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Risk Assessment

  • Internal Audit

Addressing enterprise risk while enabling business performance

Globalisation and technology have many upsides. Unfortunately, they also have downsides. For instance, in enabling risks, old and new, to suddenly reverberate around the world—and across your enterprise. That’s why being able to spot both operational issues and opportunities on the horizon—in a way that is deeply aligned with your corporate strategy—is critical not only to managing risk but also to optimising your business performance.

PwC’s Internal Audit Services can help you and your board do just that—with a comprehensive, disciplined approach that yields practical solutions, not hefty reports. Our specialists and services are focused on creating value—bringing you the insight and foresight across your business as a whole, to tackle the future head on

  • Pre-audit

Audit / Pre-Audit Services Under Central Excise & Services Tax Audit

In conventional sense, Audit is refer to verification and scrutiny of documents, transaction and events and processes in order to verify facts and draw conclusions considering the correctness of recording of facts and the efficiency of a system under study.

For Central Excise concern, Audit is refer to scrutiny of the records of Assessee and verification & examination of the actual process of manufacturing of goods, classification of goods, correct valuation, measurement, proper usage of exemption notifications, export of goods, remission of duty, payment of duty, etc. with a view to check that whether the Assessee is enable to paying the Central Excise duty correctly and in timely and following the prescribed procedures.

For Service Tax concern, Audit is refer to examination of scrutiny of the records of Assessee and verification of the real provision of services, realization of sale proceeds, correct classification of service, timely discharge of tax liability, timely submitted of returns / information etc. with a consider to check that whether the assessee is enable to paying the Service Tax correctly and following the prescribed procedures.

For Cenvat Credit concern, Audit is refer to scrutiny of the records of assessee and verification of the receipt of Capital Goods, Inputs, accounting, Input Services, availing, utilizing, timely discharge of tax liability, reversing etc. of credit. Refund of cenvat credit in case of export, optimum cenvat credit in case Exempted and Non Exempted Goods are manufactured / Services are provided.

In the conventional / traditional system of Central Excise Audit / Service Tax Audit, Audit Parties of the Department visit assessee unit / premises. The main objective of above audit is to check compliance of procedures and also leakage of revenue.

CERA (Central Excise Revenue Audit) or EA-2000 is Audit exercise which is done by the departmental officers


According to our experience if a periodical Central Excise Audit / Service Tax Audit (with Cenvat Audit) is carried out by the internal auditors, the management will get great aid to realize the areas of wrong payment of central excise or service tax or incorrect availment of cenvat credit and get aid in taking the corrective action immediately.

Simultaneously, if a unit reaches its Central Excise / Service Tax records and documents audited before departmental audit, that unit can consider the departmental auditors get more confidence and claim that its records are clean. We recognise this exercise as pre-audit service.

Under Internal Audit, the auditor take its main focus from both prospective i.e. the approach of the revenue (departmental) auditors from revenue leakage prospective and correct and timely discharge payment of duties and taxes while getting all the benefits available in the statue upto the maximum level.

It has been considered that in sometimes, the units are paying ignorantly more taxes / duties or due to wrong impression of certain provisions of the law. On the other side, some units are not availed / utilized the full eligible cenvat credit either on the Capital goods or inputs or input services due to ignorance.

Even large units which having advanced accounting and inventory software may lack in compliance of Central Excise / Service Tax and Cenvat Credit to the optimum level due to reason of complexity of the provision of the acts and rules made there under.

So, a unit should get its Cenvat Credit Records / Excise Records / Service Tax records audited / checked by experts to ensure / confirm the unit is discharging its excise duty / service duty liability correctly and timely while making optimum tax planning.

  • Fraud / Special Investigation Audit

Fraud Investigation & Dispute Services

Integrity delivers benefits

Companies that act with integrity in addressing fraud, bribery and corruption tend to gain a competitive edge and derive real business benefits. To that end, we help companies manage risk, investigate alleged misconduct and fraud and measure the financial implications of disputes.

When unusual financial activity is suspected, our team can conduct forensic investigations and forensic audits, undertake third party due diligence, leverage forensic technology and provide eDiscovery support to uncover any irregularities - with the sensitivity and urgency required.

That’s why some of the world’s largest companies — and many of its best-known law firms — turn to EY.

Special Investigation Audit

Investigation Audits of the books of account for the purposes of detection of any fraud or misappropriation and compliance of terms underlying an agreement etc.

or when a lapse already exists in an organization in order to pin point the reason and person involved in it so that responsibility for such lapse could be fix.

  • Concurrent Audit

Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures.

  • Revenue / Stock Audit

Fixed Assets, Stocks and physical assets such as raw materials are important real assets and need repeat watch. As a large number of companies are operating across the borders through multiple locations, some even with various channel partners, ensuring this watch is challenge. We offer our focused services to companies to keep them assured of their physical assets.

Our special Stock Audit team follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also undertaken for banks and other financial institutions which have extended credit to businesses against physical goods and assets. We have big enough network throughout India for quick and simultaneous audits at multiple locations.

We take full care to provide you with comprehensive and most accurate figures of inventories. During this audit, all the records of purchase, sale and movements of stock is taken carefully.

Key benefits of Stock Audits:

Identification of slow moving stock, obsolete stock, dead stock and scrap

Avoidance of pilferage and fraud

Instant information of value of inventory

Cost reduction and bottom-line

Special arrangements for third party opinion, including for Agent warehouses

Reduction in gaps in present inventory management process


Stock audit is becoming more important as businesses is becoming multi-location and vendors, dealers, partners becoming a key to the business process. Assets like stock, physical equipments and machinery and even people are located in any of the above premises and a good control mechanism is the need for the smooth running of the business.

Following are the main aspects which are taken care while performing stock audit:

Reviewing cut-off procedures and scrutinizing the follow up

Verification of physical stocks

Verifying stock register

Reports on Stock pilferage/damage reports

Comparison of Financial Records with others like stock register

Reporting on discrepancy

Valuation and verification of Stock-in-transit

Verification of Stock valuation

  • Information Systems Audit and Risk Management

Information System Audit And Risk Management Audit

Technology enables rapid global business growth and advancement. It is also a major source of business risk. Boards and senior executives recognize the importance of technology, but can struggle to understand and manage it effectively. Often, business executives and IT professionals don't speak the similar language. This communication gap can lead to misunderstandings and misaligned expectations and outcomes.

Everyone is aware of the requirement for information security in today's highly networked business environment. Information is arguably among an enterprise's most valuable assets, so its protection from predators from both within and outside has taken center stage as an IT priority. Information System Audit encompasses a comprehensive review and evaluation of automated information processing systems, related non-automated processes and the interface between them.

An IT audit is the process of collecting and evaluating evidence of an organization's information systems, practices, and operations formerly known as Electronic data processing (EDP) audit. Obtained evidence evaluation can assure whether the organization's information system safeguard assets, maintain data integrity and is operating effectively and efficiently in order to achieve the organization's goals or objectives. IT audits are also called automated data processing (ADP) audits and computer audits. An information technology (IT) audit or information systems (IS) audit is an examination of the controls within an entity's Information technology infrastructure.

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