Statutory Audit
S M Sehgal Foundation statutory auditors are appointed by rotation. Ashok Chhabra & Associates, the previous auditor, retired after a five-year rotation on March 31, 2019, in accordance with the board resolution passed in the 32 nd Board of Trustees meeting held September 25, 2018, and SCV & Co. LLP, Chartered Accountants, were appointed statutory auditors for a term of three years, from FY 2020 through FY 2024. After the Board’s approval their contract is extended for another two years till 2024.
SCV & Co. LLP, Chartered Accountants, is based at New Delhi, India has thirteen partners, and more than 250 members of their strong team, with branch offices at Noida and Ludhiana and associate offices in Mumbai, Bengaluru, and Bhopal.
Audit approach and methodology is aligned with the foundation’s. . .
- Vision, mission, objectives, and overall philosophy;
- External and internal environment and activities of the foundation team;
- Policies and procedures adopted by the foundation to manage its activities;
- Identification and assessment of risks owing to external and internal environments; and.
- Necessary audit procedures (i.e. test of controls and details), responding to assessed risks pursuant
to procedures.
The auditors share the audit plan with the chief financial officer and other concerned team members of the foundation and the board. The plan includes visits to other accounting locations and project sites. With respect to any internal control weaknesses identified during the course of audit and follow up, a management letter can be issued by the statutory auditor to the audit committee. The audit engagement is comprised at the end of the year. In accordance with audit methodology for review of internal controls, there may arise a need to carry out tests of controls during the year and toward the end of the financial year.
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