Services
Assurance Services
Statutory Assurance
The Regulatory framework in Sri Lanka, coupled with a dynamic business environment has caused the role of an auditor to become vital.
There are co-exist a number of special diversified corporate and non-corporate entities these organizations are regulated under various statutory enactments, which require financial assurance and certification.
The complexity of the regulatory environment coupled with risks faced by such organizations calls for the need for greater transparency in disclosures, stricter liability and accountability of executives and operational management towards the stakeholders.
In such an environment of competitive pressures and increased attention to Corporate Governance the importance of Statutory Assurance is has enhanced.
Statutory Audit
Continuing globalization has increased the complexity of principles, regulations, disclosures and the cultures in which organizations operate. Increasing litigation, legislation, and regulations carry important compliance implications.
ARS provides attestation services that are meant to provide a qualitative comment on the true & fair nature of the financial statements of corporations/firms. In addition, such audits are geared to evaluate compliance with all statutory and regulatory requirements, including disclosure norms.
A Statutory Audit of the financial statements requires an auditor to provide reasonable assurance that the accounts and financials have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and Standards on Auditing (SAs), and that they are free from misstatements and errors.
How ARS can help
Our team is insightful to the needs of such organizations and uses its expertise ensuring adherence with the provisions of applicable laws and their certifications.
ARS adopts uniform audit methodologies as per the professional guidelines for Statutory Audit issued by the Institute of Chartered Accountants of Sri Lanka.
These audit procedures are supplemented by Global Best Practices in statutory audit services.
The audit processes are a composite of analytical process reviews, trend analysis, control overview, detailed transaction checks, software testing and physical audits.
Advantage of selecting ARS:
ARS will talk to management about their observations and findings during the audit to help the business improve its compliance and performance.
Our professionals specialize in particular sectors and industries, to give a deeper understanding of the challenges that may be faced.
Our audit methodology has been developed over the years with public interest as priority.
Even though an audit in accordance with relevant international and national standards but our audit process is flexible, which enables our audit teams to modify their audit approach to better match the client needs and circumstances.
Assurance services are performed by Chartered Accountants who are committed to the highest professional ethics, standards, and principles as well as they are fully updated with new technical pronouncements, standards, compliances, etc.
Assurance Services
Statutory Assurance
There are co-exist a number of special diversified corporate and non-corporate entities these organizations are regulated under various statutory enactments, which require financial assurance and certification.
The complexity of the regulatory environment coupled with risks faced by such organizations calls for the need for greater transparency in disclosures, stricter liability and accountability of executives and operational management towards the stakeholders.
In such an environment of competitive pressures and increased attention to Corporate Governance the importance of Statutory Assurance is has enhanced.
Statutory Audit
Continuing globalization has increased the complexity of principles, regulations, disclosures and the cultures in which organizations operate. Increasing litigation, legislation, and regulations carry important compliance implications.
ARS provides attestation services that are meant to provide a qualitative comment on the true & fair nature of the financial statements of corporations/firms. In addition, such audits are geared to evaluate compliance with all statutory and regulatory requirements, including disclosure norms.
A Statutory Audit of the financial statements requires an auditor to provide reasonable assurance that the accounts and financials have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and Standards on Auditing (SAs), and that they are free from misstatements and errors.
How ARS can help
Advantage of selecting ARS:
Compliance Review
In today’s dynamic business environment, for any business organization one of the most important challenges is to ensure compliance of various laws. Considering the fact that the law has become more complex in recent years as a result of many reforms, amendments and notifications, it is of utmost importance for every organization to comply with various laws so as to ensure better corporate governance and meet with the requirements of vigilant government authorities.
We at ARS have a dedicated team comprising of Chartered Accountants, Management Accountants, Company Secretaries, Management Graduates, and Legal Professionals, who possess extensive experience in different compliances under various Sri Lankan Laws. Our teams possess extensive experience across industry and service verticals and have the required competency for handling various compliance review matters.
