Globalization of the Indian economy has been a key driver in the harmonization of accounting practices. The challenges of international competition and ever increasing complexity of information flows have widened the financial, operational, economic and business risks faced by companies. Competitive pressures and increased attention to corporate governance has enhanced the importance of enterprise risk assurance function. With increasing regulatory requirements, disclosure norms and the need for greater transparency in operations, stakeholders’ require assurance beyond the traditional critique of number. The shareholders have become more sophisticated, aware and demand greater transparency and uniformity in presentation of financial statements making Assurance a necessity
Reengineering and deregulation have broken down the traditional hierarchical structures, making organizations more flat, changing the organizational reporting relationships and management responsibilities. The dynamic environment of organizations has made reporting and businesses processes more complex, making Management Assurance integral, to ensure best practices are implemented and followed
SOCIO CONNECT ASSURANCE:-
The Socio Connect services offered by the Firm aim to supplement the conventional audit to help government departments, public agencies and NGOs, corporate entities etc. To understand and improve their performance as perceived by the stakeholders in the social context.
In a developing nation, such as India, plagued with problems of illiteracy, malnutrition, low human health index, women’s empowerment, slow infrastructure development etc. Organizations like the World Bank, United Nations, and Action Aid etc. in conjunction with the developed countries of the world give aid to India for such projects ensuring inclusive and sustainable growth
Social auditing is a way to document and hold a company accountable for its social and ethical business practices. It is a process of understanding, measuring, reporting, and most importantly improving the efficiency and effectiveness of the local governance. It is also a way to assure the donor agencies granting the aid of the achievement of the social cause within established budgets and processes
The Regulatory framework in India, coupled with a dynamic business environment has caused the role of an auditor to become vital.
In India, there co-exist a number of special diversified corporate and non corporate entities such as sole proprietorship, partnership firm, LLP, AOP, BOI, trust, non-profit organization, co-operative societies, and charitable, educational and religious institutions. All these organizations are regulated under various statutory enactments, which require financial assurance and certification
The complexity of the regulatory environment coupled with risks faced by such organizations calls for the need for greater transparency in disclosures, stricter liability and accountability of executives and operational management towards the stakeholders
In such an environment of competitive pressures and increased attention to Corporate Governance the importance of Statutory Assurance is has enhanced
Our team is insightful to the needs of such organizations and uses its expertise ensuring adherence with the provisions of applicable laws and their certifications