The audit framework in Nepal is based on several key elements. It incorporates Generally Accepted Accounting Principles (GAAP) prevalent in Nepal, which include Accounting Standards issued by the Institute of Chartered Accountants of Nepal (ICAN) and International Accounting Standards (IAS).
The framework also adheres to the Income Tax Act, 2058 and related tax regulations. Additionally, it considers other applicable laws and regulations in force in Nepal. The Accounting Standards Board (ASB) of Nepal has issued Nepal Financial Reporting Standards (NFRS), which align with International Financial Reporting Standards (IFRS).
NFRS comprises Nepal Financial Reporting Standards, Nepal Accounting Standards, IFRIC Interpretations, and Application Guidance and SIC Interpretations issued by the International Accounting Standards Board (IASB).
Our Services
Internal Audit
GFCS provides comprehensive internal audit services based on the Institute of Internal Auditors (IIA) standards. We help organizations strengthen their governance, risk management, and internal control systems as we prioritize risk assessment and control evaluation. Our team utilizes frameworks such as COSO (Committee of Sponsoring Organizations of the Treadway Commission) for relevant assessments. Our services have organically evolved to meet the requirements of Nepali Businesses.
Statutory Audit
Our statutory audit services at GFCS comply with the Nepali Companies Act, 2063, and the Audit Act, 2048. We conduct thorough examinations of financial statements and adhere to Nepal Standards on Auditing (NSA) issued by the Auditing Standards Board of Nepal. We focus on providing assurance to stakeholders, including shareholders, regulators, and the public, regarding the accuracy and reliability of financial information.
NFRS/IFRS
GFCS assists clients in implementing and complying with Nepal Financial Reporting Standards (NFRS) and International Financial Reporting Standards (IFRS). Our services include gap analysis, implementation support, and ongoing compliance assistance. We stay updated with the latest pronouncements from the Accounting Standards Board (ASB) of Nepal and the International Accounting Standards Board (IASB).
Banking, Finance & Insurance Audit
Our audit services for the banking, finance, and insurance sectors comply with the directives of Nepal Rastra Bank (NRB) and the Insurance Board of Nepal. We conduct audits in accordance with the Bank and Financial Institution Act (BAFIA) and the Insurance Act. . We focus on areas such as capital adequacy, asset quality, liquidity management, and regulatory compliance.
Regulatory Audit
GFCS offers regulatory audit services for various industries in Nepal. We ensure compliance with regulations set by bodies such as the Securities Board of Nepal (SEBON), Office of the Company Registrar, and relevant government ministries. Our audits cover areas such as corporate governance, anti-money laundering (AML) compliance, and industry-specific regulatory requirements.
Industry Specific-Audits
GFCS conducts specialized audits for various industries, including manufacturing, tourism, telecommunications, healthcare, and education. Our audits comply with sector-specific guidelines issued by relevant regulatory bodies in Nepal. We incorporate international standards and best practices applicable to each industry. For example, in telecommunications audits, we consider guidelines from the Nepal Telecommunications Authority (NTA). In healthcare audits, we adhere to standards set by the Ministry of Health and Population. Our industry-specific approach has a comprehensive evaluation of financial and operational aspects unique to each sector.
Related Professionals
Nabaraj Regmi
Chief Executive Officer
Ramhari Khanal
Head of Finance
Sangam Bhatta
Account Officer
Sushma Basnet
Account Officer