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.