Audit


At Synthesis we provide the following Audit services;


•  External Audit

External audit, also known as financial audit and statutory audit, involves the examination of the truth and fairness of the financial statements, provide assurance over the effectiveness of internal controls, risk management and governance to facilitate the achievement of organizational objectives, by an external auditor who is independent of the organization in accordance with a reporting framework of the country. Company law requires external audit on an annual basis for all companies registered in India. External auditors are required to comply with professional auditing standards such as the Indian Standards on Auditing and ethical guidelines and those issued by Indian regulators and ICAI to maintain a level of quality and trust of all stakeholders in the auditing exercise.


•  Financial statement audit

•  Verification of effectiveness of internal controls and proposing improvements

•  Verification of compliance with laws and regulations

•  Reviewing and verifying where necessary the financial and operating information

•  Evaluating risk management policies and procedures of the company

•  Examining the effectiveness, efficiency and economy of operations and processes


 We conduct the following External Audit:

•  Forensic Audit

Forensic Audit involves the use of auditing and investigative skills to situations that may involve legal implications.


•  Forensic audits may be required in the following instances:

•  Fraud investigations involving misappropriation of funds, money laundering, tax evasion and insider trading

•  Quantification of loss and claims

•  Determination of the profit share of business partners in case of a dispute

•  Determination of claims of professional negligence relating to the accountancy profession


•  Information System Audit

Information system audit involves the assessment of the controls relevant to the IT infrastructure within an organization. Information system audits may be performed as part of the internal control assessment during an internal or external audit.


•  Information system audit generally comprises of the evaluation of the following aspects of information system:

•  Defining internal controls in IT environment

•  Information security and privacy

•  Operational effectiveness and efficiency

•  Information processing and data integrity

•  System development standards


•  Compliance Audit

In many countries, companies are required to conduct specific audit engagements other than the statutory audit to comply with the requirements of laws and regulations.


•  Examples of such audits include:

•  Verification of reserves available for distribution to shareholders before the declaration of dividend

•  Audit of the statement of assets and liabilities submitted by a company at the time of liquidation

•  Performance of cost audit of manufacturing companies to verify the cost of production for a regulator to determine the maximum price to be allowed after allowing a reasonable profit margin to companies operating in a sensitive sector (e.g. pharmaceuticals industry)


Write to us at assurance@synthesisgroup.in to reach out to our team.