AUDIT
We provide various Auditing & Assurance services to Companies and Firms and Trusts.
Audit includes through verification of evidences, vouchers & certifications.
We provide the following services:
- Statutory Audit under Companies Act, 2013.
- Tax Audit under Income Tax Act, 1961.
- GST Audit under GST Act, 2017
- Internal Audit
- Management Audit
- Stock Audit
- Trust Audit
- Foreign Exchange Remittance Certification such as Form 15CB/15CA
Statutory Audit under Companies Act, 2013
A statutory audit is a legally required check of the accuracy of the financial statements and records of a company or government. A statutory audit is intended to determine if an organisation delivers an honest and accurate representation of its financial position by evaluating information, such as bank balances, financial transactions, and accounting records.
Tax Audit under Income Tax Act, 1961
Tax audit is conducted to achieve the following objectives:
- Ensure proper maintenance and correctness of books of accounts and certification of the same by a tax auditor
- Reporting observations /discrepancies noted by tax auditor after a methodical examination of the books of account
- To report prescribed information such as tax depreciation, compliance of various provisions of income tax law, etc.
All these enable tax authorities in verifying the correctness of income tax returns filed by the taxpayer. Calculation and verification of total income claim for deductions etc., also becomes easier.
GST Audits under GST Act, 2017
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. 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 authorised expert. GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self-assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.
TYPES OF GST AUDIT
TYPES |
PERFORMED BY |
WHEN INITIATED |
TURNOVER BASED AUDIT |
Chartered Accountant appointed by the taxpayer |
As per the CGST Act, if the Turnover exceeds 2 crore, the taxpayer has to get his accounts & records audited |
NORMAL AUDIT/GENERAL AUDIT |
Commissioner of CGST/SGST or any Officer authorized by him |
On order of Commissioner by giving 15 days prior notice |
SPECIAL AUDIT |
A Chartered Accountant nominated by Commissioner |
On order of Deputy/Assistant Commissioner with prior approval of Commissioner
|
Internal Audit
A significant obstacle to launching or enhancing an internal audit function is developing a clear picture of internal audit’s strategic role within your company. Today’s complex business environment demands that internal audit expands its activities. This often requires the internal audit department to be elevated to a strategic partner, becoming involved in all activities surrounding governance, risk, and compliance, with the objective of improving risk identification, leveraging organization-wide synergies and rapidly identifying new threats.
Because internal audit departments vary from organization to organization, many companies require internal audit consulting to ensure their departments are developed strategically.
MANAGEMENT AUDIT
A management audit is an assessment of how well an organization's management team is applying its strategies and resources. A management audit evaluates whether the management team is working in the interests of shareholders, employees, and the company's reputation.
STOCK AUDIT
Stock audit or inventory audit is a term that refers to physical verification of a company or institution's inventory assets. Every business organization needs to perform an audit once a year to update and ensure that the physical stock and the computed stock match.
The purpose of an inventory audit is to ensure accuracy between actual stock quantity and your financial records. Regular inventory audits increase understanding of your stock flow, help you calculate profits and losses accurately, and keep your business running smoothly.
TRUST AUDIT
You will find detailed services relating to Trust Audit under NGO services
Foreign Exchange Remittance Certifications such as Form 15CB/15CA
The Form 15CA has to be furnished online by a person making any remittance of foreign nature to a non-resident.
The Form 15CB regulates the tax deduction as per the income tax rules and also prohibits the double tax provision. The filing of Form 15CB requires an attestation from a chartered accountant.