:  +91 261 2323678, 2352249      :  srsomaniandco@icai.org

Audit & Assurance

Statutory Audits & Tax Audits

Statutory audit assignments are governed by the framework established by law.

Our unique approach and methodology, varied industry experience spread over 30 years and in-depth technical knowledge enables us to adequately validate the information, assumptions and estimates represented in financial statements to consistently deliver quality audit.

Constant improvement programs initiated by us help our clients to prepare for forthcoming changes in accounting rules, regulation and standards. Our management letter highlights various aspects of operations including robustness of accounting systems which acts as


Stock Audit

Stock Audit is a key area of expertise and competence for S. R. Somani’s Internal Audit Services. Stocks and physical assets such as raw materials, products, plant and machinery, office equipment, IT systems etc. are value assets of a company. With companies today operating across multiple locations with various channel partners, ensuring all assets exist as per the books of record is a challenge for the operations and the facilities functions.

S. R. Somani provides Stock Audit services to companies to help them safeguard and monitor their physical assets and inventories efficiently. S. R. Somani’s Stock Audit team follows a strict audit and reporting mechanism that ensures that every aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also done for banks and other financial institutions which have extended credit to businesses against physical goods and assets. S. R. Somani’s large experience gives it the advantage of quality audits at lower costs for clients.

S. R. Somani currently provides three types of Stock Audits :

Environmental
Conditions Audit
Adherence to Processes
& Procedure Audit
Ancillary Processes
& Procedure Audit
  • Arrangement of inventory in orderly manner
  • Ready identification of inventory and WIP
  • Storage arrangements, to protect against deterioration
  • Identification of WIP, including stage of completion
  • Handling of obsolete and damaged stock : identification and segregation
  • Physical counts
  • Comparison of physical counts to computerized records
  • Existence of numerical counts for stock, use of tag sheets
  • Sampling Inward and Outward stock movement process
  • Examination of sealed inventories 
  • Stocks lying at outside locations
  • Use of technology for stock management
  • Visual documentation of stock (through photographs) 

Internal Audit

Specific purpose/need based audits desired by the Management to review special purpose accounts and providing recommendations for cost reductions and Risk Management in various areas of the clients businesses. Internal control reviews are also conducted in order to provide assurance to the Management by evaluating existing controls of an organisation and giving effective suggestions for improvement of the same.

The firm has requisite systems knowledge and gained very good exposure to audit in SAP environment and systems audit.

The leaders of the Firm possess adequate systems qualifications viz. DISA essential for carrying out Systems and EDP Audit.


Management Audit

Concurrent Audits

We at S. R. Somani, have years of experience conducting various Bank Audits.  The firm is empanelled with various banks.


Revenue Audits

Due Diligence

With globalization and the rapid growth in the Indian economy mergers, takeovers, and acquisitions have become common phenomena. It is imperative to have reliable, timely and qualitative information in any potential transaction to enable informed decision making.

At S. R. Somani, we have significant experience in undertaking diligence in wide variety of industries and transaction sizes.

Our due diligence services are like 'shock absorbers' that assist our clients to manage their risks by identifying and quantifying potential exposures.

We offer the following services :

  • Business Due Diligence
  • Accounting & Financial Due Diligence
  • Tax Due Diligence

Process Audits & Developments

Introduction

One of the key offerings of S. R. Somani's Internal Audit and Consulting Services is Process Audits. Process non-compliance or process breakdown is often a cause of inefficiencies or fraud possibilities creeping into the system. Thus, for corporations, it is not only enough to set up processes but it is also essential to ensure strict compliance on a regular basis.

S. R. Somani's Process Audit ensures stringent compliance to pre-set processes of an organization. Along with conducting a process audit, the team follows a consulting approach whereby, it helps in setting up customized compliance processes for different functions and divisions in an organization. Thus, the team provides an 'end-to- end' solution approach to process compliance


Risk Assessments

Introduction

Risk Audit is one of the key focus areas of S. R. Somani’s Internal Audit and Consulting Services. Risk by definition means any unforeseen event which can result in quantifiable business loss due to stoppage of work, damage, fraud and theft or any natural acts of nature. Thus, Risk Audit’s biggest challenge and success is the ability to map each and every possible risk which any business may face and quantify it with an economic value. Thus, Risk Audit is based on a clear value proposition of criticality based on Business Continuity Plan (BCP) hierarchy matrix.

S. R. Somani’s Risk Audit ensures adherence to Internal Control procedures and processes as laid down by the company. The consultants work closely with companies to develop internal control mechanisms based on risk for each and every individual process. The experience of working in various industry verticals gives the leverage of cross functional experience in creating full proof Risk scenario for companies and also ensuring regular audits.


Special Audits

Introduction

Special Audit is a service offering from S. R. Somani's Internal Audit and Consulting Services for helping companies meet their ad hoc auditing needs for special circumstances. Businesses face new and unseen challenges everyday and often situations arise, where a specialized and at times one time assessment may be necessary.

S. R. Somani's Special Audit team works closely to identify areas that may require special audits and based on discussions and findings they create a tailor made audit procedure. As the team of consultants is multi-disciplinary, it brings relevant skill sets for each specific case.

Advantages

Special Audit is also investigative in nature as it aims at uncovering or discovering the unusual which the perpetuator often tries to cover up. This very basic premise helps organizations avoid the risk of bigger or repetitive frauds or loss to the company. Special Audits help to nip the problem in the bud by investigating the source, whether people or process, of a violation before it assumes a bigger proportion. Special Audits are quick, tailor made and help companies root out specific violations immediately without having to wait for their periodic audits.