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Financial Services & Investment Banking | Case Study | N D Savla & Associates

Financial Services & Investment Banking

A boutique investment bank with deal-contingent revenue, cross-border receivables, and Ind AS 115 complexity — we delivered a clean audit on a famously volatile P&L.

Client Type Investment Banking | PE/VC Advisory | M&A Services

Industry Financial Advisory

Engagement Ongoing Statutory Audit

Duration Multi-year Engagement

The Challenge

What the engagement demanded.

A boutique investment bank advising on PE/VC transactions and M&A deals. Their revenue is highly volatile — large lump-sum success fees on deal closure, with sales cycles ranging from 6 to 18 months. Some advisory engagements were cancelled mid-cycle, creating reserve and provisioning questions. Significant forex receivables from cross-border deals, complex revenue recognition under Ind AS 115, and high salary costs in a service-delivery model made the audit unusually nuanced.

Our Approach

How we executed the engagement.

01

Revenue Mapping

Each engagement type mapped to recognition method — milestone-based, success-fee, or retainer.

02

Cancellation Reserves

Provision computation for terminated mandates, with disclosure framework.

03

Forex Audit

Cross-border receivables, payables, and mark-to-market for outstanding mandates.

04

Cost Allocation

Partner vs associate cost analysis in a service-delivery model with project-level tracking.

05

GST on Exports

Place-of-supply analysis for advisory exports, with LUT and refund eligibility.

Expertise Delivered

The capabilities we brought to bear.

Investment Banking Accounting

Deal-contingent revenue recognition, success fee timing, and milestone tracking.

Ind AS 115 Revenue Recognition

Five-step model applied to advisory mandates with variable consideration.

Forex Management

Cross-border M&A receivables, FEMA implications, and hedging where used.

Service-based GST

Place-of-supply rules for advisory exports, LUT compliance, and refund processing.

Financial Volatility Auditing

Going concern assessment, reserves, deferred income, and provision adequacy.

Key Outcomes

The results we delivered.

Clean audit opinion issued on a volatile P&L
Revenue recognition policy formalized in line with Ind AS 115
Forex reserves correctly stated and reconciled to FIRC
Cancellation reserve framework adopted for future mandates

“At N D Savla & Associates, we don't just ensure compliance — we help you make smarter financial decisions with clarity and confidence.” — N D Savla & Associates

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