About Outsourcing - Audit & Assurance
We currently Provide :
1: Audit Services like Statutory and Internal Audits services under appropriate reporting standards such as US GAAP, IFRS, UK GAAP. Group Auditing, Single audits under AICPA, Component Audits under Group Auditors, Governmental/Public Sector Audits, Employment Benefit Plan Audits (410k) etc.
2: Financial Reporting services like GAAP conversions, FS Preparation as per local GAAPs – US GAAP, UK GAAP, IFRS etc.
WHY CHOOSE US
Because We are the BETTER alternative
We at AKM, are a professional consulting firm offering outsourcing services such as Audit, Accounting, Tax Returns, SOC services etc. focused on assisting audits, controls, accounting services etc. based out in India and overseas, to effectively help them achieve their targets of such practices for their clients.
We strategically work on assisting our member/CPA firms based outside of India with the help in achieving their goal of audit timelines.
We work with our network firms to bring the latest skills, knowledge and competencies to our clients and enjoy a seamless global experience.
We collaborate and work in a dynamic setup to demonstrate our skills, knowledge, professional judgment & professional skepticism in our work procedures as instructed by our partner firms as required to ensure an effective and efficient delivery of our services.
We have a strong experience in working full scope audit and internal audit functions and services under IFRS, US GAAP, UK GAAP, Indian GAAP. We are accredited and registered with Public Company Accounting Oversight Board (PCAOB). AKM has established a reputation in assisting a range of CPA firms and other audit & accounting firms in producing quality Year End Accounts, interim audit and for other Accounts preparation work.
We are committed to delivering independent, efficient, effective, and comprehensive audit and quality assurance services.
AUDITS require SPECIALIZED & SKILLED PEOPLE to deliver quality audits – WE ARE PROUD TO BE ONE
A: Statutory Audits – Offshore
Audit Offshoring generally means a way to find resources that are equally qualified and experienced outside your territory to help support the ongoing audit engagement for your audit clients. Hence, Engagement teams situated in On-site/Onshore/Client locations can acquire and utilize some of the other qualified resources across the world and offshore or offload some of the audit procedures to assist their current Audit engagements.
- Assistance in audit procedures under Statutory and Internal Audit services, for listed, public sector, and privately held companies, hedge funds & mutual funds, and not-for-profit entities with domestic and international ownerships & investments. Our audit capacity covers a considerable depth of knowledge across all forms of financial reporting, including reporting under US GAAP, IFRS, UK GAAP, and other reporting standards.
- We provide support to end-to-end Audit Procedures to our clients from the initial planning and risk assessment stage to execution of Substantive Auditing and Test of Details procedures of respective significant accounts till the completion/reporting stages of the engagement like preparing financial statements and performing tie-outs, report support of the financial statements. We support Audit and Accounting firms across the globe in assisting their busy seasons of Audit in a timely and professional manner.
- With accreditation from the Public Company Accounting Oversight Board (PCAOB), United States of America, we are also eligible to do audits in the USA. We have done audits for various development stage companies for S-1 filings, 401k audits, Public companies, Not-for-profit organizations, our turnaround time, and costs are considerably low for new companies who want to get listed on stock exchanges there.
- For subsidiaries owned by foreign investors, we assist an audit of consolidation packages (audit of financial statements in the interest of the parent company). We also work as component auditors supporting the audits of components/subsidiaries for the parent or group audits.
- Our Audit team has knowledge in the different regulations concerning the presentation of financial statements, consolidation, PPE, Equity, Revenue etc.
B: Financial Reporting Services
- We also assist in helping in conversion of your subsidiaries’ Trial Balance, Financial Statements to respective GAAPs (UK, US, IFRS) to be presentable for Group Reporting.
- We understand and assist in preparing Financial Statements according to relevant Reporting standards as applicable.
C: Internal Audits
We also assist the audit firms in their internal audit procedures. These may include working on walkthroughs, setting narratives and reporting on the internal control procedures.
- We are an independent firm that can provide such service to help the audit firms evaluate their clients’/ organization’s internal controls, its corporate practices, processes, and methods.
- Assistance in implementing in successfully establishing effective & secured internal control environment.
- Assistance to management team in helping understand and develop workable internal controls that enhance the client’s control environment.
- Assistance & performing controls testing in understanding the core operational risks, & other associated risks.
OUR FOCUS AREAS
We currently offer outsourcing services in Assurance & Audit under Indian and International reporting standards (US GAAP, UK GAAP, IFRS and other applicable standards.
1) US GAAP/IFRS Audits
- We, at AKM, are a highly qualified & experienced bunch of teams who are seasoned in the most up-to-date IFRS methods & principles used in the audit of financial statements under US GAAP and IFRS. We are happy that we have been able to apply our consistent and quality application of Audit standards and our capability & knowledge to those transitioning organizations.
