Finance & Accounting Operations

Accounting & Assurance Advisory

Financial statements that hold up under audit, diligence and regulatory review.

Technical accounting support for companies facing an Ind AS or IFRS transition, a difficult audit, a consolidation, or a first-time group reporting obligation. We prepare the positions, the workings and the file. The statutory auditor remains independent and separately appointed.

Typical turnaround
A focused audit-readiness engagement runs 3 to 5 weeks. A first-time Ind AS or IFRS conversion for a single entity typically runs 8 to 12 weeks including comparatives; groups with multiple subsidiaries, acquisitions requiring purchase price allocation, or incomplete prior records extend to 16 to 20 weeks.
Service code
ART-AAA-003
Engagement models
Fixed fee · Milestone-based · Monthly retainer for ongoing technical support
Delivery
Virtual, secure document exchange

Indicative fee from

₹1,25,000

Indicative starting fee for a single-entity audit readiness or technical accounting engagement. Conversions, consolidations and multi-entity groups are scoped and quoted separately.

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  • Engagement letter issued before work begins
  • Named engagement lead and defined reporting cadence
  • Confidentiality and access controls on all workpapers
  • Fee adjusted if the confirmed scope is smaller

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Description

Most audit difficulty is created months before the auditor arrives. A revenue contract accounted for on invoice rather than on performance obligation. A lease that never entered the balance sheet. A fixed asset register that has not tied to the ledger since a system migration three years ago. An intercompany balance that does not eliminate. None of these are complicated to fix at the point they arise. All of them become expensive when they are discovered during fieldwork, in a compressed reporting window, by someone who cannot help fix them because independence prevents it.

Accounting and assurance advisory addresses that gap. It is the technical work of establishing the right accounting position, documenting why it is right, and assembling a file that lets the audit proceed on evidence rather than on negotiation. It matters most at the moments when the standard of the file changes: a first Ind AS or IFRS reporting period, a new investor with reporting covenants, an overseas parent requiring group submissions, a transaction that puts the accounts in front of a buyer’s advisers, or a regulator asking about a prior period.

What the engagement covers

On conversion, we scope the transition: the date of transition, the first-time adoption elections available under Ind AS 101 or IFRS 1, the reconciliations of equity and total comprehensive income required for comparatives, and the standard-by-standard impact assessment. The heavy areas are consistent across most groups. Revenue under Ind AS 115 or IFRS 15 requires working through the five-step model contract by contract, particularly around variable consideration, principal versus agent determination and the treatment of contract acquisition costs. Leases under Ind AS 116 or IFRS 16 require an inventory of every arrangement that conveys a right of use, discount rate determination and schedules that will need to be maintained thereafter. Financial instruments under Ind AS 109 require a business model assessment and an expected credit loss model with a defensible basis for the loss rates applied.

On the group side, we prepare consolidation workings under Ind AS 110 and Ind AS 28, including control assessments where shareholding alone does not settle the question, non-controlling interest computation, purchase price allocation and goodwill following an acquisition, and elimination of unrealised intragroup profit. On the statutory side, we prepare financial statements to Schedule III Division II of the Companies Act 2013 with complete notes, prepare the internal financial controls over financial reporting documentation that Section 143(3)(i) requires the auditor to opine on, and assemble the audit file so that requested schedules exist before they are requested rather than after.

Independence, and what we do not do

We are advisers to management, not the statutory auditor. We do not sign an audit opinion on statements we have prepared, and we do not accept engagements that would compromise the independence of the appointed auditor. The value of the arrangement comes precisely from that separation: management gets technical support that can actually do the work, and the auditor gets a file prepared to a standard that lets them complete their procedures under the SA 700 series without renegotiating basic positions in the final week.

Who this is built for

Companies crossing the Ind AS applicability threshold or converting voluntarily ahead of a transaction. Indian subsidiaries reporting into overseas parents under IFRS or US GAAP. Groups whose consolidation has outgrown a spreadsheet. Companies that received audit qualifications or a long adjustment list last year and do not intend to repeat it. And any finance team preparing for diligence, where the accounts are about to be read by people paid to find problems in them.

Engagement models

Fixed fee · Milestone-based · Monthly retainer for ongoing technical support

Expected turnaround

A focused audit-readiness engagement runs 3 to 5 weeks. A first-time Ind AS or IFRS conversion for a single entity typically runs 8 to 12 weeks including comparatives; groups with multiple subsidiaries, acquisitions requiring purchase price allocation, or incomplete prior records extend to 16 to 20 weeks.

