AUDIT SERVICES

Auditing is a highly complex and time-consuming process but clients are recognizing the importance of auditors as trusted advisors in the financial reporting process.

C Minds provides a range of audit and advisory services to assist clients in achieving their business objectives, managing risk and improving business performance. Our comprehensive set of audit process systems are equipped to meet both traditional and evolving audit requirements of clients.

Audit services are performed for clients ranging from multinationals and listed companies to small and medium-sized proprietary firms / partnerships as well as non-governmental organizations. .

The range of Audit services offered includes:

• Internal Audits
• Cost Audits
• Statutory Audit
• Specific Area Audit
• Due Diligence Audit
• Tax Audits
• VAT Audit

Internal audit

A well planned and detailed internal audit process allows business entities to accurately measure the effectiveness of organizational processes. Strong internal control systems play an important role in safeguarding assets of businesses as well as increasing value while lowering operational costs.

We partner with our clients to understand the details of their business which allows us to offer adequate support and resources required to perform swift audits.

The experienced professionals at C Minds deliver consistent, secure appraisals involving specialized application of techniques for accounts evaluation / examination, financial and other internal audit operations.

Our internal audits focus on identifying and auditing strategic risks that positively impact internal policies. Organizations benefit from significantly reduced costs and adoption of compliant techniques that sustain growth.

Cost Audit

Systematic Cost audits are performed to verify the accuracy of the cost accounts and records maintained by businesses. Cost Audits are also mandatory under Indian Law for several categories of manufacturing organizations.

Our distinctive inputs assist organizations in certifying that production expenditures are incurred judiciously to keep costs per unit to the minimum.

The Cost Auditors at Converging Minds will:

• Examine the accuracy of the cost records maintained
• Verify if the cost accounting principles have been followed
• Investigate deficiencies in the cost record system of the company
• Apply processes to attain maximum efficiency in cost accounting systems and procedures

Statutory audits

Statutory audits of Indian Companies are conducted in compliance with Indian laws and ensure accurate financial statements i.e. the Balance Sheet, Profit & Loss Account and Cash Flow Statement. Statutory reports verify that accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP).

Audits of Partnership Firms, Trusts, Non-Governmental Organizations, Corporates and other business entities are undertaken by C Miinds. Shareholders, management, creditors, vendors and other stakeholders can rely on the objectivity of the financial statements prepared and submitted to various government agencies.

The team of experienced auditors at C Miinds has the requisite knowledge to ensure adherence to statutory compliances and can suggest possible areas for improvements in regulatory compliances.

Specific Area Audit

Specific audits of various departments are a valuable tool in guiding the Management to identify areas having greater risk exposure. They can reveal vital information relevant to the functioning / risk and operational efficiency of the specified zone.

Specific area audits are considered if:

• There exists high assessment of risk associated with the area's functions
• Emerging compliance issues are prevalent
• It is a core business process
• Alleged irregular conduct has occurred or
• Management requires the audit

Due Diligence Audit

The Due Diligence audit is an analysis or review of all financial records or other relevant documents related to a potential investment or a sale. The team at C Miinds can conduct a comprehensive due diligence report that provides clients with adequate decision support documentation. We can also accurately assess specific key issues significant to the sale identified by the client.

Our due diligence Audits assist clients in managing risk by double-checking financials, tax returns, patents, customer lists and various other information related to the sale / investment.

VAT Audit

VAT is a new concept and poses challenges to businesses across India. Each state has differing sales / purchase limits that require organizations to perform VAT audits. The team at C Minds is proficient at the extensive calculations needed for verification of computations of taxable turnover, tax payable, set off claimable, etc.

Clients engaged in Trading, Manufacturing, Contracting, Hotels, Pharmacists and other organizations can benefit from our VAT audits.

Tax Audit

Tax audits of companies and individuals are vital in effective tax planning and involve certification of the Books of Accounts, valuation of stock and other key areas. Tax audits are mandatory as per the Income Tax regulations for companies having turnover exceeding Rs.40 lakhs and for individuals with over Rs.10 lakhs turnover.

The C Miinds Tax Audit assists individuals and organizations to integrate tax planning into the overall business objectives. This helps businesses to better respond to the changing environment and take advantage of the growing market opportunities.