- We are a seasoned professional team that have experience in working and delivering audits in all major industries across. Our professionals have been delivering audits for clients ranging from Real Estate companies, Manufacturing, Health Care, Retail, Financial Services, Cannabis, Media & Entertainment, Governmental, Insurance etc.
- Apart from working on Statutory/Interim Audits on the relevant industries, we also work on following other Audits; as below:
A. Employee Benefit Plan Audits: Assistance in Employee Benefit Plans Audits such as 401k plans, defined contribution plans, Defined Benefit Plans, Profit Sharing Plans, ESOPs, Health Benefit plans etc. We also give Assistance in Single and multiple employer 401(k) plans. We assist our clients in delivering EBP audits and audits of all sections from Planning to Reporting. For example, we perform audit procedures such as Participant Data Testing, Contributions & Distributions testing etc.
B. Agreed Upon Procedures and Limited Reviews: We also keenly look for assignments related to AUPs. AUP are not 100% audit but means auditing/reviewing the limited agreed sections of financial statements. Although not considered a complete assurance. We help & aid in AUPs – our clients in assisting over a set of procedures that are agreed upon. We deliver these reports as and what agreed and assist the engagement teams as necessary.
C. Governmental/Yellow Book/Single Audits: We also work & have good exposure on working on Governmental/Yellow Book Audits, Single Audits under GAGAS/GAO. We help in understanding and completing/analyzing ACFR reports, CAFR, etc.
D. HUD Audits: Our team has also assisted various member firms in completing their Housing and Urban Development clients which include auditing real estate properties and buildings. We perform these audits as per the relevant understanding and guidance as applicable in US GAAP.
1) UK GAAP/IFRS Audits
- We, at AKM, have a highly qualified & experienced bunch of professionals who have significant knowledge of up-to-date methods & principles used in the audit of financial statements under UK GAAP and IFRS. We are happy that we have been able to apply our consistent and quality application of these Audit standards and our capability & knowledge to our Outsourcing Audits under UK GAAP.
- Our industry expertise includes working on Sectors such as Manufacturing, Insurance, Public Sector enterprises, Listed entities, Healthcare, Real Estate, Not-for-profit organizations.
- Apart from the end-to-end Statutory Audit assistance in these sectors, we also perform:
1) Main Areas
A. Pension Plan/Scheme Audits: We understand your pension plan clients’ and help assist audits in this critical industry of yours.
- Assistance in all kinds of Employee benefit/Pension plan Audits such as Defined Contribution and Defined benefit plans, retirement annuity etc. for any mid-sized hybrid schemes, large multi-employer schemes.
- Assistance in preparation and audit of different components/structures in Fund Accounts and Statement of Net Assets.
- TODS/Substantive testing – Testing of Contributions receivables and analyze the contributions deductions.
- Testing of Distribution/benefits payable, remittance testing for these Plans.
- Testing of Member/participant eligibility.
B. Charity Audits: We assist in Detail testing and sample-based testing of all charities related trusts & charities accounts, be it common purpose Charitable trust or Non-profit organizations. We analyze their statement of financial position, statement of financial activities – their income and expenditures from charitable activities, the intra-trust transfers etc.
C. Royalty Audits: We assist in Detail testing and sample-based testing of all royalty agreements – analysing their licenses, investigating the Intellectual Properties, their sales data etc.
D. FRS 102 Audits: We have also assisted our member firms in completing their Accounts and preparation of FS under FRS 102 guidelines and helped complete successful audits under this section – macro and micro entities. We also cover & perform end-to-end audit testing & substantive procedures for the significant accounts.
Statutory Audits under US GAAP, IFRS, UK GAAP
We assist our clients on several engagements and procedures from an end-to-end audit perspective. Our reliable and experienced team caters to works on all Audits under US GAAP – Governmental and Non-governmental (Private, Public, Not for Profit), IFRS, UK GAAP from their planning stage to execution to reporting stages.
A. Planning and Risk Assessment Sections – Working over planning & risk assessment sections covering filling out Engagement Letters, Planning documents & memos, risk assessment memos, preparing planning & final analytics, materiality calculations etc.
B. Execution Sections – Assistance in Substantive Audit Procedures and Tests of Details for appropriate significant accounts such as Cash, PPE, Expenses, Revenue, Equity, Debt, Payables etc.
C. Reporting Sections – Assistance in finalizing reporting sections with helping in FS tie-outs, Disclosure checklists, preparing and auditing financial statements, preparing Rep Letters, Reporting Pack tie-outs, reporting tie-outs of CAFRs etc.