Audit & Assurance

Financial Statement Audit

Financial statement audit is an independent appraisal of financial statements prepared by the organization.
The firm's audit approach is based on understanding the clients, including the industry in which they operate, an independent assessment of the business processes, regular compliance framework and control environment.
Our audit lends credibility to our clients' financial statements, as our auditors offer more to an assignment than merely ticking of boxes. Through our global network, they have access to the knowledge of industry developments and international trends, which provides them with intrinsic awareness of the global marketplace and required local standards.
We add value by focusing clients' attention on risk points and highlighting leading practice ideas for improving controls.

Internal and Management Audit

In an ever-changing and increasingly uncertain world, we all need to focus on managing the risks we face day to day and transaction to transaction.
Internal Auditing is an independent objective assurance and consulting activity intended to add and develop an organization to achieve its objective by bringing a methodological, meticulous and disciplined approach to enhance the effectiveness by risk management control and governance process. An internal auditor supervises, evaluates, investigates and analyses organizational risk and reviews and confirms information and compliance with policies, procedures and rules and regulations.
We follow structured internal audit methodology and have an experienced team which can recommend practical solutions with timely implementation when there is room for improvement.

Due Diligence Audit

Due diligence is an investigation or examination of a business entity prior to signing a contract or an act which require a certain standard of care. The investigation about the business entity's financial, legal and other statutory compliances could be carried out for potential objectives for investment, merger, acquisition etc by a buyer.

Investigation Audit/ Forensic Audit

Investigative auditing consists of the direction, tracing, quantification and prevention of fraud, money laundering and terror finance. Investigation audit involves the examination of accounts and the use of accounting procedures to discover financial irregularities and to follow the movement of funds and assets in organizations.
Managing the risk of fraud and misconduct has never been more challenging. Vast amounts of digital data, increased regulation and costly enforcement actions and litigation are threatening companies across the globe. Financial, commercial and reputational loss is a constant risk.
Organizations often lack the resources along with the right skills and backgrounds to proficiently conduct a prompt, cost-effective and objective investigation. Our investigation services team works closely with clients to understand an investigation’s objectives and coordinate our approach to utilize the appropriate resources. We help our clients to take immediate and decisive action that can help them to prevent, detect and respond to potentially contentious or harmful situations.

Information System Audit

Everyone is aware of the need for information security in today's highly networked business environment. Information is arguably among an enterprise's most valuable assets, so its protection from predators from both within and outside has taken centre stage as an IT priority. Information systems audit encompasses a comprehensive review and evaluation of automated information processing systems, related non-automated processes and the interface between them.
IT audit is the process of collecting and evaluating evidence of an organization's information systems, practices, and operations. Obtained evidence evaluation can ensure whether the organization's information systems safeguard assets, maintains data integrity, and is operating effectively and efficiently to achieve the organization's goals or objectives. IT audits are also known as automated data processing audits and computer audits. An information technology audit or information systems audit is an examination of the controls within an entity's information technology infrastructure. At G S P U, these reviews are performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.
Our assurance team helps you to evaluate the controls surrounding your financial reporting process in alignment with business process and IT controls. Our assurance services include:

  • A comprehensive information system audit
  • IT general control reviews
  • ERP applications reviews focusing on financial reporting
  • Pre-and post-implementation reviews

IFRS Audit

Audit of local and foreign owned entities whose financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") either for overseas regulatory and/or filings with foreign stock exchanges, group reporting or management purposes and submission to banks and foreign investors. We also audit financial statements prepared under "IFRS for Small and Medium-sized Enterprises" for various clients in UAE, BAHRAIN, SOUDI, OMAN and OTHER European Countries.

GST Audit

Section 35(5) of CGST Act 2017 requires a registered taxable person with turnover of more than Rs.5 crore in a year to get his books of account audited by a chartered accountant or cost accountant.

We conduct audit of books of accounts under GST which would cover following aspects:

  • Review of outward supplies declared in return to ensure that it included all outward supplies made
  • Review of inward supplies declared in return to ensure that it included all inward supplies made
  • Review of all deductions claimed including sales returns, abatements, exemptions
  • Review of classification, rate of goods which should be according to provisions of GST
  • Assessment of registrations obtained
  • Review of input tax credits claimed on inputs, input services and capital goods
  • Review of reconciliation statements are to be filed along with certified audit report.
  • Conducting audit in accordance with all other requirements as per GST Act
  • Audit certification should not be considered merely as attestation function. A good auditor should be able to add great value to the auditee within the four corners of law. We strive to achieve the objective of value addition for client along with performance of statutory obligation of conducting audit as mandated under the law.

TAX Audit

We review the accuracy of a company's financial records to determine whether an organization is providing a fair and accurate representation of its financial position as per the accounting standards

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