How ARS can help
Our compliance review division provides the following key services:
Compliance review for matters arising out of the following laws:
Company and Corporate laws
Securities and Exchange regulations
Foreign Exchange Acts & Regulations
Income Tax
Service Tax
VAT & GST
Labour laws & regulations
Other allied laws
Assisting in preparing Compliance Manual for various laws as mentioned above
Advantage of selecting ARS:
Extensive experience in compliance and advisory, taxation and accounting matters across various sectors and countries
Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Accountants, Graduates, Company Secretaries, and Law graduates
Due Diligence Review
Due diligence refers to the process of research and analysis that is done before an acquisition, investment, business partnership or bank loan in order to determine the value of the subject of the due diligence or whether there are any major issues or potential issues. The prospective acquirer / investor should obtain all the necessary information within the predetermined time and make sure that he makes a good deal and not a costly mistake.
ARS dedicated transaction advisory and due diligence teams can assist with financial, legal, tax and environmental due diligence and business analysis for organizations that are contemplating investments, strategic partnerships, mergers, and acquisitions or that are looking to enhance organizational effectiveness in an existing business unit or portfolio company.
How ARS can help:
We conduct due diligences with the sole objective to generate valuable due diligence reports and business analyses for our clients, that become an integral component of their decision-making and negotiation processes. We offer a confidential, sound, unbiased perspective and are the ideal complement to client’s internal resources
To focus on providing value-added services that enhances client business decisions by combining a thorough understanding of technologies, logistics, corporate strategy and finance with an ability to summarize complex issues into concise, easily understood terms
Our role in a financial due diligence review involves evaluating the proposed deal by analyzing the present and historical financial statements including important agreements reviewing the control environment and assessing the risk incidental to the business
When companies acquire a business, dispose of a non-core business or go into a merger, they need to manage the tax risk by means of a tax due diligence. We provide you with corporate tax, social security and direct and indirect taxes due diligence while focusing on risks (including quantifications) as well as opportunities
In a Mergers & Acquisitions process, any responsible management will require a comprehensive assessment of the possible legal risks related to the corporate status, assets, contracts, securities, intellectual property, etc. of the target company concerned. The negotiation of the transaction will in most cases require the intervention of a legal expert as numerous legal pitfalls need to be tackled as early as at the negotiation table. The drafting of the transaction contracts and related documents cannot be done without the special attention from a business angle.
We perform a full legal due diligence resulting in an assessment of the main risks and provide potential solutions that reduce the risk and provide assistance in drafting the letter of intent/confidentiality and exclusivity agreements / share purchase agreement (SPA ) representations and warranties, etc.
Our due diligence review deliverables: We aim to clearly bring out, in our due diligence review reports, the outcome of the engagement supported by findings in each area along with adjustments proposed to achieve the objectives of the engagement.
Advantage of selecting ARS
Extensive experience in advisory, taxation and accounting matters across various sectors and nationalities
Multi-disciplinary team of professionals comprising of Chartered Accountants, Company Secretaries, Management Accountants, Professional Tax Consultants and Graduates
Risk Advisory
Tailored expertise to minimize your risk and maximum your returns
We understand the major threats of business today and how they can impact your organization. The global pandemics, global banking crisis, the rise of cybercrime, changing business dynamics, corporate failures with increased stakeholder accountability – all of these factors only heighten the importance of identifying risks and the appropriate response as early as possible.
The need for Internal Audit and Risk Advisory service:
Our objective is to provide the audit committee, senior management, head of operations, process owners and the rest of your organization with a comprehensive and unbiased analysis of the corporate governance processes, risks and functional efficiency of your business – and to suggest areas for improvement and value-addition.
Our Internal Audit services are also an effective means of evaluation:
Efficacy of operations
Reliability of financial reporting
Compliance with various regulations
Safeguarding of assets and various matters concerning the interest of the company, employees, stakeholders and society in general
We are proactive, not reactive, and provide support and guidance as your processes and systems develop. Our expertise and knowledge ensure we remain at the forefront of implementing new approaches to managing risk. We believe in delivering internal audit and risk advisory solutions at the highest level of professional competency and integrity to our clients.
We specialize in providing Internal Audit and Risk Advisory services.
