1. Company Audit Services
What is Company Audit?
Company Audit (Statutory Audit) is an independent examination of financial statements to ensure they present a true and fair view as per the Companies Act, 2013 and applicable Accounting Standards.
It is conducted by a practising Chartered Accountant to enhance transparency, compliance and stakeholder confidence.
How Company Audit Helps Your Organisation
- Ensures compliance with Companies Act
- Detects accounting irregularities
- Improves internal control systems
- Enhances credibility with banks and investors
- Reduces regulatory and compliance risks
Who Should Opt?
- Private Limited Companies
- Public Limited Companies
- Section 8 Companies
- Companies seeking funding or expansion
FAQs
1. Is statutory audit mandatory for all companies?
Yes, every company registered under the Companies Act is required to conduct annual statutory audit.
2. What documents are required for company audit?
Books of accounts, financial statements, bank statements, statutory registers and supporting records.
3. How often is statutory audit conducted?
Once every financial year.
4. Can statutory audit help in loan approvals?
Yes, audited financial statements enhance credibility with banks.
5. What are penalties for non-compliance?
Penalties may include fines and regulatory action under the Companies Act.
2. Income Tax Audit Services
What is Income Tax Audit?
Income Tax Audit under Section 44AB of the Income Tax Act is required when turnover or gross receipts exceed prescribed limits.
The purpose is to verify accuracy of accounts and ensure proper tax computation and compliance.
How Income Tax Audit Helps
- Ensures accurate tax reporting
- Reduces risk of scrutiny
- Minimises penalties and disallowances
- Improves financial discipline
- Strengthens documentation practices
Who Should Opt?
- Businesses exceeding turnover limits
- Professionals crossing prescribed thresholds
- Entities covered under presumptive taxation provisions
FAQs
1. What is the turnover limit for tax audit?
As prescribed under the Income Tax Act, subject to amendments.
2. Is tax audit different from statutory audit?
Yes. Tax audit focuses specifically on tax compliance.
3. What is the due date for filing tax audit report?
As notified annually by the Income Tax Department.
4. What happens if tax audit is not conducted?
Penalty may be levied under Section 271B.
5. Can tax audit reduce tax liability?
It ensures correct reporting and avoids excess tax or penalties.
3. Assurance Services
What are Assurance Services?
Assurance services provide independent evaluation of financial systems, compliance processes and internal controls beyond statutory audit.
They enhance reliability and credibility of financial and operational information.
How Assurance Services Help
- Strengthen governance
- Improve risk management
- Enhance stakeholder trust
- Identify control gaps
- Improve financial reporting quality
Who Should Opt?
- Growing businesses
- Companies planning funding
- Organisations improving governance standards
- Businesses seeking operational transparency
FAQs
1. Are assurance services mandatory?
No, they are voluntary but highly beneficial.
2. How are assurance services different from audit?
Audit focuses on financial statements, assurance covers broader evaluation.
3. Do assurance services improve investor confidence?
Yes, significantly.
4. Can assurance services detect fraud risk?
They help identify control weaknesses that may lead to fraud.
5. How often should assurance reviews be conducted?
Annually or based on organisational risk profile.
4. Attestation Services
What are Attestation Services?
Attestation services involve certification and verification of financial information by a practising Chartered Accountant.
Common certifications include:
- Net Worth Certificate
- Turnover Certificate
- Project Report Certification
- Fund Utilisation Certificate
- Financial Statement Certification
How Attestation Services Help
- Required for bank loans
- Essential for tender applications
- Needed for visa documentation
- Supports regulatory compliance
- Enhances document authenticity
Who Should Opt?
- Businesses applying for loans
- Individuals requiring net worth proof
- Companies participating in tenders
- Startups seeking investment
FAQs
1. Is CA attestation legally valid?
Yes, when issued by a registered practising Chartered Accountant.
2. How long does it take to issue certificates?
Depends on documentation completeness.
3. What documents are required for net worth certificate?
Asset and liability details with supporting documents.
4. Are CA certificates accepted by banks?
Yes, widely accepted.
5. Can projected financial statements be certified?
Yes, subject to professional standards and documentation.
5. Internal Audit Services
What is Internal Audit?
Internal Audit is an independent review of internal controls, risk management systems and operational efficiency within an organisation.
It is preventive and advisory in nature.
How Internal Audit Helps
- Identifies financial leakages
- Strengthens internal control systems
- Improves operational efficiency
- Detects fraud risks
- Enhances compliance monitoring
Who Should Opt?
- Companies covered under Companies Act internal audit provisions
- Businesses with multiple branches
- Organisations with high transaction volumes
- Growing SMEs
FAQs
1. Is internal audit mandatory for all companies?
Mandatory for specified classes under the Companies Act.
2. How frequently should internal audit be conducted?
Quarterly or based on risk exposure.
3. Does internal audit detect fraud?
It identifies risk areas and control weaknesses.
4. How is internal audit different from statutory audit?
Statutory audit focuses on financial statements; internal audit focuses on internal controls and operations.
5. Can internal audit improve profitability?
Yes, by reducing inefficiencies and financial leakages.