Statutory audit is mandatory for all companies incorporated in India, be it a private company, public company or an LLP. It is to be performed by a practicing Chartered Accountant and the Audit report needs to be filed with the ROC annually. It is an evaluation for fair principles and practices on part of your business. Any loans or funding that you obtain from a governmental agency, bankers or investor is subject to having a clean chit from your auditors. This is where we come in. We can help you get to the bottom of your records, and give you an exact report of the state of your transactions, balances, and outstanding amounts. We work with clarity and transparency to make your financial state plain to you and to the public. Given that today’s businesses have many verticals and novel practices, statutory audit is a complex undertaking. For instance, globalization, e-commerce, and varying degrees of stakeholder involvement require the accountant to understand revenue streams and business practices in a variety of spheres, thus spending more time auditing. But experienced Chartered Accountants like us can take all complication out of it, and help you with all your auditing needs.
Tax Audit is a compulsory audit under section 44AB of the Income Tax Act, 1961 if the total turnover exceeds the specified limits in the Act. It is conducted by a practicing Chartered accountant. It involves an examination of the entity's tax accounts to check compliance with the provisions of Income Tax Act, 1961 with respect to declaration of the assessable income, tax reductions or tax offsets claimed in the tax return. We are well conversant with the tax laws of India and are presently assisting many of our clients in filing their tax returns within time. The Indian Tax department examines tax returns submitted, and may call for a tax audit if it sees the need. If you are ever in this position, you can call on us for the best possible advice. Having an accountant present at a tax audit is an option that anyone appearing at a tax audit has. We are an accredited accounting firm, and our services can help you with the proposals and requests presented in a tax audit. We can advise you on how best to handle the queries raised and guide you to meet the requirements of the audit.
Internal audit aims at checking that all processes and procedures are in place in a business and that all the functions of each employee are being carried out faithfully and properly. An internal audit is like having a private control system against things that can go wrong and reflect badly upon a company’s reputation, in terms of financial decisions and other verticals as well. In it, a consultant accountant goes over the expenses, wastage, fraud, pilferage, etc and suggests ways of minimizing them by fine-tuning business processes. In this way, internal audit is relevant not only to the accounting department of the firm, but to other verticals as well. It can be taken as an evaluation of the performance of each employee, and can bring about dramatic changes if done correctly. The changes suggested by an internal audit would benefit the whole organization. You can consult us as the unbiased third party who can extend this evaluation service to your company. We are especially adept at understanding modern businesses and guiding them to solving their problems such as spiraling costs, insurance and risk management, ethical dilemmas, and manufacturing bottlenecks. Let us help you run your business better!
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Agreed-upon procedures are determined based on an agreement with an entity to review and report on any financial information or operational processes. For example procedures can include certain tests on accounts payable, accounts receivable, purchases, sales, etc.
So, if there is a particular area of your finances, where you need handholding and guidance, we are ready to assist you!