Chartered Accountants or CAs play an essential role in nation-building at the higher levels. CAs are the foundation of our economy. By utilizing their financial expertise, we as a developing country are marching towards a developed future of Industry 5.0.
CAs guide us in the right direction in many financial, banking, and economy-related measures. This helps in enhancing the developing Indian economy along with industrial growth.
CAs contribute to the fields of preparation of books of accounts, capital budgeting, budget forecasting, Tax planning, financing or any other activity, and other fields.
The term Chartered Accountant (CA) superseded the earlier title of Registered Accountant on July 01, 1949, with the Chartered Accountant Act coming into effect. Historically, CAs were the first to form a professional accounting body.
On the same day, the Institute of Chartered Accountants of India (ICAI) was established as India’s national professional accounting body. After the American Institute of Certified Public Accountants, ICAI is the second largest professional Accounting and Finance body globally.
Chartered Accountant Mr SV Rao, the Founder Partner of SV Rao Associates, is an honourable member of the ICAI. The prestigious CA firm of SV Rao Associates was established in the year 1985. At present, SV Rao Associates is one of the leading Chartered Accountant Firms based out of Hyderabad catering to most successful entrepreneurs as well as corporate clients. SV Rao associates has been a part of the growth story for many Hyderabad based promoter driven entities in the Health care and Real estate sectors.
Mr SV Rao is so passionate about the profession, both of his daughters viz., Sirisha Sarvepalli and Sravya Sarvepalli are also Chartered Accountants. Both of them are partners of the Firm and has the responsibility of taking forward the legacy created by Mr SV Rao.
Mr SV Rao is also a very philanthropic person by nature and always believes in giving back to the society. Being the Chairman for Durgabai Deshmukh Hospital in Hyderabad which is run by a Non-profit trust with a motto – “To Provide affordable Healthcare by adopting ethical medical practices”. Mr SV Rao derives a lot of satisfaction in helping the poor and needy through the Hospital.
- V. Rao shares, “And in the last three and a half-decades, we had the privilege of being associated in our professional capacity as Statutory Auditors, Internal Auditors, Tax Consultants, Enterprise Risk Management, Designing of Systems and Operating procedures with various segments of Industry, comprising Private and Public Corporate bodies, Banking and Insurance Industry, Financial Services, Government Enterprises, Charitable Trusts, Individual Professionals etc. The Firm has expertise particularly specifically in the Heath care, Real Estate sectors and providing services to all the bigwigs based out of Hyderabad”
In the current scenario, almost four years since the implementation of GST, the CA’s role has ascended in its importance even more. SV Rao Associates, being the trusted partner for Industry bigwigs, also helped in drafting and making the industry comply with the rules. It further helped review provisions and implementation of GST and has been offering its expertise to everyone.
Accounting and Tax Consultants Par Exemplar
The firm is also empanelled with CAG, RBI, Government of Andhra Pradesh and Government of Telangana.
The Firm’s clients include individuals, privately owned to public listed Companies, Multinationals, Banks and other Financial Institutions. Over the years, the Firm and its members have built a close working relationship with specialists, regulatory authorities and other relevant institutions.
SV Rao says, “Our long-standing client relationships have been built based on a commitment to quality service, where the value of our experience and expertise is realized. Efficient management of issues coupled with an ethical and professional approach is a particular strength of our Firm.”
On a Nation Building Mission
- V. Rao expresses, “Our mission at S. V. Rao Associates – Chartered Accountants is to provide the highest quality of accounting, taxation, audit and advisory services to our clients as well as to contribute to their wellbeing, enrichment and success.
We aim to accomplish this mission by dedicating ourselves to the highest caliber of ethics, professionalism, and service.”
- V. Rao Associates offer a full range of accounting, consulting and tax services tailored specifically for the needs of the clients. A detailed profile of the services rendered under various capacities is enumerated hereunder:
Internal and Compliance Audits
- Conducting risk assessments and risk-based audits with a focus on risk coverage and convergence
- Value-added advice – better performance and decision making
- Meeting the regulatory demands placed on the internal audit function
- Providing independent assurance to the board and senior management
- Providing management assurance on the effectiveness of business processes through process reviews
- Assistance in establishing policies and procedures
- Providing cost reduction initiatives and focusing on cost controls, improving operational efficiency and revenue augmentation
- Adherence to compliances with applicable Statutes, laws and regulations
- Ensuring proper IT security controls and IT systems implementation reviews.
Statutory Audits and Tax Audits
- Conducting Risk Assessments and providing Financial Statements Assurance through the application of Accounting and Auditing Standards
- Focus on quality and timely Reporting
- Assessment of the effectiveness of internal audit function and proactive approach in strengthening internal controls
- Implementing best Corporate Governance Practices through a review of Statutory compliances
- Maintaining robust Documentation Standards
Financial Services Audits
- Review of Commercial Transactions like purchases, redemptions, switches, rejections etc
- Review of Non-Commercial Transactions Pledge/Un-pledge, consolidations,
- Review of Reissues, Revalidations/Duplicates
- Analysis of Investor complaints and replies
- Review of Batch process transactions like NAV, Dividend, Brokerage, Unit Capital reconciliation, and funding
- Reconciliation of various internal processes like Purchases etc.
