Financial Assurance

Audit and Risk Management
We, at BSC, believe in delivering assurance and advisory Services by impeccable quality to our clients. Our focus is on providing assistance to our clients in Complex professional requirements with clarity and agility.
Our assurance, audit Services include the following:
  • Statutory Audit

We carry out audit of Financial Statements prepared in accordance with Ind-AS/IFRS/IGAAP/US GAAP and any other international GAAP under various auditing standards.
We follow auditing standards and the reporting framework, as applicable, to the spirit to comply with all necessary regulatory framework and provide our client with highest level of assurance on their financial statements. We deploy latest tools and updated methodology to deliver the audit.

  • Tax Audit

A tax audit is an examination of a taxpayer’s books of accounts. A tax audit is a measure which is initiated to curb fraudulent tax practices.

Tax Audit is applicable to every person carrying on business if his total sales turnover or gross receipts, in business or profession exceeds a certain limit prescribed under the Income Tax Act, 1961. The objective of such service is to certify particulars furnished in Form No. 3CD to be “True and Correct”.

  • Bank Audits/ Concurrent Audits
With the help of our Professionals, we carry out the concurrent audit keeping in mind the objective of Management as well as the relevant RBI or NABARD guidelines, Notifications, Circulars etc., issued from time to time. Also, we play a pivotal role in identifying the potential Non-Performing Assets (NPA) which helps Management to take necessary action before the assets become bad.
  • GST Audit

Every registered taxpayer whose turnover is more than a specified criteria( as per section 35(5) of CGST Act) in a particular financial year needs to get their books of accounts audited from a practicing Chartered Accountant or a cost Accountant.
We at BSC provide comprehensive reviews of all your GST records by analyzing your turnover, tax payment, refund claiming and availing of input tax credit. Not only this, we also suggest our clients various measures to strengthen your internal controls by providing appropriate way of recording, entering and analyzing data.

Others
  • Special Purpose Assurance services

Special Purpose Assurance services provide targeted evaluations and reports to address specific needs or regulatory requirements. This includes the preparation of detailed audit reports, ensuring compliance with custom duty regulations, and verifying the accuracy of financial information for particular transactions or events. Our services also ensure adherence to the current tax regime, helping businesses meet their unique assurance needs with precision and confidence.

  • Agreed upon procedures

Agreed upon procedures involves our reporting on a factual finding based on specified agreed procedures. We perform this exercise if required by the management/owners on specific elements of the financial statements as required by the client. Based on our extensive industry knowledge and understanding of businesses, we can assist with specific procedures such as transactions with related parties, segmental profit analysis, sales analysis and carve out financial statements and financial planning.

  • Certification Services

We also perform various certification exercises in which certain financial information needs to be certified for various purposes such as tendering process, regulatory requirements or on request of third parties. As part of our assurance services, we also provide necessary certification services.

  • Advisory Services

With increased cross-border investment in India and progressive integration with international reporting standards such as IFRS and US GAAP, the role of advisory function has become more complex. Investors expect a high level of transparency along with fair & accurate reporting. We at BSC work with clients proactively to manage risk through creation of sagacious internal controls in place.

Financial Due Diligence
Due diligence is one of the best ways that enables businesses to take well-informed decisions pertaining to a situation. Due diligence is generally performed by the Company before any business sale, private equity investment, bank loan funding, etc. The conditions of the particular situation are investigated utilizing a standard to create a clear picture of the situation thereby enabling better and effective decision making. Financial due diligence provides peace of mind to both corporate and financial buyers, by analyzing and validating all the financial, commercial, operational and strategic assumptions being made.
The approach aims to identify the value created by the transaction, including analysis of:
  • Actual earnings (identification of one-off events and sustainable earnings)
  • Financial projections
  • Cash flow generators
  • Capital expenditure
  • Working capital
  • Management information system and control environment
  • Employment issues
  • Commitments and contingent liabilities that might endanger financial performance or otherwise adversely affect the target's financial position after the transaction.
BSC financial due diligence services involve assessment of the driving factors of the cash flow and maintainable profits for the Company. Our process includes investigating the historical data and the future forecasted result of the entity. This process will uncover the hidden liabilities if any and help the investors or potential buyers to get and understanding of the business trend of the target company. We want to ensure that our customers are content and assured when conducting business with others. BSC helps to achieve financial due diligence through investigations that ensure that the target company or investment is financially sound and that all material risks have been identified.

