The Best Audit Firm Of India

S.P. Chopra & Co. is a professional services firm established in 1949; Ranking amongst the top 20 chartered accountant firms in India, has 11 full time partners and staff strength of over 100 and offices in New Delhi, Mumbai, Canada and Dubai.

Our firm offers Accounting, Assurance and Consultancy as its core business lines for domestic and global businesses of medium to large size. The firm has engaged a panel of experts and offers end to end solutions for Company Law Matters, IFRS Convergence, Transfer Pricing, Risk and Transaction Advisory.

WHY PARTNER WITH US

v  With its 11 full time partners, the firm has a combined professional experience of over 100 years. Our partners are DISA qualified, hold IFRS certificate issued by the Institute of Chartered Accountants of India.

v  Over 100 professionals employed by the firm, with over 10 highly specialized consultants on the advisory panel.

v  Head office located in Connaught Place - the most prime business district of the Capital city of India with a carpet area of 3000 sq. feet. supported by a world class infrastructure and modern facilities.

v  Global reach with our branch offices located in Ontario, Canada, Dubai, Punjab and Uttar Pradesh and through our independent association all over the World.

v  Recognized as a Quality service provider on the global arena based on Peer Review conducted by both ICAI and International Peer Review Committee.

v  Computer Assisted Auditing methodology supported by advanced machines, servers and related software used for conducting audits and day to day office administration.

OUR INTERNATIONAL ASSOCIATION

PrimeGlobal is the third largest association of independent accounting firms in the world; comprising of over 320 highly successful independent public accounting firms in 87 countries. PrimeGlobal provides its independent member firms with tools and resources to help them furnish superior accounting, auditing, tax and management services to clients around the globe.

OUR EMPANELMENTS

Since 1970, SPC has been empanelled on the RBI’s list of Auditors who can conduct the central of Public Banks in India. We have conducted statutory audit of almost all the large Public Banks, by rotation, and private banks

Since 1956, SPC has been empanelled on the CAG’s list of Auditors for audit of large Public Sector Undertakings (PSUs).  Firm has audit experience of more than  100 PSUs.

SPC has been empanelled on the United Nation’s since 2008 for NEX/ NIM Audit and HACT assessment. Firm has conducted Audit of more than 120 UN agencies since 2008.

Since 2011, SPC has been empanelled on the RAA’s list of Auditors who can conduct the audit of companies in Bhutan

Our Methodology and Approach

Ø  We use a risk-based approach to understand the clients organization, its environment, and its industry. The audit team preliminarily identifies the areas where the risk of material misstatements if any in the financial statements exists.

              Internal controls

Ø  Using a structured approach, we evaluate controls in order to assess the risk of significant misstatement for each audit objective.  For audit objectives where we plan to rely on controls to modify the nature, timing, and extent of our substantive procedures

Ø  We test select audit objectives using substantive analytical procedures, tests of details, or a combination of the two, as well as substantive procedures directed toward any fraud risk which we have identified.  In designing our substantive audit procedures, we consider the characteristics of the class of transaction, account balance, or disclosure; our assessment of the risks of material misstatement identified during planning; and the effectiveness of controls over these risks

Ø  We review the financial statements and determine whether the audit evidence obtained for each audit objective reduces the risk of material misstatements in the financial statements to an acceptably low level. Our audit opinion is based on a review of the final financial  statements and an evaluation of all audit evidence in accordance with applicable auditing standards

IFRS CONVERGENCE AND REPORTING

India has set a roadmap for convergence with International Financial Reporting Standards (IFRS) commencing from 1 April, 2011. The convergence with IFRS standards is set to change the landscape for financial reporting in India. IFRS represents the most commonly accepted global accounting framework as it has been adopted by more than 100 countries and accounting bodies across the globe are aligning their existing accounting standards and/or issuing new accounting standards to conform with IFRS.

Finance Professionals not already familiar with the Principle of IFRS will be faced with the challenge of developing a working knowledge of IFRS as quickly as possible. India being one of the key global players, migration to IFRS will enable Indian entities to have access to international capital markets without having to go through the cumbersome conversion and filing process. It will lower the cost of raising funds, reduce accountants' fees and enable faster access to all major capital markets.

How SPC is taking strides in IFRS convergence

At SPC, we track the developments of IFRS globally and how India gears up for its transition. It is our endeavor to provide our clients with insights on emerging trends, concerns on transition to IFRS and its implementation. Our team of senior partners has undergone extensive training to understand the finer nuances of the IFRS implementation in India.

Our firm is actively advising its existing clients on the roadmap for the IFRS implementation and also seeking out new assignments for IFRS implementation and convergence  advisory.