Statutory Audit : All companies registered in India are required to get their Financial Statements audited by Chartered Accountants under the Indian Companies Act, 2013. These audits are undertaken in accordance with the Indian Accounting Standards and guidelines issued from time to time by the Institute of Chartered Accountants of India. The purpose of the Audit is to determine if the Financials present a true and fair view of the financial results and status of the company. The Audit gives assurance to the investors in respect of the companies’ operations.
Tax Audit : All persons defined under section 2(31) of the Indian Income Tax Act, 1961 which have a turnover over a specified amount are required to have their records audited by Chartered Accountants under the Indian Income Tax Act. The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees’ with the Income-tax department. This audit effectively curbs Tax Evasion and ensures Tax Compliance. Tax Audit also ensures that the Accounts are properly being presented to the Assessing Officers when called for.
GST Audit : Every registered person whose turnover (PAN India basis) during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant as per section 35(5) of the CGST Act, 2017 and shall submit the copy of the audited annual accounts, the reconciliation statement under Section 44(2) and such other documents in such form or manner as may be prescribed. The main objective of the GST Audit is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST Law.
We are presently auditors to several companies, including some of the biggest Corporations in India. Some subsidiaries of Multi-national Corporations are also audited by us. Our Audit team consists of skilled individuals trained in audit functions as per the Accounting Standards and other relevant statutes governing the business.