Statutory Audit

Our Statutory Audit process combines our technical competencies in Accounting Standards, Auditing Standards and the Indian Companies Act, with a detailed knowledge of the client, its market and the industry sector.

Statutory Audit Services are rendered to:

  • Public Sector Undertakings
  • Public Sector Banks
  • Insurance Companies
  • NBFCs
  • Listed Public Companies
  • Public & Private Limited Companies

A number of clients of the firm will be implementing IFRS with effect from 1st April 2011. The firm is well equipped to handle conversion from Indian GAAP to IFRS of these clients.

 
 
 
 

Internal Audit

Internal Audit assignments include audits of predominantly manufacturing and service sector companies.

Our risk based audit approach is focused on Business Process Review rather than transactions verification, combined with operational auditing. We assist the management in establishing and monitoring effective Internal Controls and assisting in better compliance of regulatory requirements of fiscal and other laws.

Presently the firm handles internal audits of many large scale as well as mid size corporates all over India as well as abroad.

 
 
 
 

Financial Investigations

A number of assignments of Special Investigative Audit/ Financial Investigation have been carried out by the firm, mainly at the instance of:

  • Board for Industrial and Financial Reconstruction (BIFR)
  • Public as well as Private Sector Banks
  • Reserve Bank of India
  • All India Financial Institutions
 
 
 
 

Information Systems Audit

Information Systems (I.S.) Audit is one of our specializations. We look in to the following spheres of the I.S. Audit :

  • Information Security Policy, Procedures adopted by the client and implementation thereof. Review of Information Technology practices implemented by the client. Suggestions in respect of coverage and contents of the policy.
  • Safeguarding of I.S. Assets / Physical and environmental Security
  • System Administration function and controls thereof
  • Vendor Management - Control over vendor selection, process for acquisition or development of software, hardware and network components. Review of documentation created in respect of such acquisition process, Review of vendor contracts.
  • Business Continuity - Review of Business Continuity and Disaster Recovery Policy, review of Business Continuity and Disaster Recovery Plans and of business continuity/ disaster recovery set up implemented.
  • Asset Maintenance
  • Review of Network Management and Administration.
  • Desktop Security Policy and its compliance at branches.
  • Vulnerability Assessment & Penetration Testing in respect of the network and servers used.
  • Review of Logical Security at Network, Network Control Software.
  • Network Administration Function and controls over the network super-users.
  • Firewall policies, access controls over the internet usage, hosting of key applications in De-militated Zone.
  • Application Log Management and Monitoring Controls
  • Anti-Virus configurations, architecture and updating policies. (At Data Centre as well as at branches)
  • Information Security Awareness - Review of practices implemented for information security awareness amongst the employees of the Bank, including password security, business continuity and disaster recovery, handling and sharing of sensitive data etc.
  • Change Management and Change Control
  • Backup and Recovery,
  • Anti-Virus configurations, architecture and updating policies.
  • Management of Logs/ Exception Reports and review thereof. Actions taken on the basis of log reviews. Event escalation mechanism.
  • Systems Maintenance -Review of systems maintenance process to assess-
    • Whether maintenance intervals are clearly defined and follow up of vendors is made for execution thereof
    • Whether work carried out by vendors is getting supervised by responsible officials
    • whether such work is getting documented or not
    • Whether physical and logical access vendor personnel is properly controlled or not
  • Review of software licenses vis a vis actual applications.
 
 
 
 

Consultancy in Banking and Financial Sector

  • Valuation, Due Diligence, Pre Merger and Post Merger audit of a Private sector Bank for the purpose of Merger with a Public sector Bank.
  • Special Investigation/ Audit of Public Sector/Private Sector Banks on behalf of RBI
  • Diagnostic / System Studies and Consultancy Assignments
  • Study on Capital Restructuring of Public sector Banks
  • System Study in respect of -
    • Inter-branch Reconciliation Cell
    • Local Branch Reconciliation Cell
    • Accounting of and dealing in Treasury Bills
    • Accounting Policy in respect of Depreciation of Investments
  • Study on Consultancy on their Employees Voluntary Retirement Scheme
  • Critical appraisal of stock and book debts of large borrowers and to suggest the bank the restructuring of various limits
  • Consultants for preparation and implementation of amalgamation schemes of Urban Co-operative Banks
  • Turnaround strategic study of public sector banks
  • Inspection of various Mutual Funds on behalf of SEBI
  • Due diligence of a Co-operative bank for the purpose of takeover by a public sector bank
  • Restructuring of very big branches of Public as well as Private sector Banks
 
 
 
 

Taxation Advisory Services

The Taxation Advisory Services include:

  • Filing of Income Tax Returns of Individuals, Firms, Corporates , Banks, Trusts etc.
  • Tax Planning
  • Preparation and representation of appeals before the Appellate Authorities like C.I.T. Appeals, I.T. Tribunals etc.
  • Handling International taxation for MNCs including Transfer pricing
  • Representation in search cases and block assessments
  • Handling taxation of Co-operative Society

The taxation assignments are handled for about five hundred clients, which include Individuals, Firms, Private & Public Limited Companies, Private & Public Charitable Trusts, Co-operative Societies, Banks, AOPs etc.

 
 
 
 

Due Diligence for Takeover/Mergers

Our knowledge and expertise in statutes and our ability to appraise processes offers us unique synergy of understanding of a business domain and the environment in which it operates. This give us an edge to carry out a due diligence assignment on behalf of a buyer/seller in a merger/takeover/acquisition scenario. We offer not only financial, but also Legal and Technical Due diligence. Over the years we have performed Due Diligence assignments for several clients across manufacturing and service industries.

 
 
 
 

Equity Shares/Business/Intangibles Valuation

Valuation is an art rather than a science. Choosing the right method of Valuation so as to have a fair value of an organization becomes crucial in the times of restructuring, mergers, acquisitions etc. Valuations reports certified by Chartered accountants are mandatory according to the RBI regulations in case of offshore transfer of shares from/to India. Ascertaining the premium over the book value of an organization involves ascertainment of the organization’s Goodwill/Brand Value. We offer services in this domain right from valuation of Business, shares, to Brands, Goodwill and other Intangibles helping organizations to understand their optimum market value.

 
 
 
 

Bank Audit

  • Central Statutory Audit of Public Sector Banks since the year of Nationalization of Banks itself
  • Statutory Audit of Indian Operations of Foreign Banks for the last decade
  • Statutory Audits of Co-operative Banks for the last 5 decades

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