Scope of Work

  • Ind AS or IFRS conversion covering transition date balance sheet, first-time adoption elections under Ind AS 101 or IFRS 1, and equity and comprehensive income reconciliations
  • Standard-by-standard impact assessment quantifying the effect of conversion on reported results, net worth, distributable reserves, tax and any lending covenants
  • Technical accounting position papers on revenue under Ind AS 115 or IFRS 15, applying the five-step model to actual contract terms rather than to policy language
  • Lease accounting under Ind AS 116 or IFRS 16 including arrangement inventory, discount rate determination, right-of-use asset and liability schedules and modification handling
  • Financial instruments under Ind AS 109 covering business model and cash flow characteristics assessment, and an expected credit loss model with documented loss rate derivation
  • Consolidation under Ind AS 110 and Ind AS 28 including control assessment, non-controlling interest, equity method application and elimination of unrealised intragroup profit
  • Purchase price allocation under Ind AS 103 with identification and valuation of acquired intangibles and the resulting goodwill or bargain purchase treatment
  • Share-based payment accounting under Ind AS 102 for ESOP and SAR schemes, including graded vesting, forfeiture estimates and the associated disclosure set
  • Financial statement preparation to Schedule III Division II of the Companies Act 2013 with complete notes, ratios, ageing schedules and related party disclosures
  • Internal financial controls over financial reporting documentation including risk and control matrices, process narratives and testing evidence for Section 143(3)(i) reporting
  • Fixed asset register reconstruction and reconciliation to the ledger, with componentisation and useful life review against Schedule II of the Companies Act 2013
  • Audit readiness: prepared-by-client schedules, lead schedules, walkthrough documentation and management representation support to shorten the fieldwork cycle
  • Prior period error correction and restatement under Ind AS 8, including the disclosure and comparative restatement consequences
  • Group reporting pack preparation for overseas parents under IFRS or US GAAP, aligned to parent instructions, deadlines and materiality thresholds

Key Deliverables

Conversion Roadmap and Impact Assessment

A standard-by-standard assessment of what changes on conversion, quantified against the current reported position, with the effect on net worth, covenants and distributable reserves stated explicitly.

Technical Accounting Position Papers

Written memoranda for each judgemental area setting out the facts, the applicable standard, the alternatives considered and the conclusion reached, in a form the auditor can review and rely on.

Audit-Ready File

Lead schedules, supporting workings, reconciliations and walkthrough documentation organised against the auditor's likely request list, indexed and cross-referenced to the trial balance.

Draft Financial Statements

Complete statements prepared to Schedule III Division II or the applicable IFRS presentation requirements, including notes, ageing schedules, ratios and related party disclosures.

Consolidation Workpaper Set

The full consolidation trail from standalone trial balances through eliminations, adjustments, non-controlling interest and equity accounting to the consolidated statements, reperformable line by line.

IFC and ICFR Documentation Set

Process narratives, risk and control matrices, control design assessment and testing evidence covering the significant financial reporting processes, prepared for the auditor's Section 143(3)(i) work.

Accounting Policy Manual

A written policy handbook capturing the positions adopted, so that next year's team applies the same treatment and the auditor is not re-litigating settled questions annually.

How the Engagement Runs

Diagnostic and gap assessment

We review the last audited statements, the trial balance, key contracts and the prior year adjustment list to identify where the current treatment departs from the applicable framework. Management and, where appropriate, the auditor are consulted on known contentious areas. The phase closes with a written gap register ranked by financial impact.

Position papers and policy decisions

For each judgemental area we draft a memorandum setting out the facts, the standard, the alternatives and a recommended position. Management decides; we document the decision and the basis. The phase closes when the positions are approved and, where relevant, discussed with the auditor in advance.

Remediation and computation

The agreed positions are worked through into numbers: transition adjustments, lease schedules, expected credit loss computations, asset register corrections, consolidation eliminations and restatements. The phase closes when the adjusted trial balance is stable and reconciles to the supporting workings.

Statement build and file assembly

Draft financial statements and notes are prepared to the applicable presentation requirements, and the audit file is assembled with lead schedules indexed to the trial balance. The phase closes with the draft statements and file handed to management for review.

Auditor liaison and clearance

We support management through fieldwork, responding to auditor queries with the underlying workings and evidence, and tracking proposed adjustments to resolution. The phase closes when the auditor's queries are cleared and the statements are approved for signature.

Handover and capability transfer

The policy manual, working templates and maintenance schedules are handed to the in-house team with a working session on how to keep them current. The phase closes when the finance team can run the next cycle without external support on routine matters.

What You Gain

Shorter, quieter audit cycles

When schedules and positions exist before fieldwork begins, the auditor spends time testing rather than requesting. The close window shortens and the volume of proposed adjustments falls.

Judgements documented once

Written position papers stop the same argument recurring every year with every new audit team. The reasoning is on record, along with the facts it was based on.

