Audit & Assurance Services

Auditing under the ever-changing technology landscape is becoming a highly complex process with the necessity to keep pace with the technology so as to provide value through the auditing process. The importance of auditors as a vital link in the financial reporting chain and their role as trusted advisors has increased manifold in the present era of institutional investors taking center stage.

We at MCS, have embraced technology as a tool to quality auditing and are continuously exploring beyond the traditional ways to understand stakeholders’ concerns relating to performance, privacy, risk, controls, and data analysis. Our experience in carrying out attest functions of large corporates and urge to understand the businesses of various industries where we carry out such functions, provides us with an edge in delivering quality services. This enables the stakeholders to have confidence in us. Our audit begins with understanding client’s areas of operation and identifying major risk areas. We work closely with the client to comply with Accounting Standards, Standards on Auditing, Regulatory Compliances and other applicable provisions of the law. Complicated issues in the conversion of Indian GAAP financials to International Financial Reporting Standards, adoption of Indian Accounting Standards (IndAS), in interpreting complex Accounting Standards are easily resolved with our thorough understanding of standards, legislation and regulations.

Businesses have traditionally seen statutory audits as a burden. With rapid changes in the environment, increased disclosures in financial statements, additional reporting under corporate governance, integrated reporting and many more regulatory disclosures have enhanced the importance of statutory audit. There are a lot of expectations of various stakeholders from the statutory auditor. We have a team which constantly upgrades its skill sets to address all the functions which are required to be carried out. We do not have a tick the box approach to audits but carry out the function as a valuable addition to the functioning of the entity. Our clients’ audited statements have not only withstood detailed and stringent scrutiny but have also become pillars of transparency.

Statutory Audits are conducted to report the state of a company’s finances and accounts to the Government of India. At MCS, a well-trained team of qualified professionals is designated to do such audits. The audit report is prepared strictly in accordance with the rules and regulations defined by the Ministry of Corporate Affairs and ICAI.s.

Information Technology plays a very crucial role in the operations of an organization. Almost all financial reporting processes in an organization are driven by IT systems. As a result of their tight linkage to the overall financial reporting process, internal controls over relevant IT systems need to be assessed for their compliance.

Our streamlined approach to auditing encompasses the spectrum of the audit of software applications, operating systems, and/or any specialized operational requirements. Leveraging our experience in all phases of technology, we help clients evaluate how well their IT environment is safeguarding assets, maintaining data integrity, and operating efficiently and effectively.

This kind of audit is specifically designed to enhance firms functioning. It assists an institution in achieving its goals by ushering in a methodical approach to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organization and may incorporate spheres like effective functioning, an accuracy of financial collaterals, inspecting and discouraging frauds, protecting assets, and productive use of the company’s resources that are in agreement with the company’s policies

An examination and evaluation of an entity’s financial information for the use as an evidence in the court of law. At MCS, we undertake financial investigations of misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting irregularities and regulatory and compliance issues on behalf of the public and closely held companies, private equity firms, government agencies, municipalities, NGOs and HNIs/ industries we serve. Our well trained and qualified subject matter experts handle such issues with great proficiency

Management Audit is a systematic examination of decisions and actions of the management. It involves the review of managerial aspects like organizational objective, policies, procedures, structure, control, and system in order to check the efficiency or performance of the management over the activities of the Company.

MCS offers Management Audit Services through its well-trained professionals. Our Management audit services are designed to enhance the effectiveness of management actions, decisions of the enterprise

Our Financial Reporting professionals are qualified chartered accountants with extensive practical experience in financial reporting across multiple jurisdictions and under various accounting frameworks (including IFRS, SFRS, IndAS.). We proactively monitor new accounting rules, alert our clients to changing requirements and offer assistance with addressing complex accounting or reporting challenges, including the conversion to International Financial Reporting Standards (IFRS) and IND AS.