Audit and Assurance Services - Chartered Accountants in Delhi

Naveen Upadhyaya & Associates has carried out audits for public sector undertakings, government departments, banks, co-operative societies and private companies since 1996. Audit is the largest part of our practice, and the firm holds a peer review certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

We work from our head office in Lajpat Nagar, New Delhi, and from offices in Haldwani, Noida, Una, Ambikapur, Patna and Bhubaneswar.

Statutory audit

We conduct statutory audit for companies, limited liability partnerships, partnership firms, trusts and co-operative societies. The engagement covers verification of books and records, assessment of internal controls, examination of statutory compliance, and the audit report with the accompanying annexures required under the Companies Act and the rules made under it.

Internal audit for public sector undertakings

A substantial part of our practice is internal and transaction audit for central and state public sector undertakings and government bodies. We have conducted such assignments for organisations in power distribution and transmission, telecommunications, coal, heavy construction and infrastructure, food procurement and warehousing, small industries development, and urban development authorities.

Several of these assignments have been carried out in SAP environments, where the audit trail sits inside the system rather than on paper. Working in SAP changes how sampling, authorisation testing and exception reporting are designed, and we build the approach around the client's own system rather than around a standard checklist.

Bank audit — concurrent, stock and revenue

We conduct concurrent audit of commercial bank branches, attending the branch through the month and reporting in the bank's own format and to its own manual. We also carry out stock and book debt verification for borrower accounts, and revenue or income leakage audit.

The firm meets the Reserve Bank of India's eligibility norms for appointment as statutory auditor of urban co-operative banks and non-banking financial companies, including the requirement for a partner holding the Diploma in Information Systems Audit.

Government scheme and externally aided project audit

We audit centrally sponsored and state sponsored schemes and externally aided projects, where the audit must satisfy the funding agency as well as the implementing body. These engagements turn on utilisation of grant, compliance with scheme guidelines, and certification in the format the sanctioning authority prescribes.

Co-operative society audit

We audit co-operative societies, including dairy co-operative unions and urban co-operative banks, under the applicable state co-operative societies legislation.

Certification

We issue the certificates that banks, government departments and funding bodies require, including net worth certificates, turnover certificates, utilisation certificates and scheme certificates under state and central incentive policies.

Questions and answers for this page

What is the difference between statutory audit and internal audit? A statutory audit is required by law and results in an opinion on whether the financial statements give a true and fair view. It is conducted once a year by an auditor appointed by the shareholders or the prescribed authority. An internal audit examines the organisation's own processes and controls through the year and reports to management or the audit committee, and its scope is set by the organisation rather than by statute.

Who appoints the statutory auditor of a government company? The Comptroller and Auditor General of India appoints the statutory auditor of a government company, from firms on its own panel. The company does not appoint its own auditor.

What does a concurrent auditor at a bank branch do? A concurrent auditor examines transactions at a bank branch as they occur rather than after the year has closed, attending the branch through the month. The scope follows the bank's own concurrent audit manual and typically covers advances, cash, income leakage, KYC compliance, and adherence to internal circulars, with reporting in the bank's prescribed format.

Which firms can be appointed statutory auditor of an urban co-operative bank? The Reserve Bank of India sets eligibility by the asset size of the entity, covering the number of full-time partners, how many must be Fellow Members, the number holding CISA or ISA qualification, years of audit experience and professional staff. Appointment is for a continuous term of three years, and a firm cannot be reappointed to the same entity for six years after completing a term.