Services Outline 

Audit and Assurance

Our experienced auditing professionals help your business to implement financial controls and internal processes that mitigate fraud risk, ensure compliance, increase profitability, improve operating efficiencies, reduce financial risk and ensure compliance with industry regulations and standards. We constantly strive to raise the bar of expectations of our audit services, to ensure continuous value addition for our clients. Our processes are robust, transparent and technology-driven to provide globally consistent quality, driven by experts.

PRS has considerable experience and expertise in:
  • Statutory Audit of various corporates

  • Internal Audit of various corporates

  • System Audit

  • Standard Operating Procedures (SOP) Development and Manuals

  • Ind AS Implementation

  • Audit of entities like Banks, Trusts and Charitable Institutions

  • Compliance with Accounting and Auditing Standards, US – GAAP & Indian – GAAP and IFRS

  • Due Diligence Review

  • Physical Verification and Reconciliation of Fixed Asset and its management

  • Other Specific Areas such as those mandated by SEBI / RBI etc.

  • Other Management Area / Special Audit Area

  • Limited Review

Internal Financial Control over Financial Reporting

Through our phased approach, based on the PDCA Model (Plan-Do-Check-Act), we ensure that your business is in compliance with the latest provisions of the Company’s Act 2013, on the subject of Internal Financial Controls.

  • Phase I: Scope and Planning

  • Phase II: Assess and Define

  • Phase III: Testing and Remediation of Controls

  • Phase IV: Conclusion and Reporting

Ind AS

Through our phased approach, we ensure that your financials are Ind AS compliant in accordance with the Company’s Act 2013.

  • Phase I: Gap Analysis

  • Phase II: Design and Planning

  • Phase III: Implementation and Post Implementation Actions

Domestic Taxation

Efficient Tax Planning is a key to success of any business as it helps in reducing cost to the company. Such effective tax planning requires great vision and managerial skills and that is what we deliver and recommend our clients the best possible tax solutions and strategies that help them to survive and stand still in a competitive era.

PRS is having expertise in delivering following services hassle free and speedily:
  • Advisory Services

  • Income Tax Return

  • Tax Audit Report

  • ICDS-Income Computation Disclosure Standards

  • Certifying Report u/s 115JB – MAT

  • Assessment Proceedings

  • Filing Appeals before CIT (A) and ITAT as well as appearing before them

  • Conference with Officials / Advocates / Counsels

  • Handling Search and Raid cases

ICDS (Income Computation and Disclosure Standards)

The intention of ICDS is to compute the income precisely and objectively, and ultimately, to reduce the tax related disputes. We provide unique end-to-end solution for complete implementation of ICDS and ensure that your business is in compliance with the ICDS provisions.

This stage covers detailed study and analysis of the company’s business and current practices, and identification of compliance requirements.
As the name indicates, this stage includes all activities pertaining to implementation, such as, identifying the applicability, effects, and implementation of ICDS in various areas such as accounting policies, valuation of inventories, contracts, revenue recognition, etc.
This stage involves resolution of any practical problems arising due to implementation of ICDS, analysis and reporting of impact of ICDS on various business parameters, and reconciliation of profit as per the books of accounts keeping in mind the provisions of ICDS.

TDS (Tax Deduction At Source)

  • Advisory Services

  • Verification Services

  • Registration with various authorities and filing of returns as required under the law

  • Handling of various procedural aspects regarding maintenance and verification of prescribed records

  • Compliance with TDS Notices

International Taxation

  • Advisory Services

  • Services related to cross-border transactions including tax on foreign payments, procedural compliance and TDS compliance

  • Compliance with various TDS Notices

  • Certification in Relation to Foreign Payments and Remittance

  • Double Taxation Relief

  • Services related to Domestic and International Transfer Pricing

  • FEMA related services including obtaining permissions from RBI and all other matters related to inward and outward remittance

Transfer Pricing

  • Advisory Services

  • Services Related to Domestic Transfer Pricing Issues

  • Services Related to International Transfer Pricing

GST (Goods and Services Tax)

Our professionals are specialized in tax strategy, planning, reducing tax burden, projections and implementations. We also have years of experience advising high-net-worth individuals and organizations of all types in making sound financial decisions and availing benefits under various scheme of Foreign Trade Policy (FTP).

PRS with its rich experience delivers following services related to indirect tax matters:
  • Advisory Services

  • Registration with various authorities and filing of returns as required under the law

  • Handling of various procedural aspects regarding maintenance and verification of prescribed records

  • Other Statutory Compliances

  • Appeals Before Respective Authorities

  • Liaisoning with departments including handling of various appeals

  • Proposed changes towards Goods and Services Tax (GST) – Analysis of a business structure from an indirect tax perspective.

Customs

  • Registration with various authorities and filing of returns as required under the law

  • Handling of various procedural aspects regarding maintenance and verification of prescribed records

  • Advisory Services

  • Other Statutory Compliance

  • Assessment Proceedings

  • Appeals Before Commissioner (Appeals) / CESTAT

  • Conference Calls with Advocates / Counsels

Management Consultancy

Our experienced chartered accountants would be pleased to assist you in plethora of management related challenges including financial planning and management, working capital management, investments, budgets and budgetary controls, MIS, etc.

  • Financial Management Planning and Determination of Financial Policy

  • Capital Structure Planning

  • Working Capital Management

  • Analysis of Capital Investment Proposals

  • Capital Budget, Cash Budgets and Other Budgets, Cash Flow & Fund Flow Statements, Profitability Statements, etc

  • Development of Accounting System & Budgetary Controls

  • Development of Management Information System (MIS)

  • Management and Operational Audit

  • Advise Regarding Mergers and Acquisitions

  • Systems Analysis

Other Services

  • Advising on FEMA / RBI related issues

  • Compliance with Annual forms of RBI

  • Preparation of NBFC Application & Registration with RBI

  • Assisting in Compliance Relating to Change of Control with RBI

  • Certification Related to NBFC as per RBI Requirements

  • Certification Relating to Client’s Account, Interest Calculations, Holdings, etc.

  • Conducting GAP Analysis of Documentation, Operations and NBFC Compliance Issues

  • Preparation of Stock Brokering Application for Registration with SEBI

  • Preparation of Merchant Banker Application for Registration with SEBI

  • Preparation of Merchant Banker Renewal Application with SEBI

  • Advising on Regulatory Compliances such as Submission of Periodic Reports with SEBI

  • Assisting in SEBI / Exchange Inspection and Drafting Reply on Inspection Observations / Findings

  • Advising on Prior Approval of SEBI for Change in Control

  • Conducting Mock Inspection and Compliance Review

  • Certification Relating to Net Worth, Shareholding Pattern, etc

  • Advisory Services Related to Various Litigations by Clients & Regulators

  • Advising on Various Matters Related to Companies Act

  • Incorporation of LLP/Private Limited/Public Limited Company

  • Compliance with Annual e-Filing with RoC including XBRL Filing

  • Maintenance of Various Statutory Registers

  • Drafting of Board Resolutions

  • Preparing and Filing Various Forms with ROC

  • Assisting in Preparation of Agreements / MoU

  • Making Calculations of Valuation of Share of the Company

  • Preparing Valuation Reports

  • Conducting Due Diligence On Behalf of the Company

  • Issuance of Various Certificates such as Turnover, Net Worth, Cash Disbursement, etc.

  • Physical Verification of Assets of the Company and Reconciliation of the same with Fixed Asset Register

  • Preparing Consolidated Financial Statements – CFS