professional standards. In order to maintain its objective of achieving the highest professional standards, the firm has developed its own practices and procedures which emphasis on quality of work. The Firm has determination of service quality.

A General overview of our Work includes, but not limited to:-

Statutory Audits: High quality Audit and attestation services under statutory acts and regulations which are applicable in Indian regulatory environment. Our audit approach helps an organisation exercise their fiscal and compliance obligations prudently and with circumspection. Our firm’s internal quality standards and Peer review approach in our audit engagements helps us to maintain high standards of statutory auditing services, to enable us to provide a high quality audit service giving an independentview of client’s financial statements and assertions.

Tax Audits : Our endeavor is to reduce the burden of tax and to review that disallowances and deductions if any, under the various requirements of Income Tax Act, 1961 are properly and correctly calculated, so that correct computation of assessable income can be made. Different tax audit services are provided by our Audit Department to our clients upholding the highest standards of auditing & accounting and providing a comprehensive tax audit report based on the statutory & regulatory requirements of the Income Tax Act, 1961

Internal Audits : Our internal audit services focus on identifying and then auditing the strategic risks that can truly impact shareholder value. By thoroughly understanding each client’s business, we convert information into insights to uncover hidden opportunities, which enables us to engineer the improvement of client’s efficiency. The result is improvement in client’s performance and improved decision making process which ultimately leads to strengthening of their business.

Concurrent/Bank Audit:

ARKCA, we analyze and research new accounting pronouncements, regulatory requirements, and taxation issues to develop useful approaches and tools for use by our bank clients. We provide high quality, personalized solutions to meet your bank’s unique needs. We will help you establish reporting credibility, while looking beyond the numbers to uncover hidden value within your operations.

Since our services are conducted in accordance with the highest professional standards, we are adept at the ins-and-outs of the rigorous regulatory requirements faced by financial institutions.

In addition to traditional audit, accounting, and tax services, we also provide specialized services like risk based internal audit to help you achieve and maintain profitability while complying with applicable laws and regulations.

Risk Based Internal Auditing provide assurance to the board that risk management processes are managing risk effectively, in relation to the risk appetite. ARKCA’s services includes evaluating the effectiveness of the control systems for monitoring the inherent risks of the business activities by identifying such inherent business risks in various activities undertaken by the bank which can help in

  • Identifying the risk appropriately
  • Affirming cost-benefit impact
  • Fulfilling the stakeholders’ expectations
  • Stock Audit:

    In every company, either internal management or outside agencies or both do physical verification of stock to determine whether there is any discrepancy between items shown in books and those actually present in stores. However, depending upon terms of engagement, it may also involve determining the value of stocks as per applicable accounting standards. This is called a stock audit.

    Stock Audit in India is a region of specialization and core competence for ARKCA. As far the stock audit process cares, the method mainly involves the counting of physical stock presenting the required premises and verifying an equivalent with computed stock maintained by the corporate. The rationale and purpose behind executing this is often to correct the discrepancies present within the book stock in comparison to physical stock by passing necessary adjustment entries.

    On basis of a stock audit report, bankers and financial institutions make an analysis of how secured their loans are and help them to make a decision regarding increasing the limit or refusing to continue with existing lending. Therefore, it is a very important exercise conducted by auditors every year on an instruction of management or shareholders.