AUDIT

We offer services in the following fields of Audit:

Tax Audit Under Income Tax Act
A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover / receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax.
Tax audit is a very important requirement for Corporates and Non-corporates who are required to undergo such an audit. Failure to comply with the income tax rules would attract penalty and individuals wishing to avoid any penalty should ensure full compliance with all the rules of the income tax audit.

Statutory Audit
Audit is a very serious business and auditors are expected to be vigilant and careful while doing audit of a company. The auditors are not required to verify each and every transaction of the company, however he must develop an audit plan which ensures that sufficient information and management representation is gathered so that the auditor is able to ascertain whether the financial statement gives true and fair view of the State of Affairs as at the end of its financial year.
A company is required to prepare financial statement for period ending 31st March every year. Such financial statement must be give a true and fair view of the state of affairs of the company and comply with the accounting standards notified by the central government under Section 133 of the Companies Act.
Such financial statement must be prepared in the form and format which may prescribed for a specific type of company for a private limited company schedule VI is the appropriate form.

risk (such as misappropriation of assets, misuse of funds, frauds, manipulation of records) an organisation may be prone to, managing those risk and reporting on such risk and their management as per statutory requirements.
Internal audit is performed to give assurance to top level management that the risk associated to business are identified and managed properly. It is conducted to provide assurance that management of an organization has an ability to manage risk effectively. It also ensures that governance and internal control processes are operating effectively.

Applicability Of Internal Audit:
The following companies are required to appoint internal auditors:
i. Every listed company
ii. Unlisted company
Every unlisted public company having during the preceding financial year whose
Paid-up share capital is Rs. 50 crores or more or turnover exceeding Rs. 200 crores or more; or At any point during the year have outstanding Loan or borrowing exceeding Rs. 100 crores or more ; or having Outstanding deposits of Rs. 25 crores or more.
iii. Private Companies
Every private company having during the preceding financial year whose turnover is Rs. 200 crores or more; or
At any point during the year have outstanding loans or borrowing from banks or public financial institutions exceeding Rs. 100 crores.
The Central Government may, by rules, prescribe the manner and the intervals in which the
internal audit shall be conducted and reported to the Board.

Systems Audit
A System Audit is an audit conducted on a management system. A System audit is conducted to verify that processes are documented and implemented against a specified set of requirements. These requirements are generally driven by number of standards like ISO 9001, ISO 14001, etc. It is a documented activity which is performed by evaluating objective evidence on all the applicable elements of the management system being audited.
For example:
• A Quality Management System Audit is performed to evaluate compliance to company’s own Quality management system, meeting its contractual commitments and regulatory Some of the System Audits that we can help you with are:
• Quality Management System
• Health and Safety Management System
• Environmental System Audit
System Audits ensures that the company is complying to requirements of various standards and gives an assurance to the management and customers that the processes are meeting the requirements set forth in its management systems.
Key benefits include:
• Helps in identifying non-conformances and improving the processes based on corrective actions
• Improves the management system
• Helps identify best practices that can be utilized in various other areas of the organization
• Can serve as eyes and ears of the management by highlighting problem areas in the systems before they reach customers
• Raises Customer Confidence by ensuring compliance to various industry standards
Our teams are trained in various industry standards and understand the requirements well. An external view of the systems ensures that the audits are objective and done independently. Our teams would ensure that they add value to your management system by contributing best practices from their vast industry experience.