Varun Kumar Reddy Thummalapally

Experience

• 

  N. P Rao and Co

  Jul 2019 - Jul 2022

  Articled Assistant

  Works Performed during Articles tenure:Audit:•Developed and implemented audit plans, including risk assessments, testing procedures and audit schedules, to ensure thorough coverage of key business areas.•Evaluated financial statements, transaction records and accounting systems within the Record to Report cycle to assess the accuracy, reliability and effectiveness of internal controls.•Experienced in mapping assertions for profit & loss account and balance sheet items.•Managed physical asset count and inventory count for 7 clients during the statutory audit, resulting in accurate and reliable fixed asset and inventory data.•Conducted a thorough audit of revenue, trade receivables and trade payables for 10 clients ensuring compliance with accounting standards.•Discovered fraudulent activity totaling ₹0.68 crore within the debtors accounts during the statutory audit and promptly reported it.•Prepared audit reports detailing findings, recommendations and action plans for management review.•Led a team in conducting Bank Guarantee Audits and Stock and Receivables Audits, ensuring compliance with loan agreement covenants and banking regulations.Taxation:•Prepared Tax Audit Report of 20+ clients consisting of Firms & Companies in Form 3CA/3CB-3CD.•Experienced in preparation as well as filing of TDS returns.•Filed 100+ Income Tax Returns for a diverse client along with reconciliation with AIS & 26 AS.•Coordinated in drafting responses and compiling supporting documentation for notices received from the Income Tax Department.•Managed tasks related to Goods and Service Tax (GST), including filing returns, registration processes and drafting responses.Others:•Successfully managed company-related compliance filings, including ROC filing.•Prepared Project Reports for companies and firms to enhance eligibility for Project Finance from Banks. Show less