Statutory Audit
Continuing globalization will increase the complexity of principles, regulations, and the cultures in which organizations operate. Increasing litigation, legislation, and regulations will carry important compliance implications. Ever growing competition will increase the pressure on organizations to enhance productivity.
The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true & fair view and are free from any material misstatements. We provide a legally required review of the accuracy of a company's financial records to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.
Our approach to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and is free of any misstatements, errors and discrepancies. In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies.
In Accounting function, the results of outsourcing are cost savings, efficiency, better customer service, stronger controls, and greater visibility into business activities.
Internal Audit
We provide an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures along with,
- Effectiveness and efficiency of operations
- Reliability and integrity of financial and operational information
- Safeguarding of assets
- Compliance with laws, regulations, and contracts
Concurrent Audit
We provide 100% checking of transactions with a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. It reduces the time gap between occurrence of transaction and in overview or checking. The concurrent audit serves the purpose of effective control. We focus on adherence to laid down systems, procedures and safeguards. The main focus while conducting concurrent audit is to ensure that transactions are not dealt with in routine but in adherence and are within the policy parameters laid down systems and procedures. Adequate measures are being taken in advance to prevent future frauds, etc., to avoid difficulties, which may arise.
Stock Audit
It includes not only the physical verification of the inventory but the valuation of the inventory and will also include the terms of reference or the engagement letter of the assignment, for instance somewhere it may be to ensure there is no pilferage (generally for smaller items) or to ensure that they are properly stored, for larger or damageable goods, reconciliation of variations with reasons between book stocks and physical inventories. Our scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an on-going process as the business needs shift and react to the wider environment.
Special Investigative Audit
Despite designing and installing high quality control systems, organizations do face situations involving fraud and financial impropriety. We have assisted clients in unearthing such situations and taking remedial action. The Special Investigation Audits are carried on behalf of Banks, Financials Institutions, Top Management, Judicial Bodies, Special group of Investors etc. The audits are conducted as per the specific scope agreed. The main objective of such an audit is to provide a critical review of a company’s working and its state of affairs. We suggest corrective actions to be taken to prevent such incidents in future.
Our Approach at ForeStep is to make sure-
- The financial accounts are prepared as per Generally Accepted Accounting Policies, Practices and Standards.
- The detailed analysis of the accounting statements are based on identified contingencies and provisions.
- We help in identifying the leakages of revenue to the organization, persons responsible for such leakages and various steps available for the recovery.
- Dedicated staff at your disposal, off your Payroll
Management Audit
Analysis and assessment of competencies and capabilities of a company's management in order to evaluate their effectiveness, especially with regard to the strategic objectives and policies of the business. Productivity and efficiency of management are key determinants of an organization's success. Our procedures aim to maximize management performance by focusing on improving processes within the organization.
Our Management Audits focus on personal attributes and business skills which are as follows:
Personal attributes can be subdivided into:
- Ethical values and attitudes
- Intellectual Capability
- Charisma
Business skills can be subdivided into:
- Professional and methodical competencies
- Leadership behaviour
- Entrepreneurship
Operations and Efficiency Audit
Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. We have assisted our clients in strategizing for growth and consolidation covering the entire project development cycle. Our services are designed to help clients introduce new operational practices and business approaches that sharpen efficiency, enhance corporate image and improve financial performance. We include these tools along,
- MIS preparation
- Preparation of cost & profit centre
- Process Reengineering
- Cost controlling measures
Costing and Accounting System Design and Review Audit
Accurately measuring and managing cost and accounting data is critical for management decision making and reporting. Our assistance in developing and installing these systems helps management in their decision making process. Our tools for analysis include like,
- ABC costing
- Reconciliation of deviations in actual cost viz-a-viz standard cost
- We provide special analysis
- Analysis of incremental contribution towards sales
- Designing and implementation of internal control procedures and effective systems to safeguard any lapses that may results into losses in future.