Audit and Assurance Services: A need for Businesses

Organizations are operating in a rapidly changing business environment, with increasingly complex regulatory requirements. In such circumstances, it is vital to maintain confidence and trust.You may need to support key statements, assumptions and disclosures in your entity’s financial statements or consider the suitability of established accounting policies following a significant change in the business. You may also require a wider review of the operation of your finance function. With a keen understanding of the competitive business landscape and our experience evaluating the risks you face on a daily basis, we tirelessly work to deliver a high return on your investment through value-packed feedback that offers an in-depth analysis of your financial statements, internal controls, and operational efficiency.

HCO has rich experience of more than 60 years in audit & assurance services in India and has served a diverse clientele from individual taxpayers to conglomerates; the firm's Audit & Assurance practice has grown continuously and continues to be one of the major areas of specialization.

We take a constructive approach to our audits and our planning process avoids any surprises or uncomfortable situations by managing issues upfront rather than during the audit. Our Audit Methodology is based on the Auditing Standards issued by the ICAI which are converged with the International Auditing Standards.

We, have embraced technology as a tool to quality auditing and are continuously exploring beyond the traditional ways to understand stakeholders’ concerns relating to performance, privacy, risk, controls, and data analysis. Our experience in carrying out attest functions of large corporates and urge to understand the businesses of various industries where we carry out such functions, provides us with an edge in delivering quality services. This enables the stakeholders to have confidence in us.

Our audit begins with understanding client’s areas of operation and identifying major risk areas. We work closely with the client to comply with Accounting Standards, Standards on Auditing, Regulatory Compliances and other applicable provisions of the law. Complicated issues in the conversion of Indian GAAP financials to International Financial Reporting Standards, adoption of Indian Accounting Standards (IndAS), in interpreting complex Accounting Standards are easily resolved with our thorough understanding of standards, legislation and regulations.

We believe in performing audits efficiently, with minimum disruption, and our expertise allows to offer Audit & Assurance Services in India. We focus on providing crucial insights that you and your stakeholders can use for accurate and resourceful reporting.

Commissioning cost-effective and focused assurance reviews on key areas of importance to your business, without the expense of a full audit, can be a major benefit in a variety of these situations, particularly for entrepreneurial businesses looking to scale up.

Our audit&assurance approach is pragmatic, relying on a risk-based audit methodology, built on extensive planning and client input, and is fully supported by the latest technology and tools. Our audit team delivers credibility to your financial statements and reports, provides assurance to directors, and insights to your leadership to improve systems while managing risk.

The purpose of audits and assurances -

The purpose of Audit &Assurance is to inspire the confidence and trust that help enable a complex world to work. EY Assurance services help to support organizations in promoting investor confidence, managing regulatory responsibilities and supporting long-term, sustainable economic growth.

Our clients confirm that it is our service philosophy that sets us apart from other public accounting firms:

• Proactive communication, responsiveness and accessibility

• Risk-based audit approach

• Extensive executive involvement

• Exceptional value through a practical approach

• Expertise resident in our offices

• All firm resources available for each engagement

Our audit & assurance engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.