Change is the only constant.
The regulatory compliances keep changing very frequently. It sometimes gets difficult for companies to keep track of them. When an organization fails to do that, there could be some serious consequences, even leading to heavy penalties and fines. KMS provides compliance audit services in Ahmedabad to help companies remain compliant with various regulatory requirements.
What is a compliance audit
Compliance auditing is an independent evaluation of an organization to ensure that it is following rules, regulations, and external laws or internal guidelines, controls, and policies and procedures. It also determines whether or not the company is conforming to an agreement. The agreement could be related to some funding by a government or other entity, grants etc. It is in the interest of the companies to carry out compliance auditing regularly to avoid future problems.
This audit also reviews compliance with HR, IT and security issues, quality management, etc. Depending upon the type of organization, different approaches are made. For example, if you are a financial institution, then compliance regarding personal data, disaster recovery, or information recovery is reviewed. If you want to have a compliance audit for medical facilities, then compliance requirements may need information regarding IT infrastructure, software applications, privacy, data storage, and protection.
What is the purpose of a compliance audit…
Compliance audit services gauge how an organization adheres to the rules and regulations, policies and procedures, and the internal code of conduct. The purpose of a compliance audit is to ensure that the entity is fully compliant with the regulatory requirements. It assures the management and stakeholders that the company is complying with all the applicable laws.
Benefits of compliance audit
Compliance audit helps in complying with all the rules and regulations applicable to the company including, direct tax, indirect tax, companies act, FEMA, PF, ESIC, Gratuity, Bonus, STPI, Environmental laws, shop, and establishment, etc.
It ensures efficient record management when it comes to vouchers, returns, forms, challans, and supporting documents forming part of the legal documentation.
It ensures the accuracy and completeness of the legal documentation.
It streamlines the overall compliance management process by providing necessary procedures and guidelines.
As a CA firm in Ahmedabad, we always focus on giving our clients the best in class services that reflect our values and vision of transparency, flawless, and professional work. Check out our website to understand and know more about our services and firm.
compliance audit procedures
At KMS, our procedure of compliance auditing includes five simple steps which are:
Scope of compliance auditing
Reviewing the applicability and documentation of applicable compliances as per the nature of the business
Verifying the claims, utilization, and return of taxes applicable under various statutes and laws
Suggesting and helping companies to implement various methods to improve the compliance management system
our clients say
trust. transparency. professional expertise.
They also helped us in filing required forms and returns as and when required. Their legal experts are second to none, and they have a thorough knowledge of applicable rules and regulations. Perhaps this is the reason why they are the best compliance auditors in Ahmedabad and have a fantastic client base with them. We would surely continue our professional relationship with them in the future as well.”