CA Saurav Gupta

Audit Reporting & Process Improvement

Real Estate Audit Experience

• Led and executed audit engagements for U.S.-based real estate entities, including property audits, REITs, and private equity/debt funds, in accordance with U.S. GAAP, U.S. GAAS, and firm methodology.
• Conducted comprehensive audit planning involving materiality thresholds, risk assessments, and development of custom audit strategies tailored to client-specific operations and control environments.
• Performed and reviewed substantive audit procedures across key areas including:
  Revenue recognition, including lease revenue (ASC 842) and sales of real estate, ensuring correct treatment under U.S. GAAP
  
• Debt testing – validated terms, interest accruals, covenant compliance, amortization schedules, and related disclosures
  
• Investment testing – reviewed valuation of equity and debt investments, waterfall allocations, and fair value disclosures (ASC 820)
  
• Impairment assessment – evaluated long-lived assets and investments for potential impairment indicators in accordance with ASC 360 and ASC 326
  
• Lease accounting (ASC 842) – tested operating and finance leases for proper classification, right-of-use (ROU) asset and lease liability recognition, and related disclosures
• Prepared and reviewed key audit deliverables, including financial statements, audit reports, and tax certification filings such as Form TC-201 and Form TC-309 for the NYC Tax Commission.
• Utilized analytical procedures (trend, ratio, and variance analysis) to identify unusual transactions or balances and support audit conclusions.
• Engaged directly with client CFOs, controllers, and fund administrators to obtain supporting documentation, discuss findings, and resolve audit issues.

Employee Benefits Plan Audit

• Executed end-to-end audits of 401(k) employee benefit plans, managing all phases from planning to final report issuance, in accordance with ERISA, U.S. GAAP, U.S. GAAS, and Department of Labor (DOL) regulations.
• Led audit planning, including risk assessment, materiality determination, and development of tailored audit strategies for defined contribution plans.
• Conducted detailed walkthroughs and internal control testing, including evaluation of SOC 1 Type II reports from third-party service providers (recordkeepers, custodians, TPAs).
• Performed comprehensive participant-level testing of:
  Employee and employer contributions
  Distributions, including hardship withdrawals and RMDs
  Rollovers, forfeitures, and participant loans
• Reviewed plan documents, trust statements, and investment schedules to ensure accurate classification and disclosure of plan assets and participant-directed investments.
• Assisted in preparation and review of Form 5500, including Schedule H, Schedule C, and required footnote disclosures.
• Liaised with plan sponsors, TPAs, and custodians to gather supporting documentation, resolve variances, and ensure timely audit completion.
• Prepared and presented clear, comprehensive audit reports to senior management and stakeholders, effectively communicating key findings, control deficiencies, and actionable recommendations to support informed decision-making.
• Utilized CCH Engagement and CaseWare to enhance the efficiency and accuracy of audit planning, execution, and documentation, ensuring alignment with firm methodology and compliance with U.S. GAAS and best practices

• Drafted and finalized audit documentation and reports in compliance with SA 701 (Key Audit Matters), SA 705 (Modifications to the Opinion), SA 706 (Emphasis of Matter and Other Matter Paragraphs), and CARO 2016 reporting requirements.
• Ensured revenue recognition and disclosure were in accordance with AS 9 and Ind AS 115, including evaluation of contract terms, performance obligations, and timing of revenue.
• Verified proper classification and depreciation of fixed assets as per AS 10 and Ind AS 16, including review of useful lives, residual values, and component accounting.
• Conducted valuation and verification of inventory/stock in compliance with AS 2 and Ind AS 2, ensuring accurate cost measurement and appropriate write-downs for obsolescence.
• Assessed the applicability and classification of lease transactions, and verified accounting treatment and disclosures in line with Ind AS 116 (formerly AS 19), including recognition of lease liabilities and right-of-use assets.