Our audit specialists and risk advisory consultants understand the unique nature of each of our clients’ needs. Our endeavor is to guide you through the entire process step by step, addressing your key business concerns, helping you comply with regulatory norms and enhancing the overall effectiveness of corporate governance and reporting requirements within your organization. The endgame is to see your operational efficiencies boosted and move you a big step closer to achieving your strategic business goals
Our Internal Audit services include distinctive mythologies such as:
Adoption of standard operating procedures
Client specific ‘toolkits’ to service multi-location engagements
Use of computer-assisted audit tools (CAATs) to aid in accurate sampling and data analytics
Research based checklists
Issuing customized reports for various levels of management
Our highly dedicated and specialized internal audit and risk advisory consultants are actively engaged with various corporates across the industries, with comprehensive sector experience. Our detailed service list includes:
Internal and management audit services
Enterprise risk management
Due diligence review
IT risk and advisory
Compliance review
How ARS can help
Our internal audit services typically include the following processes:
Critical evaluation of internal controls, performing gap analysis and suggesting areas for improvement and efficiency
Constructive review of operations – keeping your business needs and risks at the forefront of our mind
Identification and recommendation of areas for cost reduction and revenue optimization
Critical evaluation of systems and procedures, including those which are embedded in information technology systems and processes
Identification and assessment of risks, followed by suggestion of risk-mitigation measures
Ensuring proper compliance with the various regulatory provisions and operations manuals
Assisting in meeting the corporate governance requirements, particularly with respect to the far-reaching changes introduced by the Companies Act 2017.
Advantage of selecting ARS
A dedicated team of internal audit specialists and risk advisors, boasting highly qualified and trained professionals including Chartered Accountants, Management Accountants, Management graduates, and more.
Decades of top-level experience in internal audit & risk advisory services in Sri Lanka.
Regular involvement of experts from other verticals such as tax, accounting, legal, IT, etc.
Wide exposure across several sectors and geographies
Clear value proposition
Use of well researched and dynamic toolkits and checklists with periodical updates
Risk-based audit approach with emphasis on computer-assisted audit tools (CAATs) for statistical sampling and data analytics
Use of domain and functional expertise
Global servicing capabilities through the ARS network
Internal Audits and Management Audits
ARS Associates specializes in internal and management audits, which are primarily conducted in order to provide your business’s management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements. We, at ARS, strongly believe in internal and management audits being a value addition exercise rather than a mere compliance exercise.
ARS believes in providing value added services through highest levels of professional competency and integrity to its clients. Our internal and management audit services are designed to suit individual client specific needs. It can provide assistance in managing your key business concerns, be it achieving your strategic business goals, meeting operational challenges, complying with regulatory norms or managing reporting requirements.
Keeping in mind the Risk Management framework, our internal / management audits adopt ‘Risk Based Audit’ (RBA) approach and other tools and techniques for accomplishing the audit objectives.
How ARS can help:
Our internal and management audits focus on:
Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening
Review of existing business processes, policies and practices with a view to suggest best practices, including a thorough benchmarking exercise
Review of Risk Management Framework and its effectiveness with a view to provide suggestions for strengthening the same
Constructive review of operations by keeping the client’s business needs in focus
Identification and recommendation of areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation
Confirmation of proper compliance with the various regulatory provisions and operational manuals
Assisting in meeting the clients’ Corporate Governance requirements
Our Internal Audits and Management Audit services include:
Complete outsourcing of internal audit function
Co-sourcing and supplementing internal audit function along with the existing capabilities of the client organization
Deputation of personnel to strengthen the internal audit function of client organization
Conducting concurrent audits with dedicated teams for more focused transaction audits as well as on-line auditing
Conducting operational audits through review of business operations, activities, etc.
Conducting special purpose investigative audits
Techno Commercial Concurrent Reviews
Advantage of selecting ARS
Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Accountants, Tax Professionals, Registered Company Secretaries and Graduates
Usage of latest audit tools, well researched checklists resulting in reduced audit turn-around time, use of risk-based audit approach, statistical sampling and Computer Assisted Audit Techniques (CAATs) resulting in increased effectiveness of audits
Servicing a wide client base in a range of industries such as manufacturers, software, information technology and Information technology enabled services, entertainment and leisure, research, healthcare, retail chains, metals, continuous process industries, NGO’s, investment companies, construction etc.
Extensive experience in internal audits, advisory, taxation and accounting matters across sectors and nationalities
Enterprise Risk Management
Anticipating challenges, identifying opportunities
Business needs
In today’s highly dynamic business environment due to globalization, digitization, competition and regulatory regime, managing risks can be a constant challenge for the Board of Directors, Shareholders, Entrepreneurs as well as Senior Management of your organization. While no business is immune to risks, identifying and managing them to create a sustainable enterprise is a critical task.
