Statutory Audit
S M Sehgal Foundation statutory auditors are appointed by rotation. SCV & Co. LLP, Chartered Accountants, the previous auditors, retired after completing the tenure of five years on March 31, 2024. In accordance with the SMSF policy and consequent upon board resolution passed in the 45th Board of Trustees meeting held June 14, 2024, Brahmayya & Co, Chartered Accountants, were appointed statutory auditors for a term of three years, from FY 2024-25 through FY 2026-27.
Brahmayya & Co. has over 85 years of experience and exposure in various fields associated with the Profession. Currently, Brahmayya & Co. has 27 partners all over India with an engagement team of over 500+ members experienced and trained in various aspects associated with the profession. Some of their Partners are distinguished members in various Boards of Listed entities, regulatory forums, and committees of Public Importance.
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 Director – Finance and Accounting and other concerned team members of the foundation. The plan includes visits to other accounting locations and project sites. With respect to any internal control weaknesses identified during 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 conduct tests of controls during the year and toward the end of the financial year.
Contact us 
Sign up for