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.