Assurance and Risk Advisory

Statutory Audit

As one of our core competencies, we carry out external statutory audits for organizations of all types and sizes. We adopt a risk-based approach to our audits to achieve efficient and effective audits, as well as adopt strong quality control measures. With us, you can have peace of mind that our audits offer reliable assurance and timely compliance with statutory regulations.

We are specialists in audit of large organizations with vast geographical spread and diversified operations. We will take time to understand your business and tailor our approach to meet your goals and needs. Be assured that our services are not merely ticking of boxes.

Contact Partner: Rakesh Kumar, Atul Bagla, Neeraj Agarwal

Internal Audit

Our team provides independent, objective assurance and consulting services designed to add value and improve the organization’s operations and effectiveness of governance, risk management and control processes.

Using a risk-based approach and proven methodology, we focus on evaluating the effectiveness of your internal controls against key risks, business strategy and commercial needs. When you work with us, you will have the confidence that our services will meet your compliance and business needs.

Contact Partner: Nitin Jain, Kripa Shankar Shukla

IND AS Conversion

In India, Ministry of Corporate Affairs (MCA) has notified phase-wise convergence of Indian Standards with IFRS which are known as Ind AS. These standards have become effective from financial year 2016-17 and in Phase I, are applicable to all listed and other companies having net worth exceeding Rs. 500 crores. In phase II, these standards are applicable to all listed companies and unlisted companies with net worth exceeding Rs.250 crores. Any company may voluntarily comply with Ind AS for accounting periods beginning on or after 1 April 2015.

OPBCO assists in analysis of difference between Indian GAAP (generally accepted accounting principles) and Ind AS. We also provide assistance in identifying / deciding new policies / procedures required to be implemented for Ind AS, assistance in implementation of identified changes for convergence to Ind AS, training your staff on key Ind AS concepts and requirements, assistance in compilation of Ind AS financial statements and Ind AS consultancy on technical issues.

Contact Partner: Atul Bagla

IFC / IFCFR Framework Implementation

As per Companies Act 2013, the term Internal Financial Control (IFC) has been defined as per policy & procedures adopted by the companies to ensure orderly & efficient conduct of its business, including adherence to company’s policies, safeguarding of its assets, prevention & detection of fraud and error, accuracy and completeness of accounting records, and the timely preparation reliable financial information.

We can help in establishing and reviewing internal controls framework covering both Entity Level Controls and Process Controls (covering finance and accounts, business processes, compliance and IT) in line with leading industry/controls practices. We help to benchmark controls against global best practices.

Contact Partner: Atul Bagla

Forensic Accounting and Fraud Detection

Businesses are always under scrutiny but it is most intense when shareholders, business partners or regulators suspect wrongdoing. Regulators and enforcement agencies are more joined up than ever before as they cooperate across borders in the fight against fraud, bribery and corruption. This demands increasingly higher levels of integrity, honesty and transparency in the way businesses operate and makes it more critical than ever to respond rapidly, appropriately and robustly to any aberrational conduct.

With our fraud investigation professionals, we have the right multidisciplinary and culturally aligned team to work with you and your legal advisors. We work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide.

Contact Partner: Atul Bagla, Neeraj Agarwal

FCPA Compliance Assessments

The idea of Foreign Corrupt Practices Act (FCPA) is to make it illegal for companies and their supervisors to influence foreign officials with any personal payments or rewards.

We provide FCPA compliance assessments for companies taking proactive measures to understand their risks and for those contemplating voluntary disclosure or settlement with regulators. We review company operations, consultant and agency relationships, cash transactions, marketing and sales practices and accounting records to identify potential violations and investigate where necessary.

Contact Partner: Atul Bagla

Concurrent Audit

Concurrent Audits are a systematic and timely examination of the financial transactions on a regular basis to ensure accuracy, authenticity and compliance with procedures and guidelines. Concurrent audits do not emphasis test checking but substantial checking of a transaction. The main objective is to detect arithmetical errors and manipulation deliberately made (if any).

Our endeavor is to conduct concurrent audits as per the scope of the entity and review systems to understand the existing system and procedures, to enable us to suggest areas for system improvement and strengthening of controls.

Contact Partner: Atul Agarwal

Tax Audit

The requirement of a tax audit was introduced by the Finance Act 1984. A Tax Audit involves an expression of the tax auditors’ opinion on the truth and correctness of certain factual details, given by assessee to the Income Tax Authorities to enable the assessment of tax.

Our endeavor is to mitigate the burden of tax department and to give our report that deductions and disallowances if any, under the various provisions of Income Tax Act, 1961 are properly and correctly calculated, so that the income assessable can be computed correctly.

Contact Partner: Atul Bagla

Stock Audit

Stock Audit is an area of specialization for OPBCO. 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.

Contact Partner: Atul Agarwal

Management Assurance Services

At OPBCO, we closely understand each client’s business, and convert information into insights to uncover hidden opportunities to improve client efficiency and performance and enable them to focus on their core businesses. We conduct audit of specific operational management functions (viz. purchase, sales, inventory, fixed assets, special purpose accounting etc.) wherein we handhold the management in improving the overall efficiency.

Contact Partner: Atul Bagla