Audit & assurance
Statutory, bank and internal audit
PVAR & Associates audits companies, banks, public-sector undertakings and co-operative societies. The firm has served as statutory central auditor to UCO Bank and Union Bank of India and as statutory auditor to STC of India, and carries out tax, internal, stock, information-systems and forensic audits for private businesses.
Statutory audit
Audit of financial statements
Independent audit under the Companies Act, 2013 and the ICAI Standards on Auditing, ending with an audit report in the prescribed form and a management letter that says plainly what we found.
Company audit
Audit of the annual financial statements of private and public companies under the Companies Act, 2013, prepared under Indian GAAP or Ind AS.
- Opinion on whether the statements give a true and fair view
- Reporting on internal financial controls over financial reporting
- Management letter on process gaps and corrections
Tax audit under section 44AB
Tax audit of businesses and professionals above the turnover and receipts limits, with the report filed before the income-tax return.
- Review of books, TDS compliance and disallowable items
- Coordination with the return so both are filed in time
- Due dates in the compliance calendar
Internal financial controls
Evaluation of internal financial controls over reporting (IFCoR): design, operating effectiveness and the gaps that need closing before year-end.
- Walk-throughs of purchase, sales, payroll and treasury cycles
- Control testing with documented samples
- Remediation points agreed with management
Special-purpose audits
Audits for a specific requirement rather than the annual accounts, including work for co-operative societies and government entities.
- Grant and utilisation audits
- Investigation audits and management-specific reviews
- Audit of co-operative societies and government bodies
Bank audit
Statutory central, branch and concurrent audit
Bank audit is a core part of the practice. Our offices in New Delhi, Jaipur, Ghaziabad and Golaghat take up central, branch, concurrent and stock audit assignments allotted by banks.
Statutory central audit
Audit of a bank's consolidated financial statements at head office, including review of branch returns, provisioning, investments and the long-form audit report.
Branch statutory audit
Year-end audit of bank branches: advances and asset classification, income recognition, deposits, KYC and the certificates the bank requires.
Concurrent and stock audit
Ongoing concurrent audit of branch transactions and controls, and stock and book-debt audits of borrowers on behalf of the lending bank.
Appointments and empanelments
| Institution | Appointment | Period |
|---|---|---|
| UCO Bank | Statutory central auditors | FY 2023-24 |
| Union Bank of India | Statutory central auditors | FY 2020-21 and FY 2022-23 |
| STC of India Limited | Statutory auditors | FY 2025-26 |
| NTPC Green Energy | Independent chartered accountants | — |
| National Highways Authority of India (NHAI) | Empanelled | — |
Internal audit
Internal audit and information-systems audit
For businesses that want an independent check on how their processes actually run, and for banks and companies whose systems need a DISA-qualified reviewer.
Internal audit
A risk-based internal audit looks at the processes behind the numbers: how purchases are approved, how sales are billed and collected, how stock and fixed assets are controlled, and whether statutory compliances are being done on time. We agree an annual plan with management or the audit committee, report by function, and follow up until the points are closed.
- Purchase-to-pay, order-to-cash and payroll cycles
- Inventory, fixed assets and cash controls
- Statutory compliance review (GST, TDS, PF, ESI, ROC)
- Quarterly reporting with an action tracker
Information-systems audit
Our partners hold the ICAI's DISA qualification. An IS audit reviews the controls around the accounting and banking systems a business depends on: who can access what, how changes are made, whether data is backed up and whether the application calculates what it is supposed to.
- IT general controls: access, change management, backup and recovery
- Application controls in ERP, accounting and core banking systems
- Data-integrity testing and interface reconciliations
- Reports suitable for boards, banks and regulators
Forensic audit
Forensic audit and investigations
Investigation of suspected financial irregularities for management, boards and lenders, and the controls that stop them recurring.
Investigation of irregularities
When misappropriation, diversion of funds or manipulation of accounts is suspected, we trace the transactions through the books and bank statements, examine the supporting documents and speak to the people involved.
- Fund-flow and fund-trail analysis
- Review of related-party and round-trip transactions
- Reconstruction of records where books are incomplete
Reporting and prevention
The outcome is a written report with evidence that management, a lender or counsel can rely on, together with the control changes needed so the same gap does not open again.
- Investigation audits requested by lenders or boards
- Working papers prepared for use in proceedings
- Fraud-risk review and control redesign
Process
How an audit runs with us
- Scope and engagement letter
We confirm the scope, the period, the deliverables and the fee in writing before any work begins, along with the list of records we need from you.
- Planning and risk assessment
We study the business, its systems and its main risks, set materiality and write the audit programme, so fieldwork concentrates on what matters.
- Fieldwork
Testing of controls and transactions, verification of balances, third-party confirmations and visits to branches or sites where needed. Queries go to you in writing as they arise.
- Reporting and follow-up
Draft findings are discussed with management before the audit report is signed. The management letter lists the open points, and we check at the next visit that they have been closed.
FAQ
Common questions about audit
Who needs a tax audit under section 44AB?
Does every company need a statutory audit?
What do we need to give you before the audit starts?
Do you take up bank branch and concurrent audits outside your office cities?
Talk to a chartered accountant
Tell us what needs auditing and we will come back with a written scope and fee before any work begins.