Audit & Assurance
1. Statutory Audit
A statutory audit is defined as a legally required review of the accuracy of a company's or government's financial statements and records. An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas.
PZCS undertakes assignments of Statutory Audit of the financial statements of the organization in accordance with the Indian GAAP (Generally Accepted Accounting Principle) and The Companies Act, 2013. Major services in this domain include:
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Review & Reporting to overseas Parent Companies in line with the IFRS / US GAAP.
Limited Reviews as required under Listing Agreement issued by SEBI
Tax Audits in accordance with the requirements of Section 44AB Under Indian Income Tax Act, 1961
Audits as directed by C & AG or Reserve Bank of India
Audits of Trusts, Multi-state Co-operatives etc.
2. Risk Based Management Audit
Risk management auditing seeks involvement of high-level risk profiling of audits, facilitate strategic resources and ensure smooth running of an organization. It also adheres to risks that arise out of human failure or through breakdown of processes. Thus, risk audit begins with thorough understanding of business and risk exposure areas that result in severe business losses.
The key steps involved in risk based auditing is aimed at identifying possible risk areas by creating checks and balances to ensure non-occurrence. With our efficient team of professionals we focus on areas of greatest risk and opportunities that add value to organizations.
We at PZCS are focused towards mitigating risks rather than merely controlling. With our risk based auditing we identify potential risks, evaluate impact and determine the possibility of such occurrence in advance. The simplest ways to risk based audit lies in conceptualizing things that really matters to the organization. It involves identifying areas that pose the highest risks. Advice on defining risk framework by deciding the best methodology for the organization Evaluate internal control through suggesting major strengthening areas Review existing business processes with a view to suggest best practices Devise an audit strategy on the basis of risk assessment Ensure maximum benefit by ensuring what makes more sense for the organization