At SMS & Associates, we provide attestation services that are meant to provide a qualitative comment on the true & fair nature of the financial statements of corporations/firms. In addition, We provide a consistent audit by assembling the right multi-disciplinary team to address the most complex issues, using a proven global methodology and deploying the latest, high quality auditing tools and perspectives. The firm adopts uniform audit methodologies as per the professional guidelines for Statutory Audit issued by the Institute of Chartered Accountants of India. These audit procedures are supplemented by Global Best Practices in statutory audit services. The firm follows system cum Transaction audit methodology with well defined audit planning and execution procedure.
We conduct tax audit u/s 44AB of the Income Tax Act, 1961 and submit our Report thereto in forms 3CA or 3CB & 3CD. Tax Audit is compulsory if the gross turnover during a financial year of an assessee carrying on business exceeds Rs. 10 million or an assessee carrying on profession exceeds Rs. 5 million or for those assessees who are carrying on specified business and profit declared by them are lower than deeming profits prescribed under respective sections.
ICFR Development & Testing
Regular review of ICFR document to keep pace with rapid changing business environment & economic dynamic provides comfort to Management, Directors and Statutory Auditors. Our specialized teams carry out detailed design testing and assist in suitable revision of control mechanism. Our services also include assistance in implementation and testing the Operating Effectiveness for Controls.
Conducting Quarterly limited review of listed companies in accordance with the requirements of Securities & Exchange Board of India.
Risk management is a big concern for both audit committees and senior management in corporate internally. Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. With commitment to integrity and accountability, internal auditing provides value to senior management as an objective source of independent advice.
We provide accounting and auditing guidance which constitutes valuable insights for audit committees, chief financial officers, controllers, financial reporting groups, and internal audit directors.
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Under the GST regime, a major thrust is laid on the ‘self assessment’ of tax liability by the assessee. Hence arises the need for a Chartered Accountant or Cost accountant to audit business entities from the GST angle. Our team of professionals facilitate the determination of any under or over assessment made by the assessee, through the appropriate interpretation and application of the GST provisions by offering GST audit services. In addition, we also offer services with respect to assistance to clients when Audit is conducted by Department.
Stock and fixed assets audits
Stock and fixed assets Audit is also an area of specialization and core competence for SMS & Associates. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.