In financial reporting engagements, the firm is committed to maintaining independence, both in fact and appearance, in all instances where it is required or professionally necessary. We focus on thoroughly understanding the client's business and the environment it operates in, ensuring that any specialized knowledge necessary for the engagement is applied. Accounting issues are addressed based on the substance of the transactions, not just their form. We maintain a healthy professional skepticism, encouraging clients to adopt accounting and reporting practices that are appropriate for their specific circumstances.
Auditing is a complex process, and to deliver high-quality audit services, we go beyond traditional approaches. We utilize a blend of customized systems and controls to gather audit evidence, ensuring compliance with relevant statutory provisions across all organizations.
In providing audit and assurance services, we uphold the highest standards of independence, professionalism, objectivity, and technical excellence. Our dedicated team conducts audits in alignment with the latest amendments, guidance notes, circulars, and accounting standards.
Statutory Audit:
MBRK conducts Statutory Audits for public and private companies, banks, financial institutions, public sector undertakings (PSUs), firms, and sole proprietors. A statutory audit of financial statements requires the auditor to provide reasonable assurance that the accounts and financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) and Standards on Auditing (SAs), and that they are free from misstatements or errors.
Our team employs a blend of tailor-made systems and controls to collect audit evidence and ensure adherence to the provisions of the Companies Act, 2013. This applies across all organizations, including government-owned entities, publicly listed companies, and private organizations, while also fulfilling statutory assurance requirements for non-corporate entities as per applicable statutes and laws.
- Risk-based Audit Program and Sampling Techniques
- Adherence to the Materiality Concept
- Primary Auditing and Cross-Checking
- Compliance with Indian Accounting Standards (IAS)
- Use of Analytics and Statistical Tools
- Emphasis on Clear Communication with Auditees/Clients (both formal written and personal communication)
Tax Audits:
A tax audit involves the expression of the tax auditor's opinion on financial details provided by an assessee to enable the tax authorities to assess the correct tax liabilities. Our goal is to assist clients in accurately assessing their taxes by reviewing taxable income, disallowances, and applicable deductions under the Income Tax Act, 1961.
Our team of experienced professionals conducts tax audits with consideration of the latest judicial pronouncements, amendments, circulars, notifications, and tax accounting standards issued by the CBDT, ensuring compliance for publicly listed companies, private firms, and other organizations.
Other Audits:
Our CA firm excels in conducting a wide range of specialized audits including internal, management, forensic and information systems audits. We provide expert insights into improving internal controls, risk management, and operational efficiency. Our partners and team have achieved DISA and FAFD Certifications, enabling them to proficiently conduct forensic and Information System audits. These audits are instrumental in detecting fraud and financial discrepancies, as well as aiding in legal and dispute resolution matters. We ensure organizations comply with industry regulations through compliance audits. Additionally, we conduct environmental audits to assess and improve sustainability practices. With a focus on optimization and risk mitigation, our firm delivers valuable recommendations for enhanced business performance. Our diverse expertise ensures comprehensive audit solutions across industries.