PRAKKASH MUNI & ASSOCIATES Chartered Accountantspmaca.net/Image/P M Associates - May 2014.pdf ·...
-
Upload
truongkien -
Category
Documents
-
view
218 -
download
0
Transcript of PRAKKASH MUNI & ASSOCIATES Chartered Accountantspmaca.net/Image/P M Associates - May 2014.pdf ·...
PRAKKASH MUNI & ASSOCIATES
Chartered Accountants
FIRM PROFILE
CONTENTS
About Us
Introduction
Our Vision & Mission
Service Philosophy
Our Human Infrastructure
Range of Services
Introduction
Statutory Audit
Assurance & Risk Management
Certification
Direct Tax
Indirect Tax
Management Advisory Services
Financial Services
Our Team
Our Client Profile
Prakkash Muni & Associates, Chartered Accountants
3
About Us
Introduction
Our Vision & Mission
Service Philosophy
Human Infrastructure
Prakkash Muni & Associates, Chartered Accountants
4
Abo
ut P
rakkash M
uni
& A
sso
cia
tes
Introduction
We are a Partnership firm, established in 1979, founded by Shri Prakkash R. Muni.
We are a team of ‘positive’ thinkers.
We support innovation and well-reasoned risk taking.
We respect time and efforts of others.
We deliver in time.
We respect right to disagreement.
We believe in having a good infrastructure.
We nurture fairness, and trust.
Prakkash Muni & Associates, Chartered Accountants
5
Abo
ut P
rakkash M
uni
& A
sso
cia
tes
Our Vision & Mission
Delivering Professional Excellence
• To be a preferred Certified Chartered Accountant, Advisor or consultant to Businesses across Western India and provide utility
oriented legal compliance.
Ethical & High Quality Performers
• To commit our ethics, integrity and quality in profession and to back advice with performance
Prakkash Muni & Associates, Chartered Accountants
6
Abo
ut P
rakkash M
uni
& A
sso
cia
tes
Service Philosophy
We focus on utility oriented legal compliance.
Our behavior and action should talk louder than promises.
Quality, depth and breath we provide; should meet client’s expectations.
We aim to be well-versed with our client’s business processes.
To provide quality in terms of complying with GAAP, Accounting Standards, IAS, IFRS, Audit Assurance procedures
and SPPIA etc.
We should adapt to technologies and varied environment.
Our Quality orientation is a continuous process.
To provide services timely and efficiently.
We practice “Value for Money” concept / theory.
We are caring and concerned about Client’s well-being.
Prakkash Muni & Associates, Chartered Accountants
7
Our Human Infrastructure
Prakkash Muni
Founder & Partner
KS International
KS International is promoted by UK’s
top 20 Chartered Accounting Firms
(currently ranked 19th in U.K), with
400 people including 53 partners.
Hiren Muni Chartered Accountants (8)
Including Partners, we are a team of 8
CA’s with a combined professional
expertise of 50+ years across various
professional services.
Fellow Professionals Partners International Membership
Vishal Bhuta
Our associates are with us for a fairly long time. It again strengthens our skills and hedges risk of man-power turnover of qualified CAs.
We competently provide services at a competitive rates. Clients get a continued service without impersonal attitude and beyond a
commercial relationship.
All our operations are monitored and synchronized from a well equipped office at 303, The Eagle’s Flight, Suren Road, Off Andheri Kurla
Road, Near Western Express Highway, Andheri - East, Mumbai – 400093.
Note: See Team profiles for personnel biographies.
Trained Professionals (30)
We have created a strong team of
article trainees & employees to help
us deliver excellence in each aspect
of service.
Prakkash Muni & Associates, Chartered Accountants
Abo
ut P
rakkash M
uni
& A
sso
cia
tes
8
RANGE OF SERVICES
Introduction
Statutory Audit
Assurance & Risk Management
Certification
Direct Tax
Indirect Tax
Management Advisory Services
Financial Services
Prakkash Muni & Associates, Chartered Accountants
9
Range o
f o
ur S
ervic
es
Introduction
In traditional areas, we provide the following services:
Statutory Auditing.
Assurance & Risk Management.
Taxation.
Certification.
Financial services.
Foreign Exchange Management Act (FEMA).
In non-traditional areas, we cover Management Advisory Services which include the following:
Budgeting & Budgetary control.
Profitability studies.
Asset management.
System audit.
Due Diligence for corporate activities such as Merger & Acquisitions.
Prakkash Muni & Associates, Chartered Accountants
10
Range o
f o
ur S
ervic
es
Statutory Audit
We perform Statutory Audit for Private, Public and Government Companies under The Companies Act. It primarily includes Tax audit of
Companies, Firms and Proprietary concerns under The Income Tax Act and Audit of Charitable Trusts and other associations. Our audit
practice is compliant with Standards of Quality Control(SQC) set by the ICAI
Our Auditing Involves:
Risk Based Audit Programme and Sampling Techniques.
