During an audit, different financial statements are examined, such as the income statement, cash flow statement, and balance sheet.
The audit provides stakeholders and regulatory agencies with information on how money is earned and spent throughout the fiscal year..
The company must appoint an auditor to conduct the audit.
The objective of an audit of the company's financial statements is to allow the auditor to express his/her opinion.
The auditor will have to check various books of accounts, vouchers and bills to check if they are accurate and properly maintained..
There are more than 2000 audit firms in India.Jan 4, 2022.
an auditor of any company for a period of five years. meeting appointing some other auditor or providing expressly that he shall not be re- appointed..
The top five professional services firms - EY, Deloitte, KPMG, PwC and Walker Chandiok \& Co - dominate the audit landscape, overseeing a significant 310 out of 498 assignments for Nifty-500 companies as of March 31, 2023, as per a report by primeinfobase.com.Jun 8, 2023.
Protection: Auditors' presence acts as a deterrent against financial irregularities.
Their independent and objective assessment helps detect and prevent fraud, errors, and misstatements in financial statements..
The Office of the Comptroller and Auditor General has its beginnings in 1858 – the year the British Crown took over the reins of governing British India from the East India Company.
The first Auditor General (Sir Edward Drummond) was appointed in 1860 and had both accounting and auditing functions..
As per Companies Act, 2013, every company, irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year..
The big 4 companies in India are well-established firms with numerous branches spread across India's major cities like Mumbai, Delhi, Bangalore and Hyderabad.
They serve a variety of clients that range from multinational corporations to small businesses..
Who are the top 5 Big 4? The big 4 companies in India are Deloitte, Ernst \& Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG).
In addition to auditing, they provide tax advice, strategic and management consulting, valuations, market research, assurance and legal advice.Apr 25, 2023.
The big 4 companies in India are Deloitte, Ernst \& Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG).
In addition to auditing, they provide tax advice, strategic and management consulting, valuations, market research, assurance and legal advice..
The big 4 companies in India are Deloitte, Ernst \& Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG).
In addition to auditing, they provide tax advice, strategic and management consulting, valuations, market research, assurance and legal advice.Apr 25, 2023.
Big 4 audit clients are what arguably make the largest audit companies in the world worth working for.
These companies, as you may already know, are Deloitte, PwC, Ernst \& Young, and KPMG.
A staggering 100% of the Fortune 500 are audited by one of the Big 4 accounting firms.
Talk about market domination.
The big 4 companies in India are Deloitte, Ernst \& Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG).
In addition to auditing, they provide tax advice, strategic and management consulting, valuations, market research, assurance and legal advice. 8.Apr 25, 2023.
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1) A person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant in practice..
Audit of government accounts (including the accounts of the state governments) in India is entrusted to the CAG of India who is empowered to audit all expenditure from the Consolidated Fund of the union or state governments, whether incurred within India or outside, all revenue into the Consolidated Funds and all .
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Aiyar \& Co., was established by Mr Kalyan Subramani Aiyar in Calicut in 1897 and then he moved it to Mumbai in 1900.
We are the oldest Indian Accounting firm of the country..
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Deloitte India: Deloitte India is the first and most significant subsidiary of Deloitte Touche Tohmatsu ltd., a UK-based firm known as DTTL throughout the entire globe..
Audits are often initiated or mandated to protect shareholders and potential investors from fraudulent or unrepresentative financial claims.
The auditor is typically responsible for: Examining financial statements and related data.
Analyzing business operations and processes..
While most chartered accountant (CA) firms will offer services such as maintaining financial accounts of their client companies and providing advisory, the purpose of an auditing firm in India goes beyond managing the financial accounts of its client business entities and rendering advisory services to its clientèle
This has led to an increasing number of international and domestic firms offering their services in India
The Big Four accounting firms – Deloitte, Ernst & Young, KPMG and PwC – are the largest and most influential players in the Indian market
Having understood the importance of hiring an audit firm to do the yearly object, let us explore some of the most popular audit firms in India
Deloitte or Deloitte Touche Tohmatsu Limited is a professional network of services with offices in more than 150 countries in the world
Review and Other Standards are the standards issued by Institute of Chartered Accountants of India.
\n\nAuditing in India is a system of independently reviewing the records/activities and expressing an opinion thereon.
Non-profit circulation-auditing organisation
The Audit Bureau of Circulations (ABC) of India is a non-profit circulation-auditing organisation.It certifies and audits the circulations of major publications
Including :Newspapers and magazines in India.
Indian company law legislation
The Companies Act 2013 is an Act of the Parliament of India which forms the primary source of Indian company law.It received presidential assent on on 29 August 2013
And largely superseded the Companies Act 1956.
A Company Secretary in India is a qualified secretary of the Institute of Company Secretaries of India (ICSI).Prerequisites for membership are successful completions of the ISCI’s theory and practical training exams.Company Secretaries are required for every Indian Company listing on the stock exchange
Public or privateWith share capitals of Rs 10 crores or higher.As a qualified professional
A company secretary is required to perform the duties enumerated by the ICSI for organisations engaged in manufacturing or service for ensuring proper compliance with legal and taxation-related controls to be followed through the course of its operations.These policies clear any ambiguities for the organisations in the maintenance of their book of accounts.The ICSI has +70000 Company Secretaries.Their roles include
Facilitating meetings of the Board of Directors
Providing guidance on formation
Mergers and liquidations and representing the company in arbitration or the Company Law Board
1602–1799 Dutch trading company
The United East India Company was a chartered company established on 20 March 1602 by the States General of the Netherlands amalgamating existing companies into the first joint-stock company in the world
Granting it a 21-year monopoly to carry out trade activities in Asia.Shares in the company could be bought by any resident of the United Provinces and then subsequently bought and sold in open-air secondary markets.It is sometimes considered to have been the first multinational corporation.It was a powerful company
Possessing quasi-governmental powers
Imprison and execute convicts
