JRSM Associates & Chartered Accountants

Auditing

Auditing :

Internal Auditing, Statutory Auditing, Management Auditing, Tax Auditing, Information System Auditing & Bank Auditing. Auditing with the objective to suggest Organisation for better and effective ways of cost control. We propose Pre Audit System. Audit team members pass the Bills before its Payments. This is an emerging concept, which various professional managements have accepted.

Stock Audit is conducted to ensure

Proper Preservation/storage of Stock.
Whether obsolete & non-moving stock has been segregated.
Whether stock is adequately insured against all major perils.
Whether physical stock confirming with the stock statement submitted to the Banker.
Whether stock is owned by Borrower and Finance is made available against value of paid stocks only.
Age-wise & Party-wise Book-Debts analysis submitted to the Bankers tallied with the Books.

Internal Audit

An internal audit is the examination, monitoring and analysis of activities related to a company's operations, including its business structure, employee behavior and information systems. Internal audit regulations, such as the Sarbanes-Oxley Act of 2002, have increased corporate requirements for performing internal audits. Audits are important components of a company's risk management as they help to identify issues before they become substantial problems, such as attempts to steal intellectual property.

Schedule audits on a calendar helps ensure they are performed consistently. Departments should be given notice so they can have the required documentation and materials available for the auditor. A surprise audit may be conducted if suspicion of unethical or illegal activity exists.

Statutory Cost Audit

As per Companies (Cost Records and Audit) Rules, 2014, the class of companies which also include foreign companies, are required to maintain “Cost Records”. Cost accountant in practice may assist the company to maintain the Cost Records as per the Companies (Cost Records and Audit) Rules, 2014.

Cost Audit is a critical review undertaken to verify the correctness of Cost Accounts and to check that cost accounting principles and planning have been efficiently followed. It is noteworthy that India is the only country which has introduced statutory cost audit to regulate about 45 vital industries of the country. Cost Audit has been defined by the Chartered Institute of Management Accountants (CIMA) of Landon as “the verification of cost accounts and a check on the adherence to the cost accounting plan.

Bank Audit – Concurrent , Revenue, & Stock Audit

Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank's early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches.

A Revenue audit is an examination of the information and figures shown by a taxpayer in their tax returns against those shown in their business records.

Stock Audit - Stock and Debtors being the primary Security in Cash Credit, Bankers have started appointing CMA/CA. Firm to conduct stock audit, where the exposure exceeds threshold limit (i.e 100 lacs or 500 lacs ,as per the Banks’ policy), in way back 1992 onwards after Harshad Mehta scam. Stock Audit helps in Prevention and early detection of Frauds.

Vat Audit

A value added tax (VAT) is a consumption tax added to a product's sales price. It represents a tax on the "value added" to the product throughout its production process.

VAT Act requires certain dealers/persons to get their accounts audited by an accountant, within the prescribed period from the end of the year. The report of such audit is required to be furnished in a prescribed format. The provisions contained in the Act and Rules in this regard are reproduced below for the attention of members.

Explanation: For the purposes of this section, "Accountant" means a Cost Accountant within the meaning of Cost & Works Accountants Act, 1959).

Information System Audit/Risk Based Audit

The Information Systems (IS) audit group assesses the University's critical systems, technology architecture and processes to assure information assets are protected, reliable, available and compliant with University policies and procedures, as well as applicable laws and regulations. We emphasize the importance of mitigating security risks during our audit coverage of the University’s application, operating and networking systems. Through our integrated and IT governance audits, we evaluate information technology’s impact on the University’s processes and its abilities to achieve its goals and objectives.

Special Audit

Special Audit under Section 14A & 14AA of the Central Excise Act, 1944 of Central Board of Excise and Customs (CBEC).

Special Audit in certain cases Act, 1962, as authorized by Central Board Excise and Customs.

Taxation Matters (Incl. NRI Taxation)

Taxation Matters (Incl. NRI Taxation):

Consultancy in Taxation Matters of Companies, Partnership Firms, Individuals, Trusts, Foreign Individuals, N.R.I.’s. Income Tax consultancy includes Planning, Return filling and Liaison with the Department, Appear before the Appellate Authority, to liaison with the Advocates for the Tribunal and High Courts Income tax matters.

