The services offered by the firm fall principally in the fields of Audit, Taxation and Consulting services. None of this is unique in itself: what makes Umamaheswara Rao & Co., unique is the personal attention and services that we bring to each client.
A) Audit Services
Umamaheswara Rao & Company provides a wide range of auditing services including financial statement audit, reviews, compilations, forecasts and projections. Our underlying philosophy in accounting and auditing engagements is to utilize concepts and procedures which provide for a maximum use of client personnel. In this regard, we work closely with our clients accounting personnel to minimize the time spent on work paper preparation.
B) Tax Services
In addition to the preparation of annual tax returns for our clients, the firm’s tax department provides a wide range of tax services viz., Opinions, representation before tax authorities, CIT Appeals, Appellate Tribunal etc. Tax planning is emphasized and includes such area as executive compensation, acquisitions and mergers, personnel, family and estate taxation.
C) Consulting Services
On a continuing basis we provide clients with advice and consultation which is within the scope of management advisory services. In addition, the members of the firm have substantial experience on long – term, complex consulting assignments.
The following is the representative listing of consulting assignments which we have undertaken:
(1) Development and implementation of Accounting and Financial reporting systems for both manual and automated systems. This includes, in general, forms designs, office policies and procedures, reporting procedures, cost and expense control systems, and systems related to safe guarding assets
(2) General management assignments which include long and short range strategic planning, organization structure and policies, and executive recruiting.
(3) Financial planning, such as cash management, debt vs. equity financing lease vs. purchase feasibility services on both short and long range cash flow forecasts
(4) Contract compliance analyses including transactional testing and filed reviews
(5) Preparation of “Business plan” and strategic plans often used both by management and for presentation as supporting documentation with financing applications
(6) Assisting management in its endeavor to refinance existing debt, raise additional capital, or to merge with or acquire an additional company.
D) International Taxation:
We offer to our clients consultancy and planning solutions with relation to International Taxation and Double taxation avoidance agreements.
E) Transfer Pricing:
We provide expert services in Transfer Pricing in accordance with the transfer pricing guidelines. Our services include TP study and analysis, documentation, representation before tax authorities/Appellate authorities.
We offer our experience and expert services in the implementation of IFRS involving complex conversion processes and challenges. The services include developing of reporting system and training of your staff your organization.
G) Executive Seminars
We offer services to both plan and conduct educational seminars that can benefit our clients, key executives. The seminars are specifically structured to meet the individual needs of each client and can cover subjects ranging from personal income and corporate tax planning.
H) Merger and Acquisition services
Umamaheswara Rao & Company has taken mergers and acquisitions as a serious and distinct discipline. We have devoted our assets and human resources to becoming experts in this complex field. Because of our commitment, we strive to keep our approach well focused on the underlying business considerations. We analyze every transaction as if we were acquiring or selling the target company as principles and, more importantly, with our own resources. We address the difficult issues which must be resolved in such and undertaking. Our professional independence, analytical skills, and practice approach helps us quickly bring the proposal into proper focus. We then use our business judgment and creativity to best serve our clients.
I) Personal Financial Planning
We offer a comprehensive financial planning service designed to help you develop and implement financial strategies to minimize the effects of taxation and maximize personal wealth. Our goal is to help our clients become financially independent of their closely held businesses. We act as a coordinator for all of your financial requirements.
Professional Development and Training
Since our clients need and demand continuous advice in tax and accounting matters, we are always searching for new and better ways of helping our clients to be successful and meet their financial goals. One of the ways we assist our clients is through research and continuous professional education. All our partners and staff participate in our “in – house” training programs as well as attend various courses and seminars organized by Institute of Chartered Accountants of India’s and other eminent professional bodies.
All members of our professional staff are required to attend Annual ICAI endorsed staff training programs. These annual programs are intensive “on campus” programs that qualify for a minimum of forty hours of continuing professional education credits. The class room sessions are structured around audit, review, or compilation work programs and check lists developed by our out side professional education consultants. Our staff manuals are updated annually for all new accounting, auditing and other technical releases issued by ICAI.,/p>
Quality Control and Peer Review
One of the requirements for being appointed as auditors of Companies listed in India is that the auditors’ firm undergoes a peer review examination on the system of quality controls. The independent CA firms who conduct the peer review examination first determine that we had adequate quality control systems, and then checked to see that professional standards were followed in a representative sample of our accounting and auditing engagements. After a thorough study of our procedures and work practices, the reviewers concluded that our firm complies with the stringent quality control standards established by ICAI. We are pleased to report that our firm has received “unqualified” opinions on all our peer reviews.