Premlata Purohit and AssociatesLoading…
Pillar 01
Statutory and special purpose audits delivered in accordance with the Standards on Auditing notified by the Institute of Chartered Accountants of India. The firm conducts engagements for listed entities, banks, private and public limited companies, co-operative societies, trusts and other entities under multiple regulatory frameworks, with documentation and engagement partner review designed to withstand peer review and quality scrutiny.
What this pillar covers
The audit and assurance practice is the foundation of the firm. Engagements are planned around a documented risk assessment, executed in compliance with the Standards on Auditing (SAs) and Standard on Quality Control 1 (SQC 1), and reviewed by the engagement partner before sign off. Working papers are retained per the firm's information security framework and are made available to peer reviewers, regulators and the client's audit committee on request. Independence is assessed for every engagement at acceptance and reaffirmed annually. The firm declines audit engagements where independence cannot be maintained.
Sub services
01
Audit of financial statements of private and public limited companies under the Companies Act, 2013 read with the applicable Indian Accounting Standards (Ind AS) or Accounting Standards (AS). Each engagement issues an opinion on the true and fair view of the financial statements, a report on the adequacy and operating effectiveness of internal financial controls under Section 143(3)(i), and reporting under the Companies (Auditor's Report) Order, 2020 (CARO 2020) where applicable.
02
Audit and reporting in Form 3CA or Form 3CB and the prescribed annexure Form 3CD for assessees required to obtain a tax audit. The engagement covers detailed verification of disallowances under Sections 40, 40A and 43B, depreciation as per the Income Tax Act read with Rule 5 and the Schedule, ICDS adjustments, and the other particulars prescribed under Form 3CD.
03
Risk based internal audit conducted under Section 138 of the Companies Act for prescribed companies and for any organisation that elects to engage one. Engagement scope is co designed with the audit committee or management to focus on areas of higher risk. Reports are issued quarterly with classified observations, agreed remediation, and tracked closure of prior year matters.
04
Reconciliation between books of accounts, GST returns filed (GSTR 1, 3B, 9 and 9C) and audited financial statements. Identification of input tax credit mismatches, classification errors and liability gaps. Where applicable, support for departmental audits under Section 65 of the CGST Act and audit by tax authorities under Section 66.
05
Physical verification and reconciliation of inventory for banks, NBFCs and management. Engagement covers cut off testing, physical count, reconciliation with the books of account and stock statements furnished to lenders, ageing analysis, identification of slow and non moving stock, and assessment of valuation against the lower of cost and net realisable value as required by Ind AS 2 or AS 2.
06
Audit assignments for branches of public sector and private sector banks. The firm receives allotment through the ICAI panel mechanism each year as administered by the Reserve Bank of India. Engagements cover Long Form Audit Reports, advances classification, NPA verification, income recognition, asset classification and provisioning, and other prescribed reporting.
07
Independent examination of suspected financial irregularities, fund diversions, related party transactions or other forensic matters. Reports are designed for use in internal action, in regulatory or judicial proceedings, and for board level decisions. Engagements are scoped narrowly with clear terms of reference to maintain admissibility and credibility of findings.
08
Audit of IT general controls and application controls relevant to the integrity of financial reporting. Engagements cover access management, change management, segregation of duties, IT operations and IT enabled financial controls. Reports are designed both to support statutory audit reliance under SA 315 and to give management an actionable remediation roadmap.
09
Audit of public charitable trusts, religious trusts and educational trusts under the Maharashtra Public Trusts Act, 1950 (formerly the Bombay Public Trusts Act) and the Income Tax Act for entities registered under Section 12A or migrated to Section 12AB. Audit of co-operative housing societies and credit societies under the Maharashtra Co-operative Societies Act and corresponding state legislation, including reporting in the prescribed forms.
10
Quarterly limited review under Regulation 33 of the SEBI (LODR) Regulations, 2015 for listed companies and limited review of subsidiaries for consolidation purposes. Engagements are conducted in accordance with SRE 2410 and result in the prescribed limited review report submitted within the SEBI timelines.
11
Limited and reasonable assurance over Business Responsibility and Sustainability Reports (BRSR) of listed entities and other ESG disclosures, in line with the assurance standards approved by the ICAI from December 2025. The firm's BRSR Core engagements are scoped against the SEBI prescribed indicators and assured to the level required by the issuer.
12
Buy side and sell side financial, tax and regulatory due diligence supporting transactions. Vendor due diligence reports designed for sharing with prospective acquirers. Engagement scope is agreed at acceptance against a defined data room and timeline; reports separate findings, observations and recommendations and are written to be useful to deal counsel.
Our approach
Independence is assessed against the client and its group. Conflict checks are run. The audit committee or equivalent governance body confirms appointment. The engagement letter is signed before fieldwork begins.
A risk assessment under SA 315 is documented for every engagement. Materiality is set in line with SA 320. The audit programme is tailored to the assessed risks and the assertions affected.
Substantive procedures and tests of controls are executed by the engagement team, with senior review at the working paper level and engagement partner review at the file level. Significant findings are escalated as they arise rather than at the end.
The audit conclusion is reached after engagement partner review of the file and discussion with management on observations. The audit report is issued in the format prescribed by the applicable framework, with key audit matters reported where required under SA 701.
Significant matters are communicated to those charged with governance under SA 260, in writing, and the firm's letter to the audit committee accompanies the audit report.
Files are closed within the timeline prescribed by SQC 1. Where applicable, an Engagement Quality Control Review (EQCR) is conducted before the audit report is signed.
Frequently asked questions
New audits, change in auditor, peer review preparation or a specific assurance question, the firm is reachable through the office or via the contact form.