Service
Audit & Assurance
Statutory, tax and internal audits conducted under ICAI Standards on Auditing, with reporting that boards and lenders can rely on.
Independent audit is the core of what a Chartered Accountancy firm does. We plan each audit around the risks that matter to your business, test what needs testing, and report clearly under the Companies Act 2013, the Income-tax Act and ICAI's Standards on Auditing.
What is included
- 1st
Statutory audit
Audit of financial statements of private and public companies, LLPs, partnerships and trusts under the applicable statute, including CARO 2020 reporting and Schedule III presentation.
- 2nd
Tax audit
Tax audit reports in Forms 3CA/3CB and 3CD, with reconciliation of books to returns, disallowance analysis and clause-wise documentation.
- 3rd
Internal audit
Risk-based internal audit of operations, procurement, sales, inventory, payroll and treasury with practical recommendations tracked to closure.
- 4th
Special-purpose reports & certifications
Certificates for banks, regulators and management; net-worth, turnover and utilisation certificates; agreed-upon procedures.
- 5th
Financial statement preparation
Schedule III statements, notes to accounts, cash-flow statements, ageing schedules and ratio disclosures for entities that need help closing the books.
How the work runs
Understand
Engagement letter, walkthrough of processes and systems, materiality and risk assessment.
Test
Controls and substantive procedures sized to risk, documented to Standards on Auditing.
Report
Clear opinion, management letter with prioritised observations, and a debrief with those charged with governance.
Who this is for
- Private limited companies and LLPs
- Subsidiaries of overseas groups
- Businesses crossing tax-audit thresholds
- Trusts and societies needing audited accounts
Related questions
Yes. Every company incorporated under the Companies Act 2013, whatever its size or turnover, must have its annual financial statements audited by a Chartered Accountant. The size-based thresholds people often quote apply to tax audit, not statutory audit. LLPs need an audit when turnover exceeds ₹40 lakh or partner contribution exceeds ₹25 lakh.
A tax audit under the Income-tax Act is required for a business whose turnover exceeds ₹1 crore in the tax year, or ₹10 crore where cash receipts and cash payments are each within 5% of the total. For a profession the threshold is gross receipts above ₹50 lakh. Taxpayers under presumptive schemes who declare lower income than the presumptive rate may also need an audit.
A statutory audit is an independent opinion on whether the financial statements give a true and fair view, required by law and addressed to shareholders. An internal audit is commissioned by management or the board to evaluate operations, risk management and internal controls, and its output is recommendations rather than an opinion.
Typically: the trial balance and ledgers, bank statements and reconciliations, sales and purchase registers, fixed-asset register, inventory records and valuation, loan agreements and confirmations, statutory registers and board minutes, tax returns and challans, and the previous year's audited statements. We send a tailored checklist after the planning meeting.
More answers in the knowledge hub
ICAI note. Audit and attest services are exclusive to Chartered Accountants. This page describes the service for visitors who have sought the information and does not constitute solicitation.
Talk to us
Talk to us about audit & assurance
A short call is usually enough to understand the scope and suggest the right approach. In person at Kalyan Nagar, by video or by phone.