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FINANCIAL SERVICES
Audit & Assurance
Effective audits and assurance services are crucial for ensuring your business’s financial integrity, compliance with regulations, and operational efficiency. At RadicalCA, we provide a comprehensive range of Audit & Assurance services to help you strengthen your internal controls, manage risks, and maintain transparency in financial reporting. Whether you need internal audits for operational improvements or statutory audits for compliance, our experts ensure that your business adheres to the highest standards of accuracy and reliability.
Benefits of Audit & Assurance Services
1. Transparency: Provide stakeholders with a clear and accurate picture of your business’s financial health.
2. Regulatory Compliance: Ensure compliance with local and international regulations, reducing the risk of penalties and legal issues.
3. Operational Efficiency: Identify areas for improvement and streamline operations through internal audits.
4. Risk Management: Mitigate financial, operational, and compliance risks with expert guidance and strategies.
5. Fraud Detection: Forensic audits help detect and prevent fraudulent activities within the organization.
Our Core Audit & Assurance Services
1. Internal Audit
Strengthen Internal Controls and Enhance Operational Efficiency
Internal audits are designed to evaluate your company’s internal controls, risk management, and governance processes. We conduct detailed internal audits to identify weaknesses, inefficiencies, and areas for improvement, ensuring that your business operates efficiently and complies with regulatory standards.
Our Internal Audit Services Include:
- Evaluation of Internal Controls: Assess the effectiveness of your internal controls and suggest improvements.
- Operational Audits: Analyze business processes and workflows to enhance operational efficiency.
- Compliance Audits: Ensure that your company adheres to regulatory requirements and industry standards.
2. Statutory Audit
Ensure Compliance with Statutory and Regulatory Requirements
A statutory audit is a mandatory audit required by law for certain types of companies. We provide comprehensive statutory audit services to ensure that your financial statements comply with the requirements of the Companies Act, 2013, and other applicable regulations. Our statutory audit services are designed to provide shareholders and stakeholders with an accurate and reliable view of the company’s financial performance.
Our Statutory Audit Services Include:
- Financial Statement Audits: Ensure that your financial statements are accurate and comply with applicable laws and regulations.
- Compliance with Legal Standards: Ensure adherence to all relevant laws, regulations, and accounting standards.
- Shareholder Reporting: Provide transparent financial reports to shareholders and stakeholders.
3. Risk Management
Proactively Manage and Mitigate Risks
Risk management is critical for safeguarding your business from financial, operational, and compliance risks. Our experts help you identify potential risks and implement strategies to mitigate them, ensuring your business remains resilient in a changing market environment.
Our Risk Management Services Include:
- Risk Assessment and Identification: Identify and assess financial, operational, and compliance risks affecting your business.
- Risk Mitigation Strategies: Develop and implement strategies to manage and reduce risks.
- Continuous Monitoring: Provide ongoing risk management and monitoring to ensure long-term resilience.
4. Compliance Audit
Maintain Compliance with Industry and Regulatory Standards
Compliance audits assess whether your business adheres to external regulations and internal policies. These audits are essential for businesses operating in highly regulated industries. Our compliance audit services ensure that you meet all applicable laws, standards, and regulations, reducing the risk of legal issues and penalties.
Our Compliance Audit Services Include:
- Regulatory Compliance Reviews: Assess compliance with local and international regulations.
- Internal Policy Audits: Ensure that internal policies and procedures align with regulatory requirements.
- Corrective Action Plans: Provide actionable recommendations to address any compliance gaps.
5. Forensic Audit
Detect and Prevent Fraud with Forensic Audits
Forensic audits are specialized investigations conducted to detect and prevent fraud, embezzlement, and financial mismanagement. Our forensic audit services help uncover fraudulent activities within your organization and provide you with the tools to prevent future occurrences. We work closely with legal teams and law enforcement to ensure that any fraudulent activities are addressed swiftly.
Our Forensic Audit Services Include:
- Fraud Detection and Investigation: Uncover financial fraud and irregularities within your organization.
- Asset Recovery: Assist in the recovery of lost or misappropriated assets.
- Preventive Measures: Develop policies and controls to prevent future fraudulent activities.
Our Process
1. Initial Consultation and Audit Planning: We start by understanding your business’s specific audit requirements and conducting a risk assessment. Based on your business structure and needs, we develop a detailed audit plan to ensure all regulatory and operational aspects are covered.
2. Data Collection and Audit Execution: Our team collects all relevant financial and operational data, including financial statements, internal records, and regulatory reports. We then execute the audit, evaluating internal controls, financial accuracy, and compliance with applicable laws.
3. Reporting and Recommendations: Once the audit is complete, we prepare a detailed audit report highlighting findings, risks, and compliance issues. We provide actionable recommendations to improve processes, strengthen internal controls, and mitigate risks.
4. Ongoing Compliance and Support: After the audit, we offer ongoing support to help implement the recommended improvements and ensure continuous compliance. This includes risk monitoring, internal control updates, and guidance on regulatory changes.
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Have questions? Ask us or find your answer here
An internal audit evaluates internal controls and operations for improvement, while a statutory audit is a mandatory external audit that ensures compliance with legal and regulatory requirements.
Risk management helps identify and mitigate financial, operational, and compliance risks, ensuring your business remains resilient in a rapidly changing environment.
Internal audits should be conducted regularly, typically annually or quarterly, depending on the size and complexity of the business.
A forensic audit is an investigation of financial records to detect fraud or financial irregularities. It is usually required when fraud or mismanagement is suspected.
A compliance audit ensures that your business adheres to legal and regulatory requirements, reducing the risk of penalties, legal action, and reputational damage.
Documents required for a statutory audit typically include financial statements, bank statements, invoices, and other financial records necessary to verify the accuracy of the company’s financial reporting.
A forensic audit uncovers weaknesses in your internal controls that may have allowed fraudulent activities. Recommendations from the audit can help implement stronger controls to prevent future fraud.
Compliance audits are essential in regulated sectors such as finance, healthcare, manufacturing, and energy, where strict adherence to industry regulations is critical.