Taxation refers to compulsory or coercive money collection by a levying authority, usually a government. The term "taxation" applies to all types of involuntary levies, from income to capital gains to estate taxes. Though taxation can be a noun or verb, it is usually referred to as an act; the resulting revenue is usually called "taxes."

Income Tax
International Taxation
Value Added Tax + Central Sales Tax
Service Tax
Excise
Custom
Professional Tax
Other direct + Indirect taxes

GST

GST :

We are providing services from Registration for GST to the completion of assessment of GST. All services like Registration, Filing of Returns, Legal Compliance and consultancy related to GST will be provided to the clients for ease of doing necessary Tax Compliance.

RERA Consulting

RERA Consulting :

We are providing services from Registration for RERA to the completion of assessment of RERA. All services like Registration, Filing of Returns, Legal Compliance and consultancy related to RERA, Personal Hearing at RERA etc. will be provided to the clients for ease of doing necessary Tax Compliance.

We operate in complete computerized environment. We have well qualified, highly trained and strongly motivated man power strength. These include professionally qualified personnel.

Accounting

Accounting Manual and Computerisation of Accounting Systems :

The Firm provides its expert services in the Area of Preparation of Accounting Manual and Computerisation of the Accounting Systems. We also prepare the Manuals for the various areas for the Company like Stores Management, Pay roll, Bills passing, and MIS reports as per the requirements of the Management.

Project Finance & Appraisal

Project Finance & Appraisal :

Firm provided total consultancy in the Area of Project Finance, Appraisal, Various Approvals from Government and Semi Government, Various Registrations for the New Projects. To arrange Short Term, Mid Term and Long Term Finance from Financial Institutions, Banks, Private Parties, ICD’s, LC, etc. We also provide consultancy on TURNKEY basis.

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises

Industrial & Housing Loan
Machinery & Equipment Loan
Working Capital Finance
Venture Finance
Private Equity
Technical Project Finance

Statutory Certification

Statutory Certification :

The Firm also provides its services in the area of Statutory Certification. The certificates are issued on verification of the various internal records and External records.

Central Excise Act 1944.

Certificate of Cost of production of captively consumed goods as per Rule 8 of Central Excise Act, 1944 in accordance with Cost Accounting Standard CAS – 4 issued by the Institute.

Certificate for Average Cost of Transportation as per Rule 5 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.

Customs Act, 1962.

Certificate towards the amount of duty paid on the materials used for the manufacture of exported goods as indicated in Forms DBK-I,II, IIA,III, IIIA under Customs Act, 1962.

Directorate of Advertising and Visual Publicity (DAVP).

Certificate towards the authenticated figures of circulation, as per the Annexure XII of the DAVP guidelines representing a statement signed by the both publisher and Cost Accountant with their officials seals giving the details of newsprint and ink stored and consumed during the period.

Fertilizer Industry Coordination Committee (FICC).

Certificate of product wise position of production dispatches stock etc. for the year (Annexure III–A) under FICC.

Issuance of various certificates as prescribed by Fertilizer Industry Coordination Committee (FICC) in respect of certifying Cost Data for Subsidy Scheme, Transportation Claims, Escalation Claims and Equalize Freight Claims.

Telecom Regulatory Authority of India (TRAI)

Reporting and Audit for System on Accounting Separation- Certification Work Telecom Regulatory Authority of India (TRAI).

Ministry of Textile.

Certificate of fulfillment of Hank Yarn obligation for Textile Industry and Textile Committee Cess – Monthly Return in Form – A.

National Pharmaceutical Pricing Authority (NPPA)

Certification of various Forms as mentioned in SECOND SCHEDULE of Drugs (Prices Control) Order, 1995;

Reserve Bank of India (RBI)

Compliance Certificate of Reserve Bank of India for Scheduled Banks/ Urban Development Banks/ Urban Co-operative Banks in respect of Consortium Arrangement / Multiple Banking Arrangements. Valuation Certificate as per RBI Circular No.2006-2007/224 DBOD.BP.BC No. 50 / 21.04.018/ 2006-07 dated January 4, 2007 for valuation of different classes of assets (e.g. land and building, plant and machinery, agricultural land, etc.)

