Audit & Assurance Services

The Firm has implemented the latest methods for maximizing audit efficiency through a risk based international audit approach. This enables timely delivery and value added advisory services to clients. P & P has a significant audit practice and is one of the accounting firms In financial reporting engagements, the firm believes that independence, in fact and in appearance, is to be maintained in all engagements where it is required or professionally warranted. Particular attention is to be directed to understanding the entity's business and the environment in which it operates, and to ensuring that any specialized knowledge required by the engagement is appropriately brought to bear. Accounting issues are to be resolved based on our understanding of the substance of the underlying transactions, not their form. An attitude of healthy professional scepticism is maintained. Clients are urged to adopt accounting and reporting practices that we believe are appropriate in the circumstances.
Most importantly the Firm's audit approach is business oriented. It focuses on an understanding of the client's business much deeper than the knowledge of the accounting system and records on which auditors have traditionally concentrated. We reflect this business orientation in several ways: our audit focuses on the substance of the underlying business rather than just the financial statements; we use our knowledge of the business and consider other services we provide in determining our audit procedures and appropriate sources of audit evidence; we use information we obtain from other services we may have performed during the year to offer constructive advice to management.
We are aware that the integrity and reputation of a client's management could reflect on the reliability of their accounting records and financial representations and, therefore, on the Firm's reputation. The Firm requires evaluation of all potential new audit and assurance service clients.
The firm performs Tax Audits under the Income Tax Act and undertakes Review Engagements for assurance clients, especially those listed companies, which are required to have their quarterly-yearly results subjected to a limited review.
Assurance clients extend to virtually all business sectors, and industry segments, ranging from manufacturing, trading, logistics, pharmaceuticals, information technology, financial services, banking, exchanges, dot-coms and e-commerce businesses.

Due Diligence Reviews & Investigations

The Firm performs due diligence reviews that would be performed for placement of securities. The firm has conducted due diligence reviews for foreign and domestic investors. The acquiring of a business carries with it a number of risk in areas that include: financial, legal & litigation, markets & products, management & work force, strategic and unrecorded liabilities. The firm prepares a work plan based on client goals, concerns and expectations. An agreed-upon approach would normally be used.

Direct Tax Consultancy

The Tax Consultancy as part of one of the service being rendered comprises of Partners, Associates and other qualified and experienced personnel.
The services offered in Tax Consultancy include
Corporate Taxation Advisory Services: Advising large Companies / Corporations on their income tax matters, including also foreign taxation matters on Indian corporations.
Tax Management Services: Attending to the matters of tax laws compliance.
Tax Appeals: Drafting and representing tax appeals before appellate authorities like Commissioners/ Appellate Tribunal.
Tax Planning: Advising clients on structuring tax-efficient business planning, including restructuring of business eg. amalgamations/ merger etc.
Services relating to Foreign Collaboration Agreements, NRIs taxation, Double Tax Avoidance Agreements Reliefs etc.
Liaisoning with Senior Tax Counsels for obtaining legal opinions, conducting tax litigations i.e. appeal court references and writ petitions etc.
The Tax Consultancy Division comprises of personnel who have had experience of several years in tax consultancy and management and who have rendered the services mentioned above to a number of Companies.

Indirect taxes - Sales Tax & Excise/Service Tax Consultancy

The Sales Tax/ VAT Consultancy includes the following services:
Indirect Tax Advisory - Advising Companies, Firms and Individuals on Sales Tax Matters; Planning
Indirect Tax Management - Attending to registration, renewals, periodic returns and compliances
Appeals - Liaison with senior tax counsel for cases at Tribunal and High Court and for legal opinions
Excise Duty/ Service Tax Consultancy includes the following services:
Excise Duty/ Service Tax Planning
Assistance and monitoring of Excise/ Service Tax Audit by External Cost Accountants
Preparation of Cost Accounting Records in term of Cost Accounting (Records) Rules.
Internal Audit of Excise/ Service Tax Records and assuring management of correctness of payments to Excise/ Service Tax Authorities.

Financial Services & Securities Industry - Risk Management & Compliance Reviews

Risk Management and Controls associated with stock-broking and other capital-markets organizations are essentially a real time control function whereby the utmost level of caution and controls should ensure that the risk arisen should be a calculated one and perceived one. In other words all those corrective measures should be in place so that adverse financial impact is minimized to the fullest extent.
To support the control function, we recommend a strategy of concurrent investigative audit which ensures that the management policies have been adhered to without any exceptions, activities flow as per the operational manual, regulatory and statutory compliance is in order and business perspective is put forth as utmost importance. To put it differently, the management is well informed about any deviation from the policy decisions on real time basis (i.e.: as and when the events occur). With this the issues get addressed at the initial stage and plan of action can be applied immediately rather than having a feedback from the risk management team after a considerable time lag.
To undertake the aforesaid task, we have a team of professionals assigned and identified for a specific client. The team works as an integral part of organizational set up of the client offering value-added services from time to time. The team undertakes the following responsibilities:
Preparation of Operational manual
Statutory and regulatory compliance
Review of activities vis a vis operational manual
Assessment of financial impact of key decisions
Providing timely management reports
Continuous updating of latest circulars, regulations, rules, procedures etc.
As a result of this microscopic exercise, the organization is protected to the maximum extent from operational risk, legal risk, as well as errors, omissions and frauds.

International Accounting & Auditing - US GAAP & GAAS

The Firm's skills are based on knowledge of US GAAP, and international experience in this field with several foreign companies who have had to restate their accounts to US GAAP for the purposes of potential IPO / borrowings in the US or for reporting to a US parent in conformity with GAAP.
US GAAP Restatements are considered specially because of :
Transparency
Conservatism
Precision
Strengthens Financially
Creates premium in share markets
Improves Investor Confidence
Prestige Value

Services involving multi-national accounting standards, especially International Accounting Standards involving worldwide consolidation of financial statements under Indian GAAP are also undertaken. The Firm provides a unique combination of significant domestic accounting and audit standing with an international exposure.