The company shall lay down procedures to inform Board members about the risk assessment and minimization procedures
The Board shall be responsible for framing, implementing and monitoring the risk management plan for the company
The Solution
Advantage of selecting ARS
Dedicated team of skilled risk advisory and internal audit personnel, with extensive experience in consulting with international exposure
Highly qualified and trained professionals viz. Chartered Accountants, Management Accountants, Management Graduates, etc
Structured approach and methodology based on recognized global frameworks.
Direct Taxes
We provide pragmatic solutions for Companies, Partnerships, Sole Proprietorships, Trusts, Non-Governmental Organizations, societies and other business entities for residents and, non-resident diversified in different industries. In this endeavor we are immensely helped by our extensive knowledge of taxation practices and procedures followed across and beyond the borders and our regular interaction with the tax authorities.
How we can help
Preparation, review and filing of corporate and non-corporate returns and e-returns
Withholding Tax compliance services
Appearance before Income Tax authorities
Representation before judicial authorities in assessments and appeals
Assistance in preparing submissions
Assistance in availing exemption certificates and approvals
Co-ordination with legal counsels
Conducting tax compliance review
Advice and assistance in seeking on international tax issues
Withholding tax advisory
Evaluation of tax treaties to examine taxability and availability of tax treaty relief
Expatriate advisory services
Assistance in obtaining Tax Clearance Certificates
Representation before judicial authorities in assessments and appeals
Assistance in filing tax returns
Advantage of selecting ARS
Actively servicing a large number of entities in matters of corporate advisory, taxation and accounting issues across various industries and service verticals.
Dedicated team of personnel having expertise in the field of direct taxation, indirect taxation, transfer pricing, corporate and other commercial regulations.
Access to global methodologies, subject expertise and best practices
Multi-disciplinary team of professionals comprising of Chartered Accountants, Certified Management Accountants, Professional Tax Consultants, Management Graduates, Registered Company Secretaries.
Indirect Taxes
We have with us, professionals having in-depth knowledge and wide-ranging experience to help you in effective planning and structuring of your business to achieve fiscal efficiency and ensure compliance of the regulations. We recognize that indirect taxes are of strategic importance to your organization since they can form a considerable part of your turnover.
How ARS can help:
We provide assistance under all the indirect taxes statutes,
State VAT, SVAT and Tax regulations
Apart from the above, BOI regulations are also closely associated with the indirect tax authorities and regulations:
Advisory services:
Formulating tax efficient business models
Structuring of contracts / transactions to optimize tax incidence
Conducting tax impact assessment studies
Undertaking comprehensive reviews of business operations
Advising on classification, valuation, applicability of taxes on transactions and admissibility to tax benefits / exemptions
Identification of fiscal optimizing opportunities
Compliance services:
Preparation of customized compliance manuals based on the recent developments in all indirect taxes on the statutory as well as the judicial front in the form of standard operating policy and procedures
Single point contact and centralized coordination for tax payments, filing of returns and compilation of documents
Indirect tax compliance support / outsourcing
Other Value-Added services:
Input tax credit review
Due diligence review
Review of indirect taxes – special audits
Litigation support and representations
Our team has a spread of knowledge across various ERP systems, as well as standalone accounting software
Advantage of selecting ARS
Wide exposure across different jurisdictions in both industry and service sectors
Dedicated indirect tax teams of highly experienced professionals, Chartered Accountants, Tax/Management Consultants, Graduates, etc.
Customized solutions to cater to your unique requirements
Emphasis on ensuring compliance in a rapidly evolving regulatory and business environment
Financial Process Outsourcing
Supporting and empowering you every step of the way
We possess the necessary expertise and relevant resources to provide cost-effective and high-quality accounting and business process outsourcing services. This enables you to outsource each and every element of your core processes to a reliable workforce, so you can focus on the critical, unique functions that add value to your bottom line.
