Audit & Assurance

Our view that audit and assurance services are a 'profit centre' rather than a 'cost centre' have also been applauded by our clients; the testimony of which lies in our decades long relationship with them. At Seth & Seth, we postulate that audit and assurance services are an essential tool available to all stakeholders, including the management, to provide greater assurance of information and in-depth understanding of the affairs of an organization.

We constantly aspire to raise the bar of expectations from our audit services, to ensure incessant value addition for our clients. Besides ensuring statutory compliances and reporting on the financial statements, we provide expert opinion and insight into various areas like internal controls, legal interpretations, processes and polices, risk management, etc. Our distinctiveness lies in our ability to understand the client's business drivers and needs and focus on core risk areas.

Statutory audit assignments are governed by the framework established by law.
Our unique approach and methodology, varied industry experience 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 valuable tool for our clients.

Seth & Seth specializes in Internal Audits which are primarily conducted in order to provide the management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements. The primary focus of any internal audit would include testing the current set up of controls and providing value added inputs to the client to ensure better performance. We adopt a “Risk Based Audit” approach which is the proven and tested methodology throughout the world.

Internal audits conducted by us include:

• Evaluation of internal controls adopted by organizations and suggesting areas for strengthening
• Review of operations by keeping the client's business needs in focus
• Identification and recommendation of areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation
• Confirmation of proper compliance with the various regulatory provisions and operational manuals
• Assisting organizations in meeting the Corporate Governance requirements

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 Seth & Seth, 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.

Management audit plays a significant role in assisting the management to strengthen its processes through a comprehensive assessment of the organization. It is crucial irrespective of the size of operations and whether be it in startup or matured phase. We, at Seth & Seth, specifically design the management audit processes that cater to the needs of the business and its stakeholders.

The management audit encompasses variety of areas including:

• Compliances with various statute
• Adherences to laid down policies and procedures
• Cost saving / management avenues
• Accuracy and adequacy of MIS system
• Risk management

Indian Government is committed for convergence from Indian GAAP to IFRS in a phased manner. At Seth & Seth, we assist clients in transition to IFRS by:

• Gap Analysis between Indian Accounting Standards and IFRS
• Highlighting the impact and consequences of such gaps
• Preparing clients for full scale IFRS compliant Financial Statements

In the dynamic environment, what was true yesterday is not true today and what is true today will not be true tomorrow. We at Seth & Seth, fully recognize the pressure on the management to continuously identify risk emanating from various areas such as changing business dynamics, growth, competition, outsourcing, software, change in technology, attrition etc and find a practical measure to mitigate such risks.

Our interdisciplinary team's ability to map and evaluate processes enables our clients to formulate strategies for timely evaluation and monitoring of risks. We aim at formulation of robust risk management policy.

Our professionals have deep rooted and vast experience spread over multitude of industries of various sizes, nature and ownership patterns; to successfully conclude the risk assessment exercise.

One of the key success criteria of any investment is in achieving the targets as per the business plan. Post investment review is a strong tool available with the investor to track and monitor stated framework which enables timely and appropriate actions.

Our team equipped with audit skill coupled with consulting mindset is apt for the role of post investment review and monitoring. Our review encompasses business, accounting, operational and statutory area of the operation.