Audit and Assurance Services India | Financial Statement Audit, EBP & CPA Outsourcing

Our Insights

Real Problems, Real Thinking

Compilation Engagements : Clarity, Compliance & Value Beyond Numbers

A Compilation Engagement involves applying accounting expertise to assist management in preparing and presenting financial information in the form of financial statements, without expressing any assurance on them. These are governed by SRS 4410 (Revised) and are often undertaken for small to mid-sized businesses where a full audit or review engagement is not required. Key considerations while performing a compilation engagement: Ensure you are independent as required by relevant ethical standards. Gain basic knowledge of the client’s business, industry, and accounting policies to compile relevant and accurate statements. Clarify that management is responsible for the financial statements and the accuracy of the underlying data. Do not perform audit or review procedures such as testing transactions or confirming balances. Always obtain a written engagement letter detailing the nature and limitations of the engagement. If the statements are to be used by third parties, ensure that the users understand no assurance is provided. Clearly state in the compilation report that no assurance is provided.

3-4 Min Read

Navigating Employee Benefit Plan Audits Best Practices and Key Insights

The importance of transparent financial reporting cannot be overstated in today's complex business environment. Investors, lenders, and other capital providers rely heavily on financial statements to evaluate an entity's performance, assess its prospects for future cash flows, and benchmark it against peers. A critical component of this evaluation is understanding the composition of expenses, as they often reveal key insights into cost structures, operational efficiencies, and long-term sustainability. Historically, U.S. GAAP has not required consistent disaggregation of income statement expenses, which has led to diversity in reporting practices. This lack of standardization posed challenges for users in comparing financial results across entities and industries. Recognizing this gap, the Financial Accounting Standards Board (FASB) introduced the proposed Accounting Standards Update (ASU) Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses in July 2023. After gathering extensive feedback through public comments and roundtable discussions, the FASB finalized the amendments in November 2024. These changes aim to enhance the decision-usefulness of financial reporting by requiring disaggregated expense disclosures within the footnotes of financial statements. In January 2025, the FASB issued Accounting Standard Updates No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The updates apply to all public business entities and are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

5-10 Min Read

Understanding DISE Disaggregation of Income Statement Expenses

The importance of transparent financial reporting cannot be overstated in today's complex business environment. Investors, lenders, and other capital providers rely heavily on financial statements to evaluate an entity's performance, assess its prospects for future cash flows, and benchmark it against peers. A critical component of this evaluation is understanding the composition of expenses, as they often reveal key insights into cost structures, operational efficiencies, and long-term sustainability. Historically, U.S. GAAP has not required consistent disaggregation of income statement expenses, leading to diversity in reporting practices. This lack of standardization has posed challenges for users in comparing financial results across entities and industries. Recognizing this gap, the Financial Accounting Standards Board (FASB) introduced the proposed Accounting Standards Update (ASU) Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses in July 2023. After gathering extensive feedback through public comments and roundtable discussions, the FASB finalized the amendments in November 2024. These changes aim to enhance the decision-usefulness of financial reporting by requiring disaggregated expense disclosures within the footnotes of financial statements. In January 2025, FASB issued Accounting Standard Updates No. 2025-01, Income Statement-Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The updates apply to all public business entities and shall be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

5 min Read

Understanding Provider Healthcare Industry

Explore how audits empower healthcare providers to tackle AI risks, policy shifts, and pricing reforms with confidence.

10-12 Min Read

Review Engagements Guide

Explore the fundamentals and practical relevance of review engagements in today’s financial landscape.

7-9 Min Read

Driving Value with Multifamily Housing Audits

From market trends and HUD updates to our tailored audit approach, discover how you can enhance transparency, mitigate risk, and strengthen investor confidence in today’s real estate landscape.

5-7 Min Read

Key Aspects of Non-Profit Organization Audits

Ensuring Financial Transparency and Regulatory Compliance for Nonprofits Nonprofit organizations play a vital role in creating impact, but ensuring financial transparency and regulatory compliance remains a challenge. Nonprofit organizations must comply with various financial and regulatory requirements to ensure transparency, accountability, and efficiency. At Pierag Consulting, we understand the complexities of nonprofit audits and here's the complete guide to help you with: Financial Statement Audits – Ensuring GAAP compliance, internal controls, and accurate financial reporting. Uniform Guidance Audits (Single Audits) – Key compliance areas for federally funded nonprofits. Grant Compliance Audits – Best practices for financial reporting, internal controls, and regulatory adherence. The Changing Landscape – Key legal updates impacting federal funding for nonprofits in 2025. Future Readiness – How nonprofits can adapt to shifting funding priorities, compliance measures, and technology adoption. With expert insights and strategic recommendations, we empower nonprofits to tackle financial and regulatory challenges effectively.