We provide assistance on a wide variety of accounting processes, including book keeping services, accounts production, payroll processing, tax work and administrative support. We’ll manage your finance and accounts with the utmost levels of confidentiality, integrity, professionalism, accuracy and timeliness. We’ve also developed specialized teams to provide services for emerging sectors, including:
How ARS can help:
Comprehensive bookkeeping services & account management outsourcing services
Periodic review and finalization of accounts and financial statements including IFRS statements
Monthly management accounts and quarterly Tax returns
Payroll processing
Compliance assurance (direct and indirect taxes)
Administrative and secretarial support
Transaction processing services:
Purchase payment processing
Purchase payment processing
Accounts receivable/payable (sales and purchase ledger)
Compilation of fixed assets register
Reconciliation jobs (bank, payables, receivables, etc.)
Advantage of selecting ARS
Reap the advantages of outsourcing your accounting and business processing needs to us:
Highly experienced and skilled professional staff with proven project-management skills
International orientation and awareness
Dedicated teams across different departments
Exposure to varied sectors such as finance, manufacturing, entertainment, service, retail, hospitality, healthcare and more
Comprehensive knowledge and vast experience of various accounting practices
Internal quality assurance processes: We ensure independent quality assurance and monitoring for all our key engagements
Process orientation: We ensure that all processes are appropriately carried out and shared with our operating and supervisory teams to ensure proper function and controls. These processes are logged in engagement-specific accounting manuals, compliance manuals and area-specific checklists which we prepare as assignment controlling and monitoring tools
Independent quality monitoring cell: Our team is entrusted with the task of ensuring that all the specified quality-assurance activities for each engagement are effectively followed
Effective transition and migration process: For each of our engagements, we have a detailed transition/migration process agreed upon with our clients
Commitment: Reliable, timely delivery
Training: All our accounting outsourcing personnel across Sri Lanka undergo monthly training on relevant matters and updates, from our account management outsourcing teams through to our administrative support
Communication: We provide periodical updates on key changes happening in accounting and compliance areas to our delivery teams through monthly newsletters and flash reports
Comfortable with emerging technologies: ARS focuses on leveraging the latest available technologies to enable cost-effective accounting outsourcing solutions for our clients
Our team has a spread of knowledge across various ERP systems, as well as standalone accounting software
Extensive experience in advisory, taxation and accounting matters across various industries and service verticals
Dedicated team of outsourcing professionals, comprising of Chartered Accountants, Management Accountants, Tax professionals, Management graduates, , legal professionals, and administrative and secretarial support specialists, with a wide exposure to various sectors
Corporate Advisory
Corporate Advisory services that offer sound, practical and innovative solutions.
Our corporate advisory and structuring services provide valuable insight into structuring options for your business, enabling you to enhance stakeholder value within your organization. Our teams have global market and sector knowledge combined with specialist technical experience, offering you the right mix of technical, commercial and operational expertise for the unique challenges your business is facing.
We offer services across corporate structuring solutions, business restructuring advice, inbound and outbound investment structuring and more. Though we offer a diverse portfolio of specialized corporate advisory and restructuring services, they can be broadly grouped into three key areas:
Company law and secretarial services
Commercial documentation
How ARS can help
Our compliance review division provides the following key services:
Local regulations that can impact businesses and projects
Tax efficiencies for both direct and indirect taxes
Corporate laws
Foreign exchange management regulations
Transaction Advisory services – Including advice and assistance in implementation of specific needs such as spin-offs, amalgamations and mergers, demergers, acquisitions, slump sale and more.
Debt and equity financing
Refinancing
Profit optimization strategies
Acquisition and reorganization analysis
Initial public offerings, follow-on public offerings and private placements
Delisting of shares from stock exchanges for listed companies
Advice on technical and financial collaborations – Including advisory services on technical know-how collaborations, joint ventures, royalty and licensing agreements and obtaining approvals from government agencies
Advantage of selecting ARS
Extensive experience in various facets of corporate advisory services, notably corporate structuring and business restructuring advice across the full spectrum of sectors, including cross-border structuring
A dedicated team of multi-disciplinary professionals, featuring Chartered Accountants, Management Accountants, Management graduates, legal and Secretarial professionals and domain and industry experts
Company Secretarial & Administration Services
Our typical services include
Undertake office administration and secretarial services.
Advantage of selecting ARS
Human Resource Management & Payroll Solutions
Our typical services include
Payroll package installations
Advantage of selecting ARS
More than 15 years of experience in the industry