Following materiality concept and Reviewing Internal Controls.
Primary auditing / cross checking.
Compliance with Indian Accounting Standards (AS) International Accounting Standards (IAS), Standard Auditing Practices (SAP).
We follow risk based auditing approach.
Our sampling, transactions analysis etc. would cover 80% of value and also check effectiveness of internal controls.
We emphasize on communication with auditees/clients; whether personally or / and written in formal communications.
Use of statistical tools and audit software packages.
Prakkash Muni & Associates, Chartered Accountants
11
Range o
f o
ur S
ervic
es
Assurance & Risk Management
As Internal Auditors, we draw an audit plan after analysing risks and objectives of the client. We focus on Operational / Process
audit and review of existing internal controls/procedures. It has ingredients of an efficiency audit. Our recommendations help in
better utilization of existing resources, Cost saving and improved profitability. Comfort to promoters justifies our job.
We contribute to developing efficiency and effectiveness thereafter.
Our focus is on corporate governance, understanding the organization and its processes, drawing risk based audit plans and Value
Addition.
We follow Standards on Internal Audit set by ICAI.
Our activities are oriented towards awareness, action plan, information and monitoring.
Information System (IS) audit also includes Application (software package) review.
We have significant experience working as a System auditor to a public limited company and a co-operative bank.
We are well versed with SAP, MFG.PRO, Oracle and other ERP packages. Our Information Systems Auditors contribute in
exploiting software features and devising a better systems environment. We look into a disaster recovery plan (DRP).
Prakkash Muni & Associates, Chartered Accountants
12
Range o
f o
ur S
ervic
es
Certification
Issuing certificates required for several statutory or compliance requirements. It includes certification related to bank borrowings,
export-import compliance and other regulatory matters.
Prakkash Muni & Associates, Chartered Accountants
13
Range o
f o
ur S
ervic
es
Direct Tax
Preparation of Returns of Income.
Wealth and appeals (where necessary) appearing for assessment and Appellate matters.
Domestic & International Transfer Pricing.
We advise on Indian Tax Laws. We specialise in tax advice for individuals, partnership firms and companies.
We are well versed with taxation of Joint Venture Companies set up in India.
We advise Non-resident Indians as well as Foreign/nationals-companies on taxation matters.
Prakkash Muni & Associates, Chartered Accountants
14
Range o
f o
ur S
ervic
es
Indirect Tax
Our range of Services across Indirect Tax services span across the following:
Service Tax:
1. Review under Negative List Regime
2. Verification of the credit availed in input services
3. Verification of the final tax liability of the client
4. Filing of yearly returns
Sales Tax [VAT]:
1. Verification of the total set-off eligible against purchases/expenses
2. Verification of the total sales tax liability for the particular period
3. Verification of the final tax liability of the client
4. Filing of monthly/quarterly/ half yearly returns
5. VAT audit
Excise and Export-Import related Licenses:
1. Verification/correlation between goods received, (raw materials, stores, capital goods etc), among
stores accounts and excise records.
2. Review of input/output statement of each production centre/plant.
3. Verification/correlation between goods received, (finished goods, by-products), among stores accounts and excise records.
4. Business process 1 to 3 as above with relation to duty free imports, advance licenses, CT 2 purchases,
EPCG scheme inputs etc for receipt of goods, for exports with relation to dispatches and consumption.
5. Verification of export dispatches on duty paid basis and raising of appropriate rebate claims to central excise authorities.
Prakkash Muni & Associates, Chartered Accountants
15
Range o
f o
ur S
ervic
es
Management Advisory Services
Have successfully devised and rendered professional services in innovative areas of:
Designing system of Periodical “Review of Operations” / Budgeting.
Contribute in implementing Costing structure, Budgetary and Budgeting control.
Forecasting Profitability statement, Balance sheet & Cash flow statements; with sensitivity analysis.
Assisting in adapting to fast changing business environment.
Evaluation of Accounting and Management Information Systems (MIS) for identifying systems weaknesses and advising on
corrective measures.
Advising on EDP based systems and carrying out a software/application review.
Designing, implementation and special review of system controls.
Optimization of working capital management.
Export & Import functions; Compliance & incentives review.
Valuation, Due Diligence and related services in Mergers and Acquisitions.
Physical verification of stocks at plants, depots, mines, dock and other locations.
Fixed Asset Verification & Maintenance of register.
Fixed Assets and depreciation accounting under recently amended the Company’s Act 2013.
Strategizing on entry in India & business start ups.