Corporate Support Services

The Firm maintains a dedicated team of accountants headed by senior professionals and partners for rendering Corporate Support Services. These including the following key areas of support and consulting:
Incubation, Management Support
Entity Holding: Maintaining a Registered Office; Appointing a authorized signatory for bank accounts and power of attorney for signing documents; storage of accounting records; Organising Insurance; handling inward & outward mail, providing e-mail ID ensuring privacy and confidentiality; assistance in locating office, factory or residential premises and related legal documentation.
Budgetary and Management Control: Preparation of Revenue and Capital Budgets, monthly cash flow statements; periodic "Management Information Statements"; compliance with the corporate policies.
Registration with Government Departments : Provident Fund ; software Technology Parks of India ( STPI); Professional Tax ,Income Tax, Sales Tax, Excise & Customs etc.
Book-keeping and Accounting: Verification of invoices and releasing payments; Preparation of cash / bank vouchers and cheques; running an accounting package, generation of ledgers and their scrutiny; Preparation of the Balance Sheet and Profit & Loss Account in accordance with the Indian GAAP; Co-ordinating with auditors'.

Banking & Regulatory Compliance: Co-ordinating with bankers; issuance of the Foreign Inward Remittance Certificates; alerting on investment of surplus funds or repatriation of funds; Minimizing exchange risk; administering withholding tax on payments to vendors, employee; Filing of various statutory returns with authorities.

Personnel Search & Recruitment: P & P has undertaken personnel recruitments for several well-known companies. In case of those clients with whom the Firm has a long standing relationship, the Firm's intimate knowledge of the clients needs are best understood by the Firm rather than any outside agency.
Services in this area include
Sourcing and short-listing candidates
Designing and adminstering recruitment advertisements
Maintaining an in-house database of candidates
Performing positive and negative searches
Conducting interviews
Assisting in the documentation and other regulatory work for placements abroad.

Legal & Secretarial Services

Incorporation, Foreign Investment
Advising on permitted out-bound investments and assisting in setting up companies outside India.
Establishing a branch office, liaison office, project office or other similar outlets in India by foreign entities; Issues under Companies Act, 1956, Foreign Exchange Management Act, 1999 (FEMA) and other corporate laws
Foreign Collaboration Agreements, Joint Venture Agreements, other legal agreements, affidavits, powers of attorney, applications, proposals etc.
Incorporation of companies, private, public, Section 25. Drafting of Memorandum and Articles of Association of Companies etc. as best suited to the business
Secretarial
Conducting Board Meetings and General Meetings and helping them in drafting Minutes of the meetings. Maintaining records and registers for Company Law, Shops and Establishment Act etc.
Bankruptcy & Winding Up
Managing winding-up of companies, striking of the defunct companies from record of Registrar and other issues; managing bankruptcy proceedings and advising under 'Sick Industries' regulations.
Assignments on behalf of the official liquidator of the various High Courts on India.

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International Investor & Regulatory Consulting

The Firm regularly advises clients in the following areas of regulatory consulting:
Applying to, advising, liaising, and follow-up with :
Reserve Bank of India (RBI)
Secretariat of Industrial Assistance (SIA)
Foreign Investment Promotion Board (FIPB)
Ministry of Industry
Other Government or semi-government departments or authorities in the context of Foreign Investor activities
Obtaining, External Commercial Borrowings :
arranging approvals from RBI
Government of India
Registration and Processing for :
Software Technology Park, STP
IEC code for Import-Export of goods, commodities and services
EOU, 100% Export Oriented Units.
Shifting of registered offices of limited companies from one state to another
Appointment of Managing or Whole-time director in a company
Advising, drafting, filing, petitions, applications etc. with Company Law Board, Ministry of Finance and other Governmental Agencies.

Corporate Restructuring, Mergers & Acquisitions, Valuation, Corporate Recovery

P & P has performed business valuations for several well known listed and private entities over the years. These valuations are performed in the context of purchase / sale of the business, or a stake in the entity. Share Valuations are a significant service provided by the Firm and include international clients.
The Firm performs assignments for the preparation amalgamation schemes and merger / de-merger based on a total analysis of the relevant entities, after undertaking a due diligence review and performing a valuation resulting in a comprehensive service.

Information Systems Audit & Advisory Services & Information Systems General Management Consultancy

Services offered include:
Application Review: Application system controls are mechanisms and procedures designed and incorporated within every application system to ensure accuracy and comprehensiveness of data processing. A review of the application software ensures that it contains adequate controls required to meet the business requirements for accuracy, comprehensiveness of processing, availability and security of information.
General Controls Review: General Controls seek assurance on the reasonableness of the controls built in the procedures and practices of IS management. A controls review is undertaken as a part of large audit assignments as the risk arising from systems needs to be evaluated in the course of forming an audit opinion on the financial statements.
General Consulting : General technology related consulting assignments, where the Firms focus remains in general management consulting where however a technological background is indispinsible; providing related business advisory services; project monitoring services.

Business Advisory Services

We are in a unique position to provide clients with constructive ideas and insights. These relate to reportable conditions and other business processes, primarily at the enterprise level, which we note as by-products of our audit. These are followed up with a detailed study of all aspects of the Company's operations when so requested on a chargeable basis. These business advisory services are offered in the hope they will lead to a creative exchange of ideas, one which will result in meaningful actions to enhance the Company's growth and profitability, or, to benefit and strengthen the Organization, while enhancing the depth and value of the professional relationship mutually, for the client and the Firm.

 

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