Ministry of Commerce and Industry.

Issuance of various certificates under Foreign Trade Policy & Procedures 2015-20 and Aayat Niryat (Import and Export) Forms (ANF). Vide F.No.01/94/180/468-Appendices/AM12/PC4 dated 11th October 2012, Cost Accountants are also authorized to authenticate all forms and statements, wherever certification by Chartered Accountants is required, under Foreign Trade Policy & Procedures 2015-20 issued by the Ministry of Commerce and Industry.

Certifying Performa CI & C2 under Anti–Dumping as prescribed by Ministry of Commerce & Industry.

Certifying Statement of cost of production for Anti-dumping petition to Government of India.

Ministry of Consumer Affairs, Food and Public Distribution

Annual utilization certificate under Incentive Scheme for New Sugar Factories and Expansion Projects vide Notification No. F.3 (4)/89-PC/Vol.IV of Ministry of Food Dated 28th February, 1997.

Rubber Board Rubber Rules, 1955.

Certifying half yearly return in Form ‘N’ for Quantity of Rubber purchased & consumed by manufacturers under rule 33 (f) of the Rubber Rules, 1955.

Ministry of Corporate Affairs (MCA).

Valuation Certificate for Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) under Master Circular No. 15/2014-15 dated 1st July, 2014.

Insurance Regulatory and Development Authority (IRDA).

Certification of Application for License and renewal thereof to act as Surveyor and Loss Assessor under Insurance Regulatory and Development Authority (IRDA)

Central Electricity Regulatory Commission (CERC).

Certification of various forms prescribed under the Central Electricity Regulatory Commission (CERC).

Foreign Exchange Management Act 1999.

Valuation Certificate under Notification No. FEMA.298/2014-RB: Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2014 dated 13th March, 2014.

Companies Act 2013.

Certifying e-forms which are to be filled by companies under Companies Act and Rules.

FEMA/ FCRA Consultancy

FEMA/ FCRA Consultancy :

The Firm also provides its experts guidance on Cross Border Transactions and FEMA/ FCRA related matters. Guidance on Filling of various prescribed Forms under FEMA/ FCRA. The Firm also has experts to get guidance on rules and regulations of Foreign Direct Investment (FDI). Expert guidance on Law relating to Transfer Pricing.

FOREIGN EXCHANGE MANAGEMENT ACT

In all the above matters, there are several laws in play and multiple factors to be considered. We specialise in pointing out various possible legal ramifications and practical risks. We help the client in taking final decisions based on our holistic opinions.
Because of our experience in the international field, we understand the expectations of foreigners & the ground realities in India. We have successfully guided our foreign clients through the Indian legal system and its practical ramifications.
We provide tax and regulatory compliance services as also supervise the taxation and regulatory matters for our clients. For clients setting up business in India, we also provide support services in the initial setup period.

FORENSIC AUDIT

A forensic audit is an examination and evaluation of a firm's or individual's financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims..

The audit covers a wide range of investigative activities performed by accountants. The process may also include serving as an expert witness in a fraud trial. A forensic audit could also cover situations that do not involve fraud or embezzlement, such as disputes related to a bankruptcy, business closures & etc.

Finalisation of MOU

Drafting and Finalisation of MOU :

The Firm provides expert advice on the Preparation, Finalisation of MOU. We also involve in the Discussion stage and negotiation for the clients for Take Over, Mergers, Amalgamation and Acquisition.

Trust

Trust :

Registration and Foreign Contribution Permission (FCRA) related work.

Company Law Matters

Company Law Matters :

Consultancy in Company Law Matters. Formation of Companies, Preparation of Routine Forms and Annual Returns for the Registrar of Companies.

Law is science and system of rules that are enforced through various government institutions. Knowing law prevents business from big monetary loss and also from long time consuming litigation process.

Company Law
Labor Laws
Mercantile Laws
LLP Law
Partnership Act
FEMA Act
SEBI + Security + Competition Act
All kind of business and civil laws
Drafting & Conveyance of all kind of legal documents

Services