Auditing & Assurance

We provide following audit and assurance services to our clients.

      Information System Audit.
      Statutory audits under companies act, Audit under Income Tax Act , VAT audit, Services tax audit.
      Certification of Financial Statements.
      Internal /concurrent Audit with value added business transformations reports, if required.
      Due diligence reviews/ Certification.
      Audit of accounts prepared as per Indian Accounting Standard/New Schedule VI of Co. Act.

 
Statutory Audit

         Statutory Audit means Audit of Books of Accounts according to requirements of Companies Act to ensure true and fair view of the accounts. Every company registered under companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts.
         Statutory Audit ensures reliability of annual accounts of the company for various type of users (e.g. Investors, Customers, Bankers, Creditors, Government etc.) of accounts of the company.

Tax Audit

Tax Audit means audit under the Income Tax Act, 1961 if the total turnover of a assesse exceeds a specified limit. Currently this limit is as follows:

 For Assessment Year 2013-14

      Rs. 1 crore for person carrying on business.
      Rs. 25 Lakh for person carrying on profession.
And the persons operating at levels below than the abovementioned limits, and claims that their net profit is less than 8% of the turnover.

For Assessment Year 2012-13

      Rs. 60 Lakh for person carrying on business.
      Rs. 15 Lakh for person carrying on profession.
And the persons operating at levels below than the abovementioned limits, and claims that their net profit is less than 8% of the turnover.

Tax Audit has to be conducted by a Chartered Accountant and Tax Audit Report is given by the Chartered Accountant in form 3CD prescribed under the Income Tax Act.

Internal Audit

Internal Audit is the review of various operations of the company and its records by staff specifically appointed for this purpose. This review may be periodical or may be even continuous. Internal Audit address those matters also which are not directly of a financial or accounting nature.

Internal Audit includes:

      Review of internal control system and procedures.
      Review of custodianship and safeguarding of assets.
      Review of compliance with plans, policies, procedures and regulations.
      Review of organizational structure.
      Review of relevance and reliability of information.
      Review of utilization of resources.
      Review of accomplishment of goals and objectives




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