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Audit and Assurance Services

At SAC Consulting Services, we provide comprehensive Statutory Audit Services designed to ensure your financial statements are accurate, compliant, and reflective of your financial position. Our audits are conducted using internationally recognized frameworks like INDAS, IFRS, Indian Accounting Standards, and USGAAP, with a strong focus on Risk-Based Audits to identify and mitigate potential risks effectively.

Our Statutory Audit Services

Statutory Audits under INDAS

We provide statutory audit services under the Indian Accounting Standards (INDAS), ensuring your financial statements comply with local regulations while maintaining global best practices.

Statutory Audits under IFRS

Our experts conduct statutory audits following the International Financial Reporting Standards (IFRS), providing a transparent and accurate reflection of your financial health to international stakeholders.

Statutory Audits under USGAAP

We offer statutory audits under the US Generally Accepted Accounting Principles (USGAAP), ensuring compliance with US regulations for companies operating or reporting in the United States.

Risk-Based Audits

Our Risk-Based Audit approach focuses on identifying, assessing, and mitigating risks that could impact your business, providing insights to improve your risk management processes and safeguard your organization.

Financial Statement Verification

We perform in-depth verification of your financial statements to ensure they accurately represent your financial position, complying with all relevant accounting standards and regulations.

Regulatory Compliance Audits

Our team conducts regulatory compliance audits to ensure that your business adheres to the necessary laws and standards, avoiding potential legal and financial repercussions.

Frequently Asked Questions

Your Questions Answered: Everything You Need to Know About Our Audit and Assurance Services

What is a Statutory Audit and why is it important?

A statutory audit is a legally required review of the accuracy of a company's financial statements and records. It ensures that the company's financial reporting is accurate and in compliance with statutory and regulatory requirements.
Example: A publicly listed company undergoes a statutory audit to confirm that its financial statements are true and fair, providing confidence to shareholders and regulatory authorities.

How does IFRS impact my business's financial reporting?

IFRS (International Financial Reporting Standards) provides a global framework for financial reporting, ensuring consistency and transparency across different markets. Adopting IFRS can enhance the comparability of your financial statements with those of other global companies.
Example: A multinational corporation adopts IFRS to align its financial reporting across all its international subsidiaries, improving transparency for investors and regulators.

What are the benefits of a Risk-Based Audit?

A Risk-Based Audit focuses on identifying and assessing the key risks that could impact your business. By prioritizing these risks, the audit process becomes more efficient and targeted, helping to mitigate potential issues before they become significant problems.
Example: A retail chain conducts a risk-based audit to identify and mitigate risks related to inventory management, reducing the chances of stock discrepancies and loss.

What does Financial Statement Verification involve?

Financial Statement Verification involves a thorough review of your financial statements to ensure accuracy and compliance with accounting standards. This process helps in identifying any discrepancies or errors in your financial reporting.
Example: A manufacturing company undergoes financial statement verification to ensure that its balance sheet accurately reflects its asset values, ensuring compliance with INDAS.

How can Regulatory Compliance Audits benefit my business?

Regulatory Compliance Audits ensure that your business is adhering to all relevant laws and regulations. This proactive approach helps in avoiding fines, legal actions, and reputational damage.
Example: A financial services company conducts a regulatory compliance audit to ensure that its operations meet the requirements of the Reserve Bank of India, avoiding potential penalties.

At SAC Consulting Services, we are committed to integrating AI to streamline your business operations. Reach out to learn more about how our AI-driven solutions can benefit you.