3-5 Min Read

Troubled Debt Restructuring From Compliance to Comeback

In today’s volatile economic environment, companies with outstanding debt are increasingly navigating complex restructuring situations. One of the most significant among these is the Troubled Debt Restructuring (TDR) under ASC 470-60, where a creditor grants a concession to a debtor experiencing financial difficulty. Understanding the accounting, governance, and strategic implications of a TDR can make the difference between a company’s collapse and its comeback. A TDR occurs when a creditor grants a concession to a debtor who is facing financial difficulty—concessions that would not normally be offered under standard lending terms. These concessions are made to preserve as much of the creditor's investment as possible. The rationale is that receiving partial repayment is better than receiving nothing at all. Therefore, if modifying the original terms is the only realistic way for a lender to recover any portion of the outstanding debt, the lender may agree to a TDR. From a financial reporting perspective, restructuring debt due to a borrower’s financial challenges creates significant accounting issues. Different accounting frameworks treat these situations in varied ways, especially when creditors grant concessions that would not otherwise be considered. Under US GAAP, these cases are formally classified as Troubled Debt Restructurings (TDRs) and are governed by specific guidance under ASC 470-60. In contrast, IFRS and Indian GAAP (IGAAP) approach such events more broadly through financial instrument or impairment standards, without explicitly using the term TDR. To highlight the differences, the following table provides a comparative overview of how these frameworks address debt restructuring in situations of borrower distress.

8-9 Min Read

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Driving Impact

Our Assurance
Leadership team

Sanchit Gupta

Partner - COO & Assurance Leader

Nitin Ahuja

Associate Director - Assurance

Sanchit Gupta

Partner - COO & Assurance Leader

Carrying experience of over 15 years, Sanchit is a Business Strategist with credentials for setting up innovative and scalable business growth solutions. Having prior work experience with EY and investing 3 years in Houston, Texas on a large SEC filer client in the Oil & Gas sector as part of an international assignment gave Sanchit different perspectives and opportunities to work with professionals from diverse cultural backgrounds from across the globe. Sanchit brings a unique blend of his analytical, management and leadership skills to the table. Working with Pierag Consulting, he is the architect of the business and front lead operating models, firm-level policies, client-level and firm-level standard operating procedures, mobility planning, capacity planning, learning and development to enhance quality delivery, performance evaluation of the team, asset management, review of business performance, firm economics, identification, and Implementation of new technologies. Growing as a good time-manager coupled with a futuristic approach, Sanchit reflects upon his interests to fuel his curiosity with readings on economics, self-help, finance, and leadership. In moments of reflection, Our Director finds solace in the soothing melodies of meditational music in the open air, providing a tranquil escape from the demands of everyday life. Encountering every challenge that comes across through journaling, Sanchit approaches each decision with calculative precision, ensuring success at every turn.He maintains a solution-oriented mindset, an extra inclination towards technology, and goes by a belief that patience combined with smart work leads to triumph. But it’s not all about numbers and the strategy – Sanchit is also a symbol of prevalence and determination, having completed a challenging 10km marathon. And now, amidst the hustle and bustle of professional life, he has reignited his childhood passion for cycling, thus embracing the joy of movement while maintaining a healthy mindset. Outside the office, Our Director embraces life’s simple pleasures, enjoying leisurely walks on weekends, regularly practicing fitment routines, and exploring diverse cuisines. Having explored the fair part of the US, Europe, and India, he extends his desire to travel the world and engage in different cultures and food.

Professional Qualifications and Certifications:

Chartered Accountant
Certified Public Accountant (AICPA)
Company Secretary
Chief Financial Analyst
Bachelor of Commerce

Expertise:

Assurance (Statutory Audits)
Data Analytics
Client Sectors include Oil & Gas, Technology, Consumer Retail and E-Commerce

Nitin Ahuja

Associate Director - Assurance

Nitin Ahuja is an Associate Director in the Assurance practice at Pierag Consulting, possessing over a fourteen years of comprehensive experience in auditing practices governed by US GAAP, IFRS, and Indian GAAP. He is widely acknowledged as a distinguished expert in the social sector, with a particular focus on audits of Non-Profit Organizations (NPOs), Single Audits, and Employee Benefit Plans, providing his proficient services to a diverse clientele spanning the United States and India. In addition to his extensive audit expertise, Nitin has been instrumental in the development of social audit frameworks as a consultant to the Institute of Chartered Accountants of India, demonstrating a profound commitment to advancing the field of social audits in India. His professional engagements are further distinguished by his role as a Faculty Member on the Social Auditors Certification Course at the Institute of Social Auditors of India, where he contributes to the education and certification of social auditors, underscoring his authoritative standing in this specialized domain. Throughout his tenure at EY Global Delivery Services, Nitin successfully led the Healthcare and Not for Profit sectors within the US-Central region, where he was responsible for formulating and executing strategic audit plans, delivering rigorous regulatory compliance training, and spearheading client pursuit initiatives. His skillset extends to advanced data analytics, implementation of evolving accounting standards, and enhancing project margins, collectively enhancing the value he delivers to his clients. A qualified Chartered Accountant, Nitin is renowned for his leadership capabilities in managing complex audit assignments and his dedication to the continuous professional development of his teams. His contributions exemplify a blend of technical excellence, strategic foresight, and unwavering commitment to achieving operational excellence and regulatory compliance across varied industry sectors.

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