Audit & Assurance

Our Services

Leverage the power of your data through our comprehensive offering designed to provide full visibility into corporate performance.

STATUTORY AUDIT

Statutory audits lend credibility to a company’s financial reporting practices. MNCO’s expertise will help verify the accuracy of your financial records through analysis, identify audit issues, if any, and ensure compliance with existing standards and regulations. Greater transparency, more accurate visibility into your business’ financial health, and constructive recommendations are some of the gains from a well-executed review.

TAX AUDIT

A comprehensive service that encompasses a review of a business’ accounts to confirm compliance with existing Income Tax laws, a tax audit is conducted under Section 44AB by a chartered accountant with the findings submitted in a detailed audit report. MNCO takes a systematic approach to tax audits, executing the process to global standards and regulatory requirements, ensuring the client’s financial records are maintained properly and accurately.

BANK AUDIT

An ongoing auditing exercise, bank audits ensure accuracy of a bank’s financial records by examining and reviewing daily transactions against financial reports generated by the bank.An important objective of the audit is to detect errors, irregularities, fraud or leakage, and correct them before the bank faces financial loss or compliance issues.MNCO’s audit team uses a bank audit checklist to meticulously examine the bank’s accounts, verify their accuracy,and ensure compliance with applicable banking and company laws.

STOCK AUDIT

Required to be carried out at least once in each financial year, stock audit is a statutory process that covers the physical verification of a company’s inventory against its computed stock. This audit’s scope may also include valuation of the inventory based on the extent of engagement with the auditor. MNCO provides a reliable compliance-focused stock audit service that compares physical stock to recorded stock; detects and reports stock discrepancies; identifies slow moving, obsolete or dead stock; and advises on better stock management practices including adoption of technology.

INTERNAL AUDIT

A well-executed internal audit will assess a company’s risk management processes and deliver an objective view of the operational efficiencies and internal controls across the organization. As your internal auditor, MNCO will provide insights into the performance outcomes of existing risk management, controls and governance processes, recommend improvements to increase organizational value, ensure compliance with current regulations, and advise the board and various stakeholders on enhancing cross-functional efficiencies.

TRANSFER PRICING AUDIT

Transfer pricing is a term that describes pricing practices in place for inter-company transactions when transacting goods, services, patents, trademarks and intellectual property among others. MNCO’s professionals are equipped to provide advice on transfer pricing compliance, best practices for transfer pricing policy, complex domestic and international transactions, different tax jurisdictions, transfer pricing documentation, and dispute resolution.

INTERNATIONAL
FINANCIAL REPORTING
STANDARDS

Developed by the International Accounting Standards Board as a common accounting language, the International Financial Reporting Standards (IFRS Standards) aim to harmonize accounting standards in a globally consistent way, and are mandated for use by more than 100 countries worldwide including India to increase transparency. IFRS Standards prescribe a standardized way to present the financial performance of a business entity, enabling its financial statements to be understood by companies, investors, regulators and other users across international borders. MNCO’s expertise in IFRS-compliance ensures their clients adhere to the mandatory regulations set forth by the Board for various business accounting and reporting practices and policies. MNCO also assists companies with the transition to IFRS Standards.

DUE DILIGENCE/
SPECIAL AUDITS

Conducted prior to any investment, merger, acquisition or transaction decision with another company, a due diligence audit will provide the complete financial picture of that company by examining all relevant records. MNCO provides the assurance of carrying out due diligence audits with discretion, ensuring their client is made aware of any discrepancies or hidden liabilities before they enter into a business relationship.

Special audits encompass the assessment of a company’s financial records based on an auditor’s report that requests further analysis of the business practices in place within that operation to ensure compliance with corporate law, rules and due processes.

Mitigate cost, time, quality and compliance risks by partnering with MNCO

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