- Review of Internal Control system
- Review of Statutory and Legal Compliances
- Review of IT Security Policies and IT procedure manual.
Enterprise Risk Management
- Setting up Risk Management Policies and framework
- Conducting Risk Assessment through risk identification, measurement and prioritization
- Development of Risk Register for each process
- Submission of Risk bulletin on a periodical basis to the management
- Follow up on the status of Risk compliances
- Involvement in Risk Committee Meetings.
Direct and Indirect Taxation
- Transfer Pricing, including Domestic Transfer Pricing
- Providing Tax consultancy on various litigation matters, search and seizures, Tax Planning etc
- Appeals with Commissioner (Appeals) and at the Income Tax Appellate Tribunal.
Special Assignments
- Certifications
- Special Assignments like the development of Standard Operating Procedures Manuals for the Hospital Industry
- Development of Accounting Manual and Training for NREGS
- Due Diligence
- Business Valuation.
Embracing the Technological Revolution
Being an experienced leader, S. V. Rao thinks that the impact of adopting modern technologies in the financial industry is enormous. He says, “The technological revolution has been tremendous since I started practice in 1985.”
Access to smart software programmes has made the whole process of accounting not only transparent and user friendly, but also there has been an increase in accuracy with a low margin of errors. Users can access their books of accounts remotely, making Work From anywhere a reality.
Similarly, technologies such as AI, big data and machine learning are transforming the way the financial consultancy and tax accounting niche functions nowadays. More could be expected in the future. Statutory filings are now made online, and we have various software to assist us in the process. “One has to train oneself and use these tools for better efficiency and time management,” feels S. V. Rao.
Navigating through the Pandemic
Considering the pandemic, S. V. Rao feels that the challenges faced by every industry, each company and all the employees were humongous. When the COVID pandemic shut the economy in 2020, the country was in panic mode. However, according to S. V. Rao, Accounting was extremely essential, and the role of Accountants became exceptionally critical to sustaining businesses that could once again revive the economy.
The primary role of Chartered Accountants shifted from preparing taxes to helping the clientele navigate unanticipated business challenges. “Our firm rose to the challenge and assisted our clientele in sustaining operations and thereby achieving self-sustenance,” says S. V. Rao in a satisfactory tone.
Pearls of Wisdom
As an exemplary leader, S. V. Rao’s advice to budding entrepreneurs who aspire to venture into the financial consultancy space is cautionary. According to him, “Despite the number of tools that technology provides us, it is wise to exercise caution and common sense to ensure Due Professional care.”
- V. Rao further expresses that values like Integrity, Fair Presentation and Objectivity would help Auditors, Tax Consultants earn goodwill and sustain their clients for a long time.
Glittering Gems of S. V. Rao Associates – Chartered Accountants
Mr S.V. Rao – Membership No. 23903
- Senior Partner and Pioneer of the Firm, with over 33 years of rich experience in various industry verticals
- Gained intensive finance and commercial acumen with an ability to formulate effective strategies in all aspects of Accounting, Finance, Taxation, Company Law etc
- Proven strength in areas of Statutory Audits, Internal Audits
- Expert in handling Income Tax Assessments, Appeals, Income tax Search and Seizure cases relating to Corporate Bodies, Trusts, Firms and Individuals.
- Has been a trusted tax advisor to many Corporate and Government Bodies in the above areas.
Mr Ravi Bharadwaj – Membership No. 220100
- Qualified Chartered Accountant and Cost Accountant having 15 years of post-qualification experience including professional experience with EY in the field of transfer pricing, international tax, corporate taxation and regulatory matters.
- Advised several multinational companies on benchmarking analysis, transfer pricing planning, documentation and controversy management strategies
- A seasoned tax counsel representing clients at various appellate forums including various cases on transfer pricing and corporate tax issues
- Had experience in dealing with Advanced Pricing Agreements (Unilateral and Bilateral)/Mutual agreement procedures engagements for clients operating in various industries, especially IT/ITeS
Mr S.V.S. Prasad – Membership No. 207540
- With over 20 years of exposure in Conducting Internal and Statutory Audits of Companies, Banks, and Tax Audits
- Rich exposure to Internal Controls, Systems and Accounting Practices and tax matters.
- Worked as a consultant for establishing and implementing Accounting System for a 2000 TPD Cement Plant in Ghana, West Africa.
Ms Sirisha – Membership. No.222522
- Completed Diploma in Information Systems (ISA)
- Graduate of Law from Osmania University
- Handling Statutory, Tax and Internal Audits,
- Providing consultancy on Systems and Accounting practices.
Ms Sravya– Membership No.232223
- Graduate of Law from Osmania University
- Handling Statutory, Tax and Internal Audits of various companies
- Handling various statutory compliance audits
- Involved in systems reviews
- Specializes in Business Valuation, Shares valuation and also Open Offers and IPO for listed Companies.
- Specialized Compliance Audit in various statutory and other compliances.
