Audit & Assurance
Our comprehensive audit processes provide Assurance services and give credibility to the financial information that stakeholders need to make sound business decisions. We also provide Assurance services which include amongst others, services in connection with global offerings, conversion of accounts to those complying with US GAAP and IFRS, and specialised audit services& investigations.
Our Audit services go beyond the conventional financial reporting function. We take time to understand your needs, business and sectors in which you operate. It allows us to identify major risks and opportunities your business faces and they may differentiate between success and failure.
Internal auditors deal with issues that are fundamentally important to the survival and prosperity of any organisation. Internal audit looks beyond financial risks and statements to consider wider issues such as the organisation's reputation, growth, its impact on the environment and the way it treats its employees.
Internal auditors help organisations to succeed. We do this through a combination of assurance and consulting. The assurance part of our work involves telling managers and governors how well the systems and processes designed to keep the organisation on track are working. Then, we offer consulting help to improve those systems and processes where necessary.
We provide businesses with a wide range of business development solutions. Whether you are an individual, SME or operating within the corporate sector, we believe that your experience of working with us should be as positive as possible. Therefore, we focus on what your requirements are, and tailor our services accordingly. Through sharing best practices, providing mentoring, training and support, we will help your business reach its full potential We believe that there is always a better way. We bring a unique combination of business, functional and technical skills to conceptualise and design applications that allow our clients to align their business objectives and strategies in ways that clearly differentiate winners. Our solutions are customised based on careful analysis of your needs, culture and organizational processes.
Domestic Tax Services
Sound business decisions need to be backed by the right tax advice. Rapid globalization, has led to intense competition. Corporate entities have realized that progressive tax strategies and proper planning can reduce the tax incidence and provide the much needed cutting edge over competitors.
The tax authorities keep abreast with the growing complexities and sophistication of business transactions. Our professionals have both the experience and the acumen to guide clients through tax proceedings in a result-oriented manner.
Taxes may not be totally avoidable, but upfront tax planning provided by us, parallel to the decision making process, helps our clients attain the desired results. Our professionals are guided by a single, strong underlying philosophy - "helping our clients attain their business objectives".
The focus of tax assessments (audits) is gradually shifting from micro issues (such as, procedural disallowances) to issue-based and concept-based reviews. Given the legal labyrinth that taxpayers often face, a judicious cost-benefit analysis is imperative, in deciding which issues are worthwhile to litigate and which issues are more viable to concede. Our professionals with their wide ranging experience and in-depth knowledge help in making this decision.
Services offered by us encompass a wide range of tax compliance issues including:
- Preparation/Review of corporate tax returns
- Review/Assistance in advance tax computations
- Briefings and consultations with tax counsels, where required
- Tax litigation support
- Seeking advance rulings
- Other compliance issues such as tax registration, dealing with issues of withholding tax, certification, to name a few.
Indirect Tax Services
Despite the various reforms carried out in the past few years, the prevailing Indirect tax regime in India is still in a state of evolution. The system is quite complex, with multi-layered levies both at the Central and State level. The Central government levies tax on goods at the point of import (Customs duty), manufacture (Excise duty), inter-state sales (Central sales tax or CST), and on provision of services (Service tax). The states, on the other hand, have been vested with powers to levy tax on sale of goods within the state (Sales tax/Value Added Tax or VAT), and on the entry of goods into the state (Entry tax), under the respective state laws.
The existing regime requires businesses to undertake careful upfront analysis of the tax costs involved in a transaction¸ ensure adequate backup documentation to support their tax positions and constantly explore opportunities for tax optimization. Further, as India is committed to move towards uniform Goods and Services Tax (GST) regime, this needs to be factored in any significant tax approach developed at present.
Our indirect tax professionals with their wide-ranging experience and in-depth knowledge help clients in all of these aspects. We provide advisory services in respect of Service tax, and Custom &Excise duties. This includes services in relation to setting up a green field venture including review of tax assumptions and analysis of tax exemptions/concessions which could be relevant for the project and tax modeling involving analysis of tax costs and credits impacting the business models.
Further, an indirect tax diagnostic review or health check is an broad-based package offered to our clients. This review helps identify areas of potential tax exposure and tap opportunities for tax savings.
We also assist our clients in making representations before the revenue authorities for obtaining tax concessions, relief and seeking clarifications at state as well as Central level.
BUSINESS STANDARDS EVALUATIONS
We at VIGYAN ARORA & CO can conduct brand standard evaluations as often as required by the franchisor. Reports of findings and areas of serious non-compliance are presented to our client’s legal department in the form of actionable data. This will allow our client to follow up on issues using curable or non-curable defaults.
Our auditors will visit outlets selling all brands, competing brand and collect data to analyse the sales pattern of different brands in a particular item and analyse the date
FRANCHISE ROYALTY AUDIT / ROYALTY ASSURANCE
Our auditors will conduct franchise audits using your existing franchise royalty audit template or one that we create together. The audits are used to identify under reporting of sales and other theft indicators.
PROBLEM STORE VISITS
Visits are made to raise awareness, deter under reporting of sales, and to occasionally audit the franchisees. Franchisees respond when an auditor is at their location and looking through their business with a watchful eye.
12- FRANCHISE CONSULTANT
We can provide independent guidance to franchisees on various loss prevention standards, which will deter internal theft in their businesses.
Risk management should be embedded within the culture of the organization so that everyone is focused on managing and mitigating risk.
Risk management is not the responsibility of a single department — it is the responsibility of everyone, from the chief executive downwards. Past corporate failings have been attributed to lack of accountability, strategy and transparency.
Tougher expectations by regulators and other stakeholders now mean that corporates and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods. How robust is your government, risk and compliance program?
Financial risks have probably never been more acute. Capital reserves, credit portfolios, investment policies and capital and debt profiles all demand constant scrutiny to adequately manage and mitigate risk.
Our professionals provide the experience to help companies stay on track and deal with risks that could unhinge their business survival.
MYSTERY SHOPPING – SECRET SHOPING – INTEGRITY SHOPPING
Mystery shopping is all about giving feedback about a store’s customer service. This means going to the store, interacting with employees, and then filling out a report detailing your experiences.
Mystery shops can include any components as directed by the client. Are sales being recorded into the register? Is money being placed in the register? While most programs are about measuring customer service, there are a range of other possible objectives
UNDER REPORTING INVESTIGATION AND DOCUMENTATION
Franchised stores can be investigated as needed to help obtain evidence of under reporting, unauthorized transfer, unauthorized distribution and supply channels.