Audit & Assurance
Rigorous Statutory Audits, Internal Audits, Tax Audits, and System Audits to guarantee financial integrity, compliance, and stakeholder trust.
An independent audit is not just a regulatory obligation; it is a critical instrument to discover operational leaks, internal control failures, and potential tax exposures. Statutory audits are mandated under the Companies Act, 2013, and Tax Audits under Section 44AB of the Income Tax Act.
Who Requires This Compliance?
What is Included in Our Service?
- Statutory Financial Audits under the Companies Act, 2013
- Tax Audits under Section 44AB of the Income Tax Act, 1961
- Internal Control Assessments and Standard Operating Procedure (SOP) reviews
- Transfer Pricing audits (Form 3CEB) for international transactions
- Verification of compliance with Accounting Standards (AS) and Indian Accounting Standards (Ind AS)
- Management Letters outlining control weaknesses and suggestions for improvement
Execution Workflow & Timeline
Audit Planning & Risk Assessment
Understand the business operations, review internal controls, and draft an audit calendar.
Substantive Testing & Fieldwork
Verify assets, liabilities, vouchers, bank reconciliations, statutory payments, and support ledgers.
Queries Resolution
Discussions with the management regarding audit findings, classification corrections, and ledger disclosures.
Reporting & Certification
Issue Independent Auditor Report along with CARO (Companies Auditor’s Report Order) declarations.
Documents Required Checklist
Prepare these files to ensure immediate review and submission of your cases.
Standard Audit Requirements
- Trial Balance, Ledger books, and Final Financial Drafts
- Bank Statements along with Bank Reconciliation Statements (BRS)
- Statutory Challans (GST, TDS, EPF, ESIC, Professional Tax payments)
- Fixed Asset Register and physical verification records
- Minutes book of Board Meetings and General Meetings
- Previous Year Audit Reports and tax assessment orders
Frequently Asked Questions
A Tax Audit is mandatory if the total sales, turnover, or gross receipts of a business exceed ₹10 Crores in a financial year. However, if the cash transactions (receipts and payments) exceed 5% of total transactions, the threshold limit is ₹2 Crore.
CARO refers to the Companies (Auditor's Report) Order. It requires auditors to report on specific matters like inventory verification, loan defaults, internal audit systems, and statutory dues. It applies to all companies except one-person companies, small companies, and specific private companies matching exemption thresholds.