Services

Audit and Assurance

Auditing is an onsite verification activity. We make sure all your onerous reporting requirements are met as painlessly as possible keeping banks, creditors, finance providers, and even the inland revenue, happy. Through auditing we maintain high levels of the ethical and professional degree of standards and ensure completion of the assignments ahead of the mandated timelines. A financial audit is a type of audit that provides reasonable assurance, and not absolute assurance, to the shareholders of the company that the financial statements prepared by the management provide a true and fair view of the financial position of the company. It is the highest assurance of audit, yet the auditor could not provide 100% assurance or confidence that there is no material misstatement in the financial statements. Assurance services can be regulatory or compliance-based. They work to ensure that a company or organization is following guidelines, rules and policy, and provide both internal and external confidence for financial statements. The auditors will need an overview and understanding of the company and the company’s activities and to consider outside factors which may have affected any business during the reporting period.

Direct Tax

Tax is imposition of financial charge which levied upon a taxpayer by Government authorities for benefit of people in the country. A direct tax is paid directly by an individual or organization to an imposing entity. A taxpayer pays direct taxes to the government for different purposes, including real property tax, personal property tax, income tax and taxes on assets. Direct tax promotes equality and equity because direct taxes are based on ability to pay of taxpayers and in the case of a progressive tax structure, every person is taxed differently depending on his income. Another advantage of direct taxation is that the government and the taxpayer know the amount they will receive and they pay, even before the collection of the tax.

Indirect Tax

An indirect tax is paid to the government by one entity in the supply chain, but it is passed on to the consumer as part of the price of a good. The consumer is ultimately paying the tax by paying more for the product. Indirect taxes have several uses, the most prominent one is to raise the government revenue. Sales tax and value added tax (VAT) play the major role in this, with VAT is being more commonly used around the world. The distinction between these two taxes is that sales tax is paid by the customer at the moment of purchase of the final good or service, whereas VAT is a multistage tax imposed on goods and services that is collected in parts at each stage of production and distribution of goods and services in proportion to the value added by each taxpaying entity.

The Goods and Services Tax, or GST is a major indirect tax comes under the VAT family.GST belongs to the VAT family as tax revenues are collected on the basis of value added. Unlike in the case of a pure commodity based VAT system, GST includes services also. Similarly, input credits are given while calculating the tax burden. The GST replaces all these taxes and it is a single tax that the payer has to pay.

Compliance Management

Compliance Management is a framework will be designed by understanding the complete compliance universe and inventory of compliance obligations of the entity, to help people know what they need to comply with.
Using regulated checks, inspections and tests as a foundation as well as corporate and building requirements, both regulatory and management reporting is produced and delivered efficiently and effectively.
Each compliance area can be organized into compliance hubs for easy access and management.
scanned and recorded data is automatically turned into a variety of reports meeting regulatory and organizational requirements, such as fire log books.

Risk Management

Risk management is the process of identifying, evaluating, and prioritizing risks followed by the economical application of resources to reduce, observe, and control the probability of the unfortunate events or to maximize the realization of opportunities.
Business and risk go hand in hand, the professionals like chartered accountants with expertise in finance, management and audit are well suited for the role of forecasting, evaluating, and mitigating prospective risk involve in any organization’s activity and seize opportunities to take the growth of business on next level.

Forensic Accounting and Auditing

Through forensic accounting we resolve the financial issues in a manner that meets standards required by courts of law. Forensic accounting services are usually necessary when there is a dispute or lawsuit already in place. We are often asked by the client’s attorney to assist in the litigation process as an expert. The goal of the forensic accountant is to analyze, report, and assist the court in understanding the financial aspects of the case. One of the main differences between an audit and a forensic accounting engagement is that the audit program is designed to provide assurance that certain parts of the financial statements are reasonable and a forensic accounting engagement is designed to analyze a specific set of transactions or to search for misappropriated assets.

Business Transformation Management and Strategy Setting

Business transformation is a term used to describe what happens when a company makes fundamental changes to how it operates, typically with the aim of enhancing both operational and financial performance. A business transformation initiative could apply to the organization as a whole or a part of it, such as a department or product line.
Business transformation initiatives can involve mergers and acquisitions, staff changes, outsourcing, supply chain reorganization and new business models. In practice, the business transformation process typically involves making major changes to an organization’s people, processes and technology.

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GSRV and Associates LLP

GSRV and Associates LLP, Chartered Accountants is an LLP formed in the year 2021 by a team of Chartered Accountants having experience and exposure spanning over two decades. The firm is head quartered in Ernakulam and associate offices spread across the country. The firm is formed with a desire to serve the community by upholding core professional values and etiquettes.