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Delivering Consolidated Audit Assurance Across India and the UK
Delivering Consolidated Audit Assurance Across India and the UK
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Balance Confirmations
Client Overview
Cropnosys Private Limited (“Cropnosys India” or “the Company”) is a private limited company and a subsidiary of JT Crop (formerly known as Widecover Ltd), incorporated in the United Kingdom. The Company operates in the agrochemical sector, specializing in the manufacturing, import, export, and distribution of specialty pesticides, fungicides, biological serums, and related agricultural products. Their mission focuses on deploying innovative nutrition solutions and technology to help farmers achieve healthier crops and improved yields.
Cropnosys Private Limited (“Cropnosys India” or “the Company”) is a private limited company and a subsidiary of JT Crop (formerly known as Widecover Ltd), incorporated in the United Kingdom. The Company operates in the agrochemical sector, specializing in the manufacturing, import, export, and distribution of specialty pesticides, fungicides, biological serums, and related agricultural products. Their mission focuses on deploying innovative nutrition solutions and technology to help farmers achieve healthier crops and improved yields.
Engagement Objective
Our engagement involved conducting a comprehensive group audit of Cropnosys India for consolidation with its UK-based parent, JT Crop. This assignment underscored our firm’s commitment to delivering high-quality assurance services for multinational groups with cross-border reporting obligations.
Our engagement involved conducting a comprehensive group audit of Cropnosys India for consolidation with its UK-based parent, JT Crop. This assignment underscored our firm’s commitment to delivering high-quality assurance services for multinational groups with cross-border reporting obligations.
Scope of Work
Our audit encompassed the following key components:
Financial Reporting Review: Detailed evaluation of the company’s financial statements to ensure adherence to the applicable financial reporting framework and identification of any material departures.
Statutory & Regulatory Compliance: Examination of compliance with relevant statutes, accounting policies, and regulatory provisions to confirm fair presentation of financial results.
Group Reporting: Preparation of a comprehensive audit report aligned with both Indian statutory requirements and the group reporting framework of JT Crop (Widecover Ltd).
Our audit encompassed the following key components:
Financial Reporting Review: Detailed evaluation of the company’s financial statements to ensure adherence to the applicable financial reporting framework and identification of any material departures.
Statutory & Regulatory Compliance: Examination of compliance with relevant statutes, accounting policies, and regulatory provisions to confirm fair presentation of financial results.
Group Reporting: Preparation of a comprehensive audit report aligned with both Indian statutory requirements and the group reporting framework of JT Crop (Widecover Ltd).
Audit Methodology
We conducted substantive testing of financial statement balances, physical verification of assets, third-party balance confirmations, and analytical reviews of key ratios and trends. The audit also included:
Evaluation of accounting estimates and judgments
Verification of compliance processes
Extensive management discussions and documentation review
We conducted substantive testing of financial statement balances, physical verification of assets, third-party balance confirmations, and analytical reviews of key ratios and trends. The audit also included:
Evaluation of accounting estimates and judgments
Verification of compliance processes
Extensive management discussions and documentation review
Impact
Our independent audit opinion provided reliable assurance to both the Indian management and the UK parent company, enhancing the integrity and global consistency of the group’s consolidated financial statements. This engagement reinforced our firm’s ability to support international audit assignments with precision, independence, and professionalism.
Our independent audit opinion provided reliable assurance to both the Indian management and the UK parent company, enhancing the integrity and global consistency of the group’s consolidated financial statements. This engagement reinforced our firm’s ability to support international audit assignments with precision, independence, and professionalism.