Audit and Assurance

In a world shrinking in distance and economically becoming increasingly border-less, the success of the business is pre-dominantly heavily reliant on reliable financial information which promotes confidence and mitigates an array of uncertainties. Credible information needs to be corroborated by the desired level and kind of professional assurance ranging from audit of financial statements to a variety of other forms of assurances and attestations consistent with the varying needs of the users of such information. Traditional audit has thus undergone a quantum and substantive change from auditing the financials to auditing the business.

We provide a wide range of assurance services, with the primary focus on the objective of assurance on the reliability and relevance of financial information and a host of non-financial aspects, data, processes, operations and procedures and on the effectiveness and efficiency of controls. The above said is only for management internal purpose not for any other third party.

Audit Methodology

F-TAC’s Audit Methodology enables us to provide effective and efficient delivery of quality services. The significant features of our audit methodology are a sharp focus on business risks specific to a client, a higher degree of emphasis on reliability and tests of controls, analytical review, building and sharing knowledge, sceptical approach, teamwork and Partner – Manager Involvement through all significant phases of an audit.

Our principal audit and assurance services include:

  • Tax Audit (For Management Purpose only)

  • Internal Audit and system Review

  • Review and compilation assignments

  • Management Audit

Tax Audit

Both for direct and indirect taxes, F-TAC engaged in professional assistance to provide assurance on compliance with various aspects of the Income Tax, Sales Tax and other tax statutes. From a comprehensive assurance on the declared operating results of a tax payer to any specific aspect of tax compliance, F-Tac’s ensures this service is only for management it does not include any  department report, taxes withheld and deposited, input-output adjustment for sales tax purposes and such other aspects of compliance.

Internal Audit and Systems Control Review (SCR)

The scope and extent of internal audit and SCR is usually client-specific and is, therefore, rightly viewed by clients essentially as a value-added assignment. The underlying focus is on identification of the specific needs and risks of an enterprise and accordingly examining internal control framework enabling clients not only to mitigate but also to manage a whole range of risks. In the process, the reports responding to the scope set by the client seek to highlight a broad spectrum of business issues and control features such as, sources of revenue enhancement and cost reduction potential and in consequence, identification of performance and profit improvement opportunities. No less significant is also the objective of enabling management to carry out properly and promptly their fiduciary and regulatory obligations, thus providing asssurance to the Board and Audit Committee that the strategic, operational and financial controls are robust, sound and effective.

Review and Compilation Assignments

This is a limited assurance and restricted scope assignment seeking to provide clients with a set of financial statements or any other form of financial data collected and compiled from client’s own books of account and records, either for the internal use of client’s own management or as the terms of engagement may determine, for meeting a specific fiscal or regulatory objective. The report while not carrying expression of any professional assurance on the truth, fairness or completeness of the subject matter reviewed only seeks to assert that financial information presented is only the result of information and data collected and compiled from the client’s own records.

Management Audit

Also sometimes referred to as propriety audit, performance or operations audit, the assurance sought to be provided ranges widely from one objective-specific to a comprehensive assurance on financial stewardship, fiduciary behaviour, propriety of business conduct and other multifarious objectives set by the client. The deliverables emerging from the assignments range from a detailed investigative report to a set of proposed options and business solutions tailor-made to the facts, circumstances and sensitivity of each such audit.