Accounts ready for diligence

Statements prepared to a technical standard survive the scrutiny of a buyer's or an investor's advisers. Restating accounts under transaction time pressure is the worst possible moment to do it.

Group deadlines met reliably

Reporting packs aligned to a parent's instructions and calendar remove the escalation cycle that follows a missed or reworked submission from a subsidiary.

Conversion surprises priced early

Knowing before transition that lease capitalisation will move gearing, or that revenue timing will shift, allows covenants and stakeholder expectations to be renegotiated in advance.

Auditor independence protected

Management gets substantive technical help without asking the appointed auditor to prepare what they must then examine, which is a position no auditor can accept.

Industries We Serve With This Engagement

Manufacturing and engineeringTechnology and SaaSIndian subsidiaries of multinational groupsReal estate and infrastructureNBFCs and financial servicesHealthcare and pharmaceuticalsRetail and consumerHospitality and services

Frequently Asked Questions

No. This is advisory work delivered to management, and it is deliberately kept separate from the statutory audit. We prepare accounting positions, computations, financial statements and audit files; the appointed statutory auditor examines them and forms an independent opinion under the SA 700 series. Preparing and then auditing the same records would compromise that independence, which serves neither the company nor its stakeholders. The practical effect of the separation is that we can do substantive work that the auditor is professionally prohibited from doing, which is usually exactly what a stretched finance team needs.

Applicability is set by the Companies (Indian Accounting Standards) Rules, driven principally by listing status, net worth thresholds and group relationships, with separate phased roadmaps for NBFCs and insurers. Once a company falls within the criteria, its holding, subsidiary, joint venture and associate entities are drawn in as well, which frequently catches groups by surprise. Companies also convert voluntarily, most often ahead of a fundraise or a sale where an investor expects Ind AS or IFRS numbers. We confirm applicability as the first step of scoping, because the transition date determines the comparative period that must be restated.

It means the evidence exists before it is asked for. Concretely: a trial balance that ties to the ledger, lead schedules for each material balance, reconciliations for bank, statutory dues, intercompany and fixed assets, contract files for revenue testing, written positions on judgemental areas, and documented walkthroughs for the significant processes. It also means known issues have been raised with the auditor in advance rather than surfacing in fieldwork. The measurable outcome is a shorter audit and a shorter adjustment list, both of which reduce cost and reduce the risk of a qualification.

Contract by contract, not policy by policy. The five-step model requires identifying the contract, the distinct performance obligations within it, the transaction price including variable consideration, the allocation of that price across obligations, and the point or period at which control transfers. In practice the difficult questions are consistent: whether the entity acts as principal or agent, how to estimate and constrain variable consideration such as rebates and penalties, whether an obligation is satisfied over time, and how to treat contract acquisition costs. We work from actual contracts and conclude in a written position paper the auditor can review.

Yes. Indian subsidiaries reporting into IFRS or US GAAP parents typically face two separate obligations: statutory accounts under Indian GAAP or Ind AS, and a group submission on the parent's instructions, chart of accounts, materiality and calendar. We prepare the group pack, maintain the reconciliation between local statutory numbers and the group basis, and respond to group auditor queries within the parent's timetable. Where the parent's deadlines fall before the Indian statutory cycle, we sequence the work so the group submission does not wait on the local audit.

Internal financial controls over financial reporting are the controls that give assurance over the reliability of the accounts. Under Section 143(3)(i) of the Companies Act 2013, auditors of specified companies must report on the adequacy and operating effectiveness of these controls, and the board carries its own responsibility statement. Meeting that requires documented process narratives, a risk and control matrix mapping risks to specific controls, evidence that controls actually operated, and remediation tracking for the gaps found. Companies that treat it as a documentation exercise the week before the audit rarely satisfy the auditor.

Yes, and it is one of the more common remediation projects. The work involves rebuilding the register from purchase records, capitalisation entries and physical verification, reconciling the resulting gross block and accumulated depreciation to the ledger, and identifying assets that were disposed of or scrapped but never removed. Useful lives are then reviewed against Schedule II of the Companies Act 2013, with componentisation applied where parts of an asset have materially different lives. The correction may require a prior period adjustment, which we quantify and document before it is booked.

Yes, and the first step is understanding precisely what the qualification said. A qualification arising from a scope limitation, such as inability to verify inventory, needs a different response from one arising from a disagreement over accounting treatment. We work back through the underlying issue, establish what evidence or restatement would resolve it, quantify the effect on comparatives, and prepare the position and workings for discussion with the auditor well before the next fieldwork window. Resolving it early also matters commercially, because a repeated qualification is a recurring item in every future diligence report.

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