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Service to Banks

Statutory Audit: We are the Branch statutory auditor of a leading public sector bank. The audits have been conducted in accordance with the guidelines issued by the Reserve Bank of India and The Institute of Chartered Accountants of India. Our approach has been based on stratified sampling drawn on the basis of exposure of the banks and past performance of the branches. We have also verified the controls from an information security risk perspective.

Concurrent Audit: As part of the concurrent audit, we verify compliances to various requirements of the RBI regulations including KYC norms, AML Guidelines compliance to systems and controls and documentation. Our approach is from a systemic perspective and we identify potential nonperforming assets with suggested mitigation measures.

Payment Settlement Audit: We have done nodal audit for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries of one of the largest foreign banks under the guidelines issued by RBI in respect of one of the largest e-commerce companies in the world.

Information Systems Audit: Our team has been involved in the information systems audit for a leading financial institution besides carrying out Information Systems Audit for branches of Public Sector Banks. The audits are done in accordance with security standards provided in ISO 27001 and the controls suggested by Reserve Bank of India. The audit involved the testing of various controls and verification of compliances including the functioning of the Disaster Recovery Site (DRS) and the Business Continuity Plan (BCP).

Stock Audit: We have been involved in stock audits of various public sector banks. We have exposure in industries including Leather, Engineering, Textiles, Software, Retail trade and other manufacturing industries.

Revenue Audit: We have conducted revenue audits for various branches of Indian Overseas Bank and Punjab National Bank. We have identified areas of revenue leakages and suggested methods for mitigation.

Due diligence audits: We are involved in due diligence audits of Non-Performing asset accounts of banks for takeover on behalf of Asset Reconstruction Companies. The assignments are carried out to enable asset reconstruction companies to arrive at a fair valuation for the assets to be taken over. The audits are conducted for accounts of various public sector banks.Due diligence audits have been conducted at a number of private sector and multinational banks in respect of channel financing; securitization of home loans and supply chain financing

Compliance audits: The firm has handled assignments pertaining to statutory compliance requirements mainly in regard to taxation for a few banks. We have been involved in verification of documentation and compliance audit in respect of vendors for a leading multinational bank.

Call Centre audits: We are involved in the process and security audits in respect of the call centres operating under contractual agreement with the Banks.

Sarbanes Oxley audits: The firm has done SOX audit for a leading private sector bank.

ISO Audit : The senior partner Mr.R.Venkatakrishnan was involved as an accredited lead auditor for a leading certification agency in respect of ISO for the various public sector banks