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.
