The businesses worldwide are changing rapidly, together with dynamic laws, regulations and economic environment. This places significant importance to statutory audits under various statutes, especially audits mandated under corporate and tax laws. Various statutes demand extensive disclosures that require detailed analysis of the Financial Statements of the organisations on an independent basis.
We, at KCM, ensure that the Financial Statements are analysed after proper understanding of the business and market factors affecting the organisation and the audit approach is customised to suit the client needs. Our audit services extend beyond the conventional financial reporting function. We believe that audit must not restrict itself to review of historical data; it must also provide reasonable information about impending risks.
While the objective remains the same, i.e. to assure stakeholders with regard to fairness of financials, the approach and methodology needs to be customized for different industries and business models. During last several decades of its service, KCM has served the full spectrum of the industry, be it manufacturing, infrastructure, power, oil & gas, telecom, FMCG or IT services. KCM is empanelled as Category 1 Audit Firm by Comptroller & Auditor General of India, which echoes the capabilities of KCM to serve large to very large clients. We have audited India’s largest Public Sector Bank, as an auditor appointed by the Reserve Bank of India.
KCM has several clients which are Subsidiaries, Associates or Joint Ventures of Multinational Corporations. The foreign holding companies originate from across the globe, including United States of America, Canada, China, Japan, Malaysia, Hong Kong, UAE, Italy, Germany,Austria, Denmark, Cyprus, Switzerland, United Kingdom, and so forth. Many of these companies require us to provide our assurance with respect to restated financial statements in terms of global reporting packages by applying Generally Accepted Accounting Principles(GAAP) in their respective country.
A large number of our clientele have Integrated ERP packages which are used for the financial and other reporting purposes. Our experience of auditing them ranges from pre-ERP to post-ERP stage, including the most critical stage of initial period of ERP implementation.
Our services in relation to Assurance also include Financial Due Diligence, which would be carried out at the instance of the potential investor at the time of acquisition. The projects handled by KCM not only include the due diligence of Indian companies but it has also led multi-country teams doing due diligence process of foreign companies as a part of acquisition. KCM has provided services in this regard to business houses based in USA,Germany, UK, France, Belgium, Denmark, Finland, Austria, the Netherlands, Canada, and soforth.
KCM carries out assignments of convergence of financial statements with IFRS, including assessment of full impact of switchover to IFRS, development of detailed implementation program, training, transformation of accounting process, ERP related changes and preparation of financial statements under IFRS. The clients include Indian companies that require convergence as a part of compliance and foreign companies requiring restatement of financials under IFRS for global consolidation.