Statutory audit assignments are governed by the framework established by law.
Our unique approach and methodology, varied industry experience spread over two decades and in-depth technical knowledge enables us to adequately validate the information, assumptions and estimates represented in financial statements to consistently deliver quality audit.
Stock Audit is a key area of expertise and competence of MSKA & Co. Stocks and physical assets such as raw materials, products, plant and machinery, office equipment, IT systems etc. are value assets of a company. With companies today operating across multiple locations with various channel partners, ensuring all assets exist as per the books of record is a challenge for the operations and the facilities functions.
MSKA & Co. provides Stock Audit services to companies to help them safeguard and monitor their physical assets and inventories efficiently. MSKA & CO. Stock Audit team follows a strict audit and reporting mechanism that ensures that every aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. The TEAM, MSKA & Co. large experience gives it the advantage of quality audits at lower costs for clients.
Specific purpose/need based audits desired by the Management to review special purpose accounts and providing recommendations for cost reductions. Internal control reviews are also conducted in order to provide assurance to the Management by evaluating existing controls of an organisation and giving effective suggestions for improvement of the same.
Management Audit is a systematic examination of decisions and actions of the management to analyse the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the Company. Unlike financial audit, management audit mainly examine the non financial data to audit the efficiency of the management.
Management Audit focuses on results, evaluating the effectiveness and suitability of controls by challenging underlying rules, procedures and methods.
The TEAM, MSKA & Co have years of experience conducting various Bank Audits.
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 MSKA & Co. 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.
We offer the following services:
One of the key offerings of MSKA & Co. Internal Audit and Consulting Services is Process Audits. Process non-compliance or process breakdown is often a cause of inefficiencies or fraud possibilities creeping into the system. Thus, for corporations, it is not only enough to set up processes but it is also essential to ensure strict compliance on a regular basis.
MSKA & Co. Process Audit ensures stringent compliance to pre-set processes of an organization. Along with conducting a process audit, the team follows a consulting approach whereby, it helps in setting up customized compliance processes for different functions and divisions in an organization. Thus, the team provides an 'end-to- end' solution approach to process compliance
Risk Audit is one of the key focus areas of MSKA & Co. Internal Audit and Consulting Services. Risk by definition means any unforeseen event which can result in quantifiable business loss due to stoppage of work, damage, fraud and theft or any natural acts of nature. Thus, Risk Audit's biggest challenge and success is the ability to map each and every possible risk which any business may face and quantify it with an economic value. Thus, Risk Audit is based on a clear value proposition of criticality based on Business Continuity Plan (BCP) hierarchy matrix.
MSKA & Co. Risk Audit ensures adherence to Internal Control procedures and processes as laid down by the company. The consultants work closely with companies to develop internal control mechanisms based on risk for each and every individual process. The experience of working in various industry verticals gives the leverage of cross functional experience in creating full proof Risk scenario for companies and also ensuring regular audits.
Special Audit is a service offering from MSKA & Co. Internal Audit and Consulting Services for helping companies meet their ad hoc auditing needs for special circumstances. Businesses face new and unseen challenges everyday and often situations arise, where a specialized and at times onetime assessment may be necessary.
MSKA & Co. Special Audit team works closely to identify areas that may require special audits and based on discussions and findings they create a tailor made audit procedure. As the team of consultants is multi-disciplinary, it brings relevant skill sets for each specific case
Special Audit is also investigative in nature as it aims at uncovering or discovering the unusual which the perpetuator often tries to cover up. This very basic premise helps organizations avoid the risk of bigger or repetitive frauds or loss to the company. Special Audits help to nip the problem in the bud by investigating the source, whether people or process, of a violation before it assumes a bigger proportion. Special Audits are quick, tailor made and help companies root out specific violations immediately without having to wait for their periodic audits.