Overview
Financial statements are ordinarily prepared and presented annually and are used by wide range of users. Many of those users rely on the financial statements as their major source of information because of its availability and on the other hand do not have the power to obtain additional information to meet their specific information needs. Thus, financial statements need to be prepared in compliance with the regulatory requirements, Accounting Standards and any other industry specific requirements. The auditor's opinion enhances the credibility of financial statements by providing a high, but not absolute, level of assurance.
Our auditing services help in realising organisational objectives, and methodology to facilitate senior personnel involvement at regular intervals throughout the process, thus ensuring value beyond the ambit of the audit report. Our services include:
+ Statutory Audit
Statutory Audit is an esteemed service to ensure fairness, credibility and transparency of financial records. Audited financial statements are highly relied upon by various stakeholders like investors, government, bankers, creditors etc. In view of the economic crisis and financial scandals in past years, the onus of responsibility and accountability on Financial Statement Auditor has increased manifolds.
+ Tax Audit
For ensuring compliance audit becomes a necessity. Accordingly, various statutes, including legislations governing direct and indirect tax provisions have incorporated audit provisions in some or the other form.
Income Tax Act
The Income-tax Act, 1961 contains several provisions for audit of accounts of public charitable trusts, non-corporate assesses and other assesses to meet the specific objectives of the Act. Several sections such as 12A, 35D, 35E, 44AB, 80IA, 80-IAB, 80-IB, 80-IC, 80-ID, 80-IE, 142(2A), etc., require audit of accounts for tax purposes.
Goods & Service Tax
The GST law requires compliances by way of an audit attached to the Annual Return. It is critical to focus on the audit of compliances under GST law and input and output reconciliations form a critical part of the GST audit certification. The audit of Annual return lays the foundation for the first external verification/ assessment under the GST law.
+ Stock Audit
Stock audit in general usage is considered as an auditing term which refers to the physical verification of the inventory. It also involves the valuation of the inventory depending on the terms of reference or the engagement letter of the assignment.
