Achieve Financial Excellence With VPRP & Co LLP’s Expert Audit & Assurance Services
Service Offering - Audit and Assurance
Explore the precision and reliability of our audit and assurance services. We help you earn the trust and confidence of investors, instilling transparency and accountability within your company’s financial operations. Our services include various types of auditing to help you meet regulatory requirements by preparing a fair financial statement.
Statutory Audit
External auditing officers conduct a statutory audit to check the accuracy of financial reports submitted by a business. Our statutory audit services help companies prepare financial statements in compliance with the latest laws and regulations. We perform internal audits of a business’s operations to offer valuable suggestions for improving their financial reporting. Our tax audits unveil the company's financial position with accuracy and reliability.
Management Audit
A management audit assesses a business’s management and operational performance. It also focuses on organizational structure, leadership, and operational efficiency, aligning management goals with company policies. Our team of experts reviews company management policies and procedures to start auditing risk mitigation practices, financial controls, and overall performance. We suggest effective strategies to enhance the management on finding room for improvement.
We offer Special Purpose Services, which serve a unique role, especially during challenging business times. It involves in-depth auditing of a business’s accounts, finances, legal policies, and other area. The objective of auditing is to evaluate a company's assets and documents in detail in compliance with regulations, identify risks, and advise for financial efficiency. Special purpose audit services help gain investors' trust and raise capital. We offer these solutions under the umbrella of special purpose audit:
● Statutory audits for Indian GAAP
● Statutory audits under IFRS and US GAAP
● Internal/risk audit of all functional parts of a business, such as sales, HR, and technology
● Special audits and investigations
● Compliance audits for FEMA and other regulations
● Tax and transfer pricing audits
● Certification work where auditors ensure compliance with various rules and regulations; this includes certificates required for NBFC norms, SEBI laws, and others
● One-time transitioning services from I-GAAP to IFRS or US GAAP
Benefits of Audit and Assurance Services
A professional audit and assurance service increases your company's credibility in finance. Additionally, you benefit from consistent capital gain from investors.
With decades of expertise in providing audit and assurance services, our expert term’s financial advice and insights help you maintain financial integrity and make better business decisions.
1. What is an assurance service in auditing?
When an independent auditor examines and concludes a client's financial information or processes, it is known as an assurance service in auditing. The auditor aims to increase the reliability of information for users. Assurance services give stakeholders confidence in the integrity and accuracy of what is being reported.
2. What is the difference between audit services and assurance services?
The main difference between audit and assurance services is that audit services primarily involve statutory financial statement audits to comply with legal standards. In contrast, assurance services cover a broader range of voluntary engagements defined by clients. Audits aim to express opinions, but assurance provides confidence levels without definitive conclusions. While audits focus on financial controls, assurance considers additional operational areas.
3. What are the 2 types of assurance?
The two main types of assurance are reasonable and limited assurance. Reasonable assurance means a high but not absolute level of assurance where the auditor reduces risk to an acceptable level. Limited assurance involves a moderate level of assurance with a higher level of risk that a material misstatement could occur.
4. What is the role of audit and assurance?
he role of audit and assurance is to improve the reliability and credibility of information. Audits ensure financial statement compliance, while assurance evaluates additional areas per client needs. Both aim to give stakeholders confidence by independently assessing risks, controls and reported metrics, thereby increasing transparency and trust in reported data.
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