Non-Financial Assurance services focus on evaluating and providing assurance on various quality aspects of your business operations beyond the financial metrics. This includes assessing the effectiveness of internal controls, compliance with industry standards, and adherence to regulatory requirements. Our Quality Aspect Assurance services cover a wide range of non-financial areas such as environmental impact, corporate governance social responsibility, supply chain integrity, product quality, and financial planning. By ensuring these critical aspects meet high standards, we help businesses enhance their reputation, build stakeholder trust, and achieve sustainable growth.

Financial statements reporting is paramount since it is report card on company’s performance for the fiscal period. It enables the management and owners pursue the objective of achieving business strategies, fund raise, capital allocation, merger and acquisition.
We, at BSC, have experienced professionals who have hands on experience on providing GAAP/Ind-AS/IFRS Services, developing SOPs on financial reporting process and end to end solutions and support services relating to complex financial accounting requirements in a wide range of scenarios:-
  • GAAP conversions
  • Consolidation
  • IPO Support
  • Accounting Manual and SOP documentation
  • Financial statement preparation
  • Transaction accounting
  • Impact assessment of new standards

This service includes supporting accounting, payroll and regulatory functions of the business, so that Clients can focus on their business. This can briefly be divided into the following services:

Managed accounting solutions:
  • Helping and assisting in accounting and accounting systems and protocols and maintaining books of account.
  • Assisting clients in solving complex accounting transactions.
  • Advising clients on tax effectiveness and efficiency.
Statutory Tax Compliances:

Preparing details and workings for TDS, Advance tax, GST, Provident fund, ESIC, Profession tax, etc. and making timely payments and filing returns within the respective due dates to avoid interest and penalties.

Secretarial Services:

With a secretarial service in place, a company can be assured that there will be the timely completion of the statutory filings because a default in them can lead to serious consequences like fine, legal battle even imprisonment. The company can be free from these problems because secretarial service takes care of all these legalities and compliance issues.

Payroll Management:

Preparing monthly payroll register with deduction of TDS and other statutory dues and payroll processing.

Vendor payment & banking transactions:

Handling banking transactions on behalf of clients – making vendor payments, statutory payments, etc.

Vendor and customer accounts reconciliation:

Co-ordinating with the parties of the clients for providing ledgers and reconciling the accounts on periodic basis.

Cash flow and working capital management:

Managing cash flows and working capital of the Clients

MIS Reporting:

Providing MIS report on periodic basis to the Management for decision making. Business managers at all levels of an organization, from assistant managers to executives, rely on reports generated from these systems to help them evaluate their business’ daily activities or problems that arise, make decisions and track progress.

Risk Advisory

With the changing external and internal environment, businesses are under constant pressure to maintain the effectiveness of their processes and controls. Any failure in executing or managing critical operations can not only impact the organization to a great extent, but also creates a negative impression on the organization’s stakeholder values. With an increase in corporate failures, there is an additional focus from regulators, financial institutions, as well as independent directors on the way various processes, controls and IT securities are being managed.
Our risk advisory services is a combination of process, IT security experts. The team has an array of experts possessing industry-specific expertise.
Our Risk Advisory Services encompass the following:

Internal Audit:

At BSC We combine our industry knowledge with our risk-based internal audit methodology and tailor our internal audit offering to your size, sector, risk appetite and regulatory requirements.

Management Audit:

Our Management audit services designed to enhance the effectiveness of management actions. Our experienced team of auditor provides assistance to the clients in managing their key business concerns, be it achieving strategic business goals, meeting operational challenges, complying with regulatory norms or managing reporting requirements. Productivity and competence of Management are key determinants of an organization’s success.

IT Risk Advisory:

Our IT Risk Advisory services provide comprehensive assessments and strategic guidance to help organizations manage and mitigate technology-related risks. We evaluate the effectiveness of your IT controls, identify vulnerabilities, and ensure compliance with relevant regulations and standards. Our services include risk assessments, cybersecurity evaluations, data protection strategies, and IT governance reviews. By leveraging our expertise, we help you safeguard your digital assets, enhance system reliability, and ensure business continuity, enabling you to confidently navigate the complex IT landscape and achieve your strategic objectives.

Governance Risk and Compliance

Internal Financial Control:

BSC’s Internal Financial Controls Framework (IFC) has been developed keeping in mind the requirements of the Companies Act, 2013. This framework focuses on financial controls’ effectiveness through a continuous cycle of self-assessment and independent credence based on various internal financial control elements.
BSC’s Internal Financial Controls Framework considers a holistic approach by focusing on two levels i.e.

  • Entity level
  • Process level

The framework and approach is in alignment with globally accepted guidelines such as COSO 2013.