Audit & Assurance

Our assurance services include Statutory audit, Tax audit, Special audits and Investigations. Our Assurance assignments are conducted in accordance with the engagement standards issued by the ICAI. Our Audit Methodology is based on the Auditing Standards issued by the ICAI which are converged with the International Auditing Standards. As part of such audit assignments, we assess the adequacy of internal controls and our audit findings also reflect suggestions for improvement of  such controls. We also assist in conversion of accounts in accordance with IFRS/ Ind-AS. We offer the following Audit & Assurance services.

Statutory Audits

Statutory Audits are conducted to report the state of company’s finances and accounts to the Government of India. At Paay & Co LLP  an elite team of qualified auditors are designated to do such audits. The audit report are prepared strictly in accordance with the rules and regulations defined by the Government agencies.

Due Diligence  

The financial due diligence process is one of the most crucial part of any transaction. Paay & Co LLP holds an expertise and an established track record in this area. Our aim is to enable entrepreneurs and decision makers to make sound investment decisions with great confidence at every stage. We aim at eliminating the risk and potential flaws of investing at domestic and international locations.     

Investigation/ Forensic Audit

An examination and evaluation of a firm’s or an individual’s financial information for the use as an evidence in the court of law. At Paay & Co LLP  we undertake financial investigations of misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting rregularities, and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities, NGOs and HNIs/ industries we serve. Our well trained and qualified subject matter experts handle such issues with great proficiency.Tax audits The firm provides services as required under the Income tax Act 1961.

US GAAP

The common set of generally accepted accounting principles, standards and procedures that companies use to compile their financial statements. GAAP is a combination of authoritative standards (set by the policy board) and simply the commonly accepted ways of recording/ reporting accounting information. At Paay & Co LLP, we have accumulated the expertise needed to conduct US GAAP Audits.

IFRS/ Ind AS  

IFRS at present can be viewed as the most important initiative in the financial reporting standards at the global podium. Approximately 120 nations and reporting jurisdictions permits/ requires IFRS for domestic listed companies, while over 90 countries have fully conformed to IFRS as promulgated by the International Accounting Standards Board (IASB) and include a statement acknowledging such conformity in their audit reports. We have qualified and trained resources to assist in IFRS convergence, balancing both, the short term and the long term objectives of the businesses. Conversion of financial statements prepared under Indian GAAP to IFRS for the purpose of reporting overseas to parent company and/ or foreign investors. Conversion of financial statements prepared under Indian GAAP to Ind AS. 

Stock Audit

Stock Audit is an area of specialization and core competence for Paay & Co LLP We are committed to provide unmatched Internal Audit Services because of our unparallel reach and all India network. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.