Overview
It is a systematic assessment of financial documents and financial reports. It aims at providing reasonable assurance that the financial reports are true and fair and has complied to various laws and financial reporting framework.
Audits may be mandated by certain legislation, but many entities opt to get their records audited so that Independent Opinion about the financial reports, Internal Controls, Financial documents can be assessed.
We provide following types of Audit and Assurance Services :
Statutory Audit
Statutory Audit applies to all companies registered under Companies Act (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company) irrespective of nature of business and sales turnover. Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business.
Tax Audit
Tax Audit is conducted under the regulations of Income Tax Act. If any enterprise turnover is more than Rs 1 crore, and in case of professionals if it is more than Rs 50 Lacs, then it is a mandate to get their books of accounts audited by a Chartered Accountant.
Internal Audit
Internal audits basically evaluate company’s internal controls, including its corporate governance and accounting processes. It ensures compliance with laws and regulations and helps to maintain accurate and timely financial reporting and data collection. Internal audits enable management to ascertain operational efficiency by identifying problems and correcting lapses before they are discovered in an external or statutory audit.
GST Audit
GST Audit will apply every year for those GST registered businesses (GSTIN) having turnover of more than Rs 5 crores*, by the sale of goods or services in the financial year.
Audit under GST involves examination of records, returns and other documents maintained by a GST registered businesses. It also ensures correctness of turnover declared; taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.
Due Diligence
Due diligence is an investigation of financial books, liabilities, litigations etc. It is conducted usually for a potential investment proposal, merger, and acquisition. Due diligence report provides assurance and helps management in decision making before entering into an agreement with another party.