Ca Ashish Jain & Prashant Jain: Helping Organizations Grow By Providing Specialized Cfo Service As A One-Stop-Solution Provider | CEOInsights Vendor
Ca Ashish Jain & Prashant Jain: Helping Organizations Grow By Providing Specialized Cfo Service As A One-Stop-Solution Provider

Ca Ashish Jain & Prashant Jain: Helping Organizations Grow By Providing Specialized Cfo Service As A One-Stop-Solution Provider

    Prashant Jain, Director, Ambavat Jain & Associates LLP,       CA Ashish Jain, Partner, Ambavat Jain & Associates LLP

Prashant Jain, Director, Ambavat Jain & Associates LLP

CA Ashish Jain, Partner, Ambavat Jain & Associates LLP

The growth of any organization is largely dependent on effective finance management. Nowadays, most organizations opt for CFO based services that take care of their finance while sticking to effective taxation and compliance. Started in 1986, Ambavat Jain & Associates LLP is a first-generation midsized full service Chartered Accountancy and professional services firm with around 120 employees and 18 CAs. As a one-stop solution provider, the firm has been providing CFO, taxation, audit, and various specialized services to its client base belonging to different sectors and is presently one of the leading CA services firms in the country.

In an exclusive interview with CEO Insights, CA Ashish Jain, Partner AJA LLP, and Prashant Jain, Director, AJA LLP shares about the organization and the unique services it offers to its clients, the future roadmap for the organization, and much more:

Take us through your educational and professional background. What inspired you to venture into the Enterprise Risk Management segment and what drives you today?
Prashant Jain: I am a commerce graduate from the University of Mumbai and have done my majors in accounting and auditing. After my graduation, I attained the internal auditor certification from the Institute of Internal Auditors, Florida (USA). Even during my college days, I frequently moved around the earlier Bombay Stock Exchange in the fort area. Looking at the listed entities, I used to wonder how they grew so big, or what measures they take to sustain at such a level. Finally, I started my career as an internal auditor, reviewing the various risk and internal controls that are in place to manage these corporates effectively. Over the years, while these risks kept on evolving, the desire and passion to understand them while designing controls around to mitigate them are what drives me even today.

How would you define AJA LLP as
an organization and its current position in the industry? What are the major factors you take into consideration while suggesting your services to the various sectors?
CA Ashish Jain: AJA LLP is a midsize first-generation CA firm with around 18 CAs, seven among them being partners at the firm, and around 120 employees. The firm currently provides service to clients in various sectors ranging from Financial Services, Manufacturing, Trading, Logistics, and Real Estate to Media both at a PAN India level and also in offshore jurisdictions, such as the USA, Singapore, United Kingdom, Mauritius, UAE, Hong Kong, and so on. Coming to the industry position, we are a midsized developing firm and are looking to establish a position in the overall industry.

As a CFO Service provider, our focus has been to ensure that our client’s risk management and financial reporting processes are both commensurate with their future goals

When a client initially approaches us, we try to understand the client’s objectives for seeking our professional services. Most often the Management is looking to establish necessary checks and balances across its core business operations, compliance management, and financial reporting process. After considering their objective, we advise them regarding the various solutions available that will add value to their existing processes and controls. After that, as a one-stop-solution-provider, we provide them an entire gamut of services, where they just have to take care of their core business operations while we take care of their financial reporting statutory compliances, MIS reporting, direct & indirect taxes, valuation, audits and so on.

Could you give a brief account of the procedures you follow for internal audits in your company resulting in clients’ success? What is the unique aspect of your offerings?
Prashant Jain: At AJA LLP, we stick to the basics of auditing, where we perform a detailed process walk through to understand the existing checks and balances in a company. A gap analysis is done to initially understand any vulner abilities at a process or a design level followed by a detailed transaction level audit to evaluate the effectiveness of the existing internal controls. We put a lot of emphasis on drafting the audit report and prefer to keep it very crisp, clear, and factual. The
solutions offered as part of our audit are practically implementable, which is what a client values the most. The broader objective is to gradually transition a client from a people-driven organization to a more process-driven organization.

CA Ashish Jain: As a CFO Service provider, our focus has been to ensure that our client’s business model and financial reporting processes are commensurate with their future goals. A lot of disruption has been taking place around the world over the last few years and a business owner needs to be aware of these risks. As a one-stop solution provider, we try to provide them with an entire gamut of services and help them build the dream company that they desire. Our objective is to make sure that the business management focuses more on the strategic decisions of the firm while we look after accounting policies, operational controls, compliance management, taxation, and MIS reporting.

Going forward, what are the goals that you wish to invest in and how do you plan to take them further?
CA Ashish Jain: One of our primary focuses has always been to invest in our people and build a team that is reliable and responsible with an entrepreneurial spirit within them. Our work is divided into two parts, with part of them being routine work and the other part being non-routine, specialized work. We want our young members to take responsibility for the work execution initially on a day-to-day basis while the tenured members can focus more on new opportunities to add further value to our clients. Nowadays, various new types of business ventures and entities are coming up. Alternative investment funds are probably blooming every day. The whole startup ecosystem has been the buzzword for the last decade. We have special packages and advisory service offerings which cater to young entrepreneurs at a very early stage and that continues to be our current goal that we are trying to tap into.

Prashant Jain, Director, Ambavat Jain & Associates LLP
Presently working as the Director at Ambavat Jain & Associates LLP, Prashant Jain has an overall experience of around two and a half decades in Risk Management. An internal Audit certified professional, Prashant leads the Enterprise Risk Services vertical of the Firm.

CA Ashish Jain, Partner, Ambavat Jain & Associates LLP
Ashish Jain is a seasoned Chartered Accountant with extensive experience of more than two decades in the field and is currently working as a Partner at Ambavat Jain & Associates LLP. He drives the Valuation Practice at the Firm

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