Audit & Assurance Services

Globalization has increased the complexity of principles, regulations, disclosures and the cultures in which organizations operate. Increasing litigation, legislation, and regulations carry important compliance implications.

A Statutory Audit of the financial statements requires an auditor to provide reasonable assurance that the accounts and financials have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and Standards on Auditing (SAs), and that they are free from misstatements and errors.

Y K Shukla & Company uses a combination of tailor made systems and controls to obtain audit evidence ensuring adherence with the provisions of The Companies Act, 2013 across all organizations including those that are held by the government, publicly listed and privately held. It also fulfils the statutory assurance function for non corporate entities based on the applicable statute and laws relevant to them.

A Tax Audit in India involves an expression of the tax auditors opinion on certain financial details, given by an assessee to enable an assessment of its tax, by the Tax Authorities. The said requirement is required under the provisions of Income-tax Act, 1961.

Our dedicated team of trained professionals conducts the tax audit keeping in mind the latest judicial pronouncements, amendments, circulars, notifications and tax accounting standards notified by the CBDT, as applicable for publicly listed, privately held, and other organizations under the relevant provisions of Income Tax Act, 1961 and related rules.

Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.

GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst the

If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year , he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.

A financial year covers the 12-month period beginning from April of a calendar year to March of the next calendar year. We assisting the client in getting annual GST Audit done in respect of each registered presence where the client is situated

In today's rapidly changing organization's structures, growing statutory compliances and complex business environment management assurance is very critical for strong corporate governance, risk management, effective internal control and efficient operations.

We assist in effectively managing business risks by ensuring Flawless Processes, Effective Controls and complete compliance to Internal and External Policies, Guidelines and Regulations. These services are tailored to meet individual needs and provide effective support to management in meeting the challenges and opportunities presented by today's complex business environment.

Our services enable our clients to effectively coordinate their growth with the quality and the operational challenges faced by them.

Risk management is a big concern for both audit committees and senior management in corporate internally. Companies today need experienced internal auditors to address concerns in risk management, enhance internal controls, execute business plans and meet governance responsibilities. Apart from the statutory compliance, internal audits provide a number of important services to company management. These include detecting and preventing fraud, testing internal control, and monitoring compliance with company policy and government regulation. Smaller companies may require these functions even more than large companies. A small business simply cannot afford employee fraud, waste, or a government fine. Establishing an internal audit function provides a vital step in the growth of a small business. Our experienced audit professionals take a risk-based approach to internal audit with a view to help clients improve performance and operating efficiency. We go beyond traditional fundamentals and add tangible value. We work to build internal audit into a strategic and productive tool in today's corporate governance environment.

The present day complex business and regulation environment has made it essential that a comprehensive and critical review of the internal controls and policies of an organization is done to ensure that leakages in management and statutory compliances are plugged.

A review of the internal controls and compliances is a systematic independent appraisal activity done for an organization to review whether these are commensurate with the nature and size of the organization. It entails, a review of the entire operations, evaluating the actual performances in comparison with predetermined targets. This identifies the cause of variances and helps to formulate corrective actions, providing a comprehensive insight into the functioning and effectiveness of processes to ensure compliance to regulatory requirements. Compliance audit is a critical component of the internal control process for any business and a prerequisite for assessing compliance with corporate performance standards. Whether it is compliance with internal corporate procedures or external regulatory requirements, effective internal auditing is the cornerstone of compliance management and continuous improvement. Effective compliance management protects and enhance clients’ brand and reputation by helping them avoid the adverse affects of non-compliance such as: litigation, fines, prosecution, bad PR, and the risks, costs, liability, and damage to brand reputation associated with non-compliance.

As part of Compliance Audit, we undertake a complete review of all tax and statutory compliance, including procedural requisites, related to income tax, corporate laws, indirect taxes, etc. and provide a comprehensive report to the clients on the existing status of the compliance along with recommended improvements.

The Socio Assurance services offered by Y K Shukla & Co. aims to supplement the conventional audit of government departments and agencies, NGOs, corporate entities etc. to understand and improve their performance as perceived by the stakeholders in the social context.

Social assurance is a way to document and hold an entity accountable for its social and ethical business practices. It is a process of understanding, measuring, reporting, and most importantly improving the efficiency and effectiveness of the local governance. It is also a way to assure the donor agencies granting the aid of the achievement of the social cause within established budgets and processes.

Social Audits is a process of evaluation and reporting which is similar, in some respects to a financial audit but focuses on social performance rather than financial performance. It is a tool for evaluating how satisfactorily an organization has discharged its social responsibility. Social Audit is a reform tool aimed at strengthening accountability and transparency in the implementation of projects and policies. It is a method for organization to plan the internal and external consequences of the organization's social and commercial operations. Social audits are further gaining importance amongst stakeholders due to compliance to be made by the corporate of their corporate social responsibility under the Indian Laws.

We conduct our audit in a way so as to fulfill both, financial reporting and social responsibility. Our audit not only focuses on financial records and their scrutiny but it is much more holistic which involves measuring, understanding, and improving the social performance of the organization as a whole. We ensure transparency, reduce leakages, force proper spending of funds, generate trust and peace, and create demand-led improvement in services.

We understand and co-relate the concept of corporate social responsibility with our audit engagement to establish a basis of credibility, confidence, and trust in the eyes of the stakeholders, management, and society.

India is a developing nation, plagued with problems of illiteracy, malnutrition, low human health index, women's empowerment, slow infrastructure development etc. Organizations like the World Bank, United Nations, etc. in conjunction with the developed countries of the world give aid to India for such projects ensuring inclusive and sustainable growth. Indian Government also gives aids to various organisations and NGOs for eradication of such problems.

The donor often requires the agency receiving aid to be responsible for the achievement of the social cause within established budgets and processes for their use. An evaluation of the performance of the organization against these is made mandatory.

We examine and review the standards set not only in terms of the achievability of the monetary targets but also in terms of the actual deliverables of the entity in terms of social cause achieved. Thus the audit conducted by us goes beyond the conventional audit, which merely involves a scrutiny of financial transactions and books of accounts.

The firm's fundamental objective in undertaking such audits is to contribute to the inclusive growth envisaged by the Donor Agencies for a better India.