Adoption of Indian fiscal laws.
Prakkash Muni & Associates, Chartered Accountants
16
Our Team
Founder & Partner
Other Partners
Fellow Chartered Accountants
Affiliates
Prakkash Muni & Associates, Chartered Accountants
17
Team
Profiles
Prakkash Muni & Associates, Chartered Accountants
Team Profiles
Prakkash Muni, Founder & Partner
Qualifications
B.Com. 1974 from Mumbai University and Passed Chartered Accountancy examination in May, 1976.
A.C.A., 1977 from Institute of Chartered Accountants of India; F C A. in 1982
Business Consultancy Services (BCS) certification course at Jamnalal Bajaj Institute of Mgmt. Studies (JBIMS),
Uni. of Mumbai. In 1999-00
Internal Audit Studies (IAS) certification course at L N Welingkar Institute of Management Development &
Research with BCA Society in 2002 – 03
Professional background
Practicing since 1979, involved mainly with statutory audit, internal audit, management services and taxation.
Has successfully devised and rendered professional services in innovative areas of :
Designing systems with focus on Internal-controls and effective MIS reporting.
Advising on Foreign Exchange Risk Management.
Acting as a Business consultant; conceptualization as well as implementation.
Costing Analysis and Product Strategy.
Involved with, product group restructuring and spin-off of units for a large MNC.
Retained as consultant to Steel plants, Hotels, Share brokers, Realty developers, transporters and a co-op
Bank.
Advising on Insurance claims matters.
Acting as Arbitrator.
Producing well thought out Profit/Loss and Cash Flow forecasts together with projected balance sheets
and sensitivity analysis.
Key note speaker on Internal Audit and Companies Act,2013 at various professional conferences.
18
Team
Profiles
Prakkash Muni & Associates, Chartered Accountants
Team Profiles
Hiren Prakash Muni, Partner
Qualifications B.Com. 2007 from Mumbai University.
Passed Chartered Accountancy examination in May, 2011 from Institute of Chartered
Accountants of India.
Certified Fraud Examiner (ACFE,USA),April 2014
Work Experience Experience in Statutory Audit & Assurance Audit of Steel Industry
Experience in manufacturing industires like Engineering Filters, Pharmaceutical and Cotton
Processing . Also engaged in audit of Hotels, Logistics and Investment Companies.
Involved in drafting of SOPs and Due Diligence
Vishal Mahendra Bhuta, Partner
Qualifications B.Com. 2007 from Mumbai University and
Passed Chartered Accountancy examination in June, 2009 from Institute of Chartered
Accountants of India.
Passed DISA (Diploma in Information System Audit) in June 2012
Work Experience Having worked with Asit C. Mehta, Investment Banking division and as a research analyst
with CRISIL.
In his post qualification experience, apart from specialising in audit and assurance of
corporate, he has managed diverse engagements of internal audits of various sectors like
Steel, Aviation, Education, Banking, Retail and Pharmaceutical.
19
Team
Profiles
Prakkash Muni & Associates, Chartered Accountants
Our Chartered Accountants
Sr.
Name
C.A
since
Experience
With us
since
1. Mr. Saomil R. Vora 2009 Statutory audit of listed companies, Pay roll processing, Licenses and
export incentives related audit/ certification
2005
2. Mr. Premal Gandhi 2002 Worked with Deloitte Haskins & Sells. Looks after statutory audit and
internal audit of limited companies
2007
3. Mr. Vijay Gosalia 1981 Specializes in management services to Small and Medium Enterprises.
Also good at auditing.
2009
We are proud to have a strong team of retainers / associates.
Our associates are with us for a fairly long time. It again strengthens our skills and hedges risk of man-power turnover of qualified CAs. We can
control our Overheads. We competently provide services at a competitive rates. Clients get a continued service without impersonal attitude
beyond a commercial relationship
20
Team
Profiles
Prakkash Muni & Associates, Chartered Accountants
Our International Affiliation
KS International is promoted by the Chartered accountancy firm Kingston Smith of UK currently ranked 19th in U.K. It has affiliates in about 60
countries, on network of over 150 offices including India.
The India desk at Kingston Smith is a “One Stop Shop” for Indian businesses, offering boutique services in the following areas:
Inward Investments from India into the UK
Business Structuring
Accounting & Audit
Tax and Legal
Payroll Management & HR Consulting
Company Secretarial and Compliance
Corporate Finance
Mergers & Acquisitions
Management and Accounting Due Diligence
AIM & Plus Market listing
Raising Finance
KS International
THANK YOU
303, The Eagles Flight , Suren Road, Andheri (East), Mumbai – 400 093. Tel.:022-66300900 Fax: 022-66300990.
www.pmaca.net