AUDIT & ASSURANCE

STATUTORY AUDIT

  • As per provisions of Companies Act, 2013, Every company, be it public or private or OPC has to appoint a statutory auditor and get the books of accounts audited.

  • Section 139(6) of the Act stipulated that the first Auditor of the Company shall be appointed within 30 days of its date of registration.

INTERNAL / MANAGEMENT AUDIT

  • The scope of the audit is dependent on the internal controls and is carried out with specific emphasis on cost control.

  • Audit procedures are customized as per client's requirements.

  • Findings of audit help Management in Cost Saving, decision making, legal compliance, etc.

INCOME TAX AUDIT

  • Income tax law also mandates an audit called ‘Tax Audit’.

  • It is a review of accounts of any business /profession from an Income tax viewpoint.

  • This audit is only applicable for certain persons carrying on business or profession, Turnover/Gross receipts exceeding
    the limit specified in Section 44AB of Income Tax Act, 1961.

AUDIT UNDER GST

  • Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules,
    the turnover limit is above Rs 2 crore] shall get his accounts audited.

  • Form GSTR 9 has to be filed by 31st December of the next Financial Year along with other prescribed documents and information.