Auditing & Assurance Services are the core of any successful and visionary Organisation. We a GSPS AND ASSOCIATES , employ advanced techniques and creative approach in Auditing for better financial & administrative controls. We also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Our Audit and Assurance services add efficiency and profitability to your organization by providing independent credibility to your financial statements, professional advices to management, and expedient solutions to improve the systems & performance.
The financial statement audit has never been so important as it is today. In today’s business environment there is more scrutiny and scepticism of a company’s financial statements than ever before. Investors expect more and greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investors trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.We ensure that all the above parameters are being closely observed while conducting our audit of any organisation.
A well-conducted audit can provide business owners with valuable information and assurance that statements are truly and fairly presented. We view the audit process as an opportunity for our clients to learn more about their businesses so they are better equipped to communicate with banks, investors and partners. We provide Audit Services in entire region of Gujarat and beyond to our clients with an objective presentation of their financial information as well as we also give a sound advice coupled with observations.
The internal audit entails a special focus on possible areas for improvement and how to strengthen governance mechanism in an entity. Today Internal Audit is not just an audit of Financial working of an organisation. Focus is to ensure strong internal control systems to minimize the risk of accidental or deliberate errors and omissions.
Team GSPS has evolved to become a tool in the hands of management to ensure proper working of any function of the organisation be it production or sales or finance or human resources.
Due Diligence is an Audit or Investigation conducte by the an entity of the potential product or investment being planned by it. Due Diligence reviews all financial records. It is a final precaution measure undertaken before entering in to an agreement with another party.
Team GSPS is well equipeed to serve the clients with
- Legal Due Diligence
- Tax Due Diligence
- Process Centered
- Operational Due Diligence
- Intellectual Property Due Diligence
- Commercial Due Diligence
- Information Technology Due Diligence
- Human resources Due Diligence
Tax Audit is a compulsory audit under section 44AB of the Income Tax Act which is conducted if the total turnover of an entity exceeds Rs. 1 Crore for the precedding financial year. In case of section 44AD, audit is required if the entity has a Net Profit less than 6%/8% of Gross Receipt / Gross Turnover.
Team GSPS is to prepare report in Form 3CA/3CB including annexure in Form 3CD as per sec 44AB of the Income-Tax Act and file the Tax Audit Report. it is one of the core competency of the Firm.
Special audit is a tailor made audit specifically designed as per the requirement of the management to ascertain certain facts or to pinpoint the root cause of a lapse or irregularity.
it is an audit programme designed to ensure presence of highest levels of quality checks & controls. In today’s fiercely competitive environment, it is very important to be on your toes. Also crucial is to enable internal checks & balances, financially as well as operationally.
We believe the statutory audit should be viewed as an opportunity, not an overhead.The complexity of Statutory Audit Function has increased manifolds during recent times. Globalisation, Fast Changing Business and Statutory environment combined with need for synchronisation with global accounting standards and reliance on audited accounts by multiple users has put ever increasing responsibilities on the shoulders of any statutory auditor.
Team GSPS consist of highly skilled individuals trained extensively for conducting auditing function to overcome such challenges
Audit under GST means the examination of records, returns and other documents maintained by the taxpayer to check the accuracy of turnover declared, taxes paid, optimum utilization of input tax credit and to assess the compliance with the provisions of GST.
GST Audit in India can be done only by a Cost Accountant or a Chartered Accountant, Since Team GSPS is in to filing of GST returns since the inception of the act, it is well equipped to conduct GST Audit.
There are special accounting rules for Trust Account and Trust Audit is designed to ensure compliance with Accounting Rules
Fraud is one of the biggest and most damaging risk businesses face. There are many entities bith in the private and public sectors affected by fraud, irregularity or other wrong-doing – either as victim or accused. The impact can be enormous, as well as financial loss, organisations face reputational damage, disbarment from tendering, personal embarrassment and so on.
Team GSPS come from a wide variety of backgrounds. They combine practical experience and formal training with a wide range of tools and techniques to detect and investigate a variety of situations.
Stock audit or inventory audit is a term that refers to physical verification of a company or institution’s inventory assets. There are types of stock audits depending on the purpose and every stock audit will require a different approach. Every business institution at least needs to perform a stock audit once a year to update and ensure that the physical stock and the computed stock match. A stock audit helps correct discrepancies between the physical stock and book stock can be corrected.
Team GSPS is well equipeed to serve the clients with
- Cut off Analysis
- Physical Inventory Counting
- Inventory Layers
- High Value Items Inventory Analysis
- Inventory in transit Analysis
- Freight Cost Analysis
- Finished Goods Cost Analysis
- Reconciliation between book and physical stock
Management Audit involves analyzing the management style as a whole and judging its competency and efficiency with respect to the competition. It is crucial in times of major changes such as mergers, acquisitions, or significant alternations in the top management.
Team GSPS is well equipeed to serve the clients with
- Evaluating the key structures, dynamics and processes required to enhance the efficencies in the operations
- Undertaking the internal audit rist assessments and developing risk based assurance plans
- Identifying and monitiring the key risk indicators and red flags through continious monitoring
- Assisting with change management and strengthining the business process through training and guiding organization's system and staff in the evolution of internal controls and reporting
A regular check and a strict compliance on the processes is required to lower down the chances of fraud or break-down. There should be a proper advisory on following the processes. Many a times even the processes are complicated (as seen in IT companies or Heavy Industries) and if those are not explained in the organization properly, can put the working into jeopardy. In certain organizations, the working depends upon proper following of the processes due to statutory calls.
Audit of processes thus becomes important especially in concerns with complicated or legal processes.
Team GSPS can set up organizational processes and if processes are already in place, then analyzing them and evaluating them, thus you can expect your organization have end-to-end solution. Our team ensures stringent compliance to pre-set processes of an organization, while it is undergoing the audit. Our team strictly follows a consulting approach which further helps in writing perfectly customized compliance processes for various divisions in the organization.