What We Can Offer You
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The main focus of our audit and assurance team is to provide quality services that suit your needs, to offer helpful suggestions that develop your operations, to give financial guidance when necessary, and to deliver a level of service that result in a long-lasting relationship.We aim to be first on your mind when you have any questions, and we take a suitable time to form that good relationship.
Let us have an overview of Audit and Assurance Services!
What is an Audit?
The term audit usually refers to a review of the financial statement. A financial audit is an unbiased examination and evaluation of the financial statements of an organisation to ensure that the financial records represent a true and fair view of the business transactions they claim to perform. The audit can be conducted within the organisation by its employees itself or externally by engaging an outside chartered accountants firm.
What is Assurance Service?
Assurance services are an independent professional service ordinarily provided by chartered accountants. Assurance services can include an examination of any financial document or transaction, such as a loan, any contract or arrangement, etc. This review verifies the correctness and validity of the item being reviewed by the professionals.
Assurance services providers help clients navigate the complexities, risks, uncertainties and opportunities in their companion networks by proactively handling and monitoring risks presented by third-party relationships. Businesses typically use assurance services to improve the transparency, importance, and value of the information they reveal to the market and investors. Many find by sharing business accomplishment better; it becomes a sustainable growth and competitive for differentiation strategy.
Audit and Assurance at MAG
We are known as one of the best audit firm in Gujarat. We provide a range of services including, but not limited, to the following:
- Statutory audit: A statutory audit is a legally required review of the correctness and accuracy of a company’s financial statements and related records. The sole objective of a statutory audit is to assess whether an organisation provides a fair and correct representation of its financial position by examining data such as accounting records, bank balances and commercial transactions.
- Internal Audit: Internal auditing is an objective assurance and consulting activity intended to add value and improve an organisation’s business transactions. It can help an organisation fulfil its strategic objectives by taking a systematic, well-organised approach to assessing and enhancing the effectiveness of risk management, control, and governance processes.
- Tax Audit: Tax Audit involves an audit of financial records of a business in compliance with provisions of the Income-tax Act in India and providing disclosures in the prescribed formats. We have a team of experts who work with different taxes like Income tax, GST, service tax, sales tax etc. Our satisfied clients have rated us as the best Income tax audit firm in Gujarat.
- Fixed Assets Audit: Auditing fixed assets is vital to ensure that accounting for capital assets and depreciation complies with the objectives of management. Fixed asset audit helps to prepare the accurate balance sheet. Hence it ensures regulatory compliance. Also, fixed asset audits provide better internal control.
- Stock Audit: Sock or inventory audit means physical verification of stock of a company or institution. There are many stock audits, depending on the purpose, and every stock audit requires a different approach. Every business organisation at least needs to conduct a stock audit once a year to update and ensure that the physical stock count and the computed stock in the books match. A stock audit helps in analysing the correct discrepancies between the actual physical inventory and stock register maintained by the management.
- Management Audit: This involves an audit of functions of operations management department of an organisation for acquisitions and company mergers. In this case, we closely work with a specific department to help them improve their overall efficiency.
- Revenue audit: This is a two-step process which scrutinises the data and information as provided in tax returns against the ones found in actual business records.
- Due Diligence: Due diligence is an examination, audit, investigation or review performed to establish the facts of a matter or transaction under consideration. In this world of finance, due diligence requires an extensive analysis of financial information and records before entering into a proposed deal with another person or business house.