Praveen Reddy Gunreddy

• Involved in full-fledged statutory audits, limited reviews, IFC audits, and tax audits of listed and unlisted entities, with the responsibility of handling key areas like revenue, purchases, PPE, payroll, impairment testing, taxes, etc., and closing out on final deliverables.
• Performed detailed variance analysis at the financial statement level, analytical reviews, and identified areas for improvement, as well as communication of significant issues to management.
• Conducted walkthroughs, performed risk assessments, and assessed the design, implementation, and operating effectiveness of internal controls, thereby diagnosing financial and operating risks.
• Worked across multiple industries, including product manufacturing, power generation, schools, hospitals, etc.
• Has undertaken several assignments, including lease accounting implementation, Ind AS 115 implementation, impairment assessment, and first-time adoption of Ind AS.
• Has experience in the preparation and review of financial statements, P&L analysis, and cash flow statements.

Banking sector:

• Valuation of securities and debentures as per guidelines issued by the RBI for bank treasury operations.
• Review of foreign currency loans, interest calculations, and payments.
• Checked revenue leakages, KYC requirements, classification of NPA, and verification of cash balances.
• Prepared Long Form Audit Report, and other reports as prescribed under the Guidance Note on Bank Audits.

Internal audit:

• Industries covered: Manufacturing Industry, Infrastructure Development Industry, Power Generation (Coal), and Housing Finance.
• Reliability check of management and financial controls.
• Variance analysis and budget analysis.
• Identification and reporting of the areas for improvement and strengthening of internal controls.
• Verification of purchases in accordance with the company's purchase procedure.
• Ensuring compliance with various provisions related to the Income Tax Act of 1961, VAT Acts, GST Acts, Companies Act of 2013, and Labour Laws.
• Review of cash and bank payments, receipts, and verification of bank reconciliation statements.

Enterprise valuation:

• Valuation of financial assets, financial liabilities, and fixed assets.
• Valuation of subsidiaries and joint ventures by using the dividend discounting model.
• Analysis of bank transactions, financial statements, and records.
• Evaluating the utilization of borrowed funds, and the transfer of funds to sister entities.