Professional Service

Audit & Assurance

Statutory, internal, and tax audits with process-focused assurance reporting.

⏱️ Timeline: Statutory audit typically takes 3-4 weeks depending on company size and complexity. Due date is within 6 months of financial year-end (September 30 for March year-end). Tax audit deadline is September 30 (or extended date).

Service Scope

Our audit engagements are planned to improve reporting reliability and control visibility. We combine compliance-oriented testing with practical recommendations for operational and financial improvements.

What You Receive

  • Statutory audit execution
  • Internal audit and control review
  • Tax audit support
  • Risk observations and issue tracker
  • Actionable assurance reports

Our Audit Approach

1

Engagement Planning & Understanding

We understand your business operations, accounting systems, internal controls, and risk areas. Audit plan is prepared with materiality levels, sampling approach, and timeline.

2

Documentation Review & Data Collection

Financial statements, ledgers, bank statements, invoices, contracts, and statutory records are collected. We review accounting policies and previous audit reports.

3

Testing & Verification

Substantive testing of transactions, vouching of expenses, verification of assets, confirmation from debtors/creditors, and physical verification where applicable.

4

Internal Control Evaluation

We assess your financial controls, approval processes, segregation of duties, and IT system controls. Weaknesses are identified with impact assessment.

5

Draft Report & Management Discussion

Audit findings are documented and shared as draft. We discuss observations with management, obtain explanations, and incorporate necessary adjustments.

6

Final Report Issuance & Filing

Audit report with opinion (unqualified, qualified, adverse, or disclaimer) is issued. For statutory audit, we assist with MCA filing of AOC-4 and director's report.

Documents & Requirements

  • Financial statements (Balance Sheet, P&L, Cash Flow)
  • Complete books of accounts (ledgers, journals, trial balance)
  • Bank statements and reconciliations
  • Fixed asset register and depreciation schedule
  • Debtors and creditors ledgers with confirmations
  • Inventory records and stock valuation sheets
  • Expense vouchers, invoices, and supporting documents
  • Loan agreements, investment certificates, property documents
  • Minutes of board meetings and AGM resolutions
  • Previous year audit reports and management letters

Key Benefits

Statutory compliance - fulfill Companies Act 2013 and Income Tax Act requirements

Identify financial errors, frauds, and misstatements before they escalate

Strengthen internal controls to prevent leakage and improve efficiency

Build stakeholder confidence - banks, investors, and regulators trust audited financials

Get actionable recommendations to improve financial processes and governance

Audit-ready documentation helps during due diligence for fundraising or M&A

Ideal For

  • Companies requiring statutory compliance audits
  • Organizations strengthening financial controls
  • Businesses preparing for growth and due diligence

Need a Custom Engagement?

Discuss your current requirements with our team to structure an execution plan aligned with your timelines, reporting needs, and compliance priorities.

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Frequently Asked Questions

Which companies need statutory audit?

All companies registered under Companies Act (Pvt Ltd, Public Ltd, OPC, Section 8) must get their accounts audited annually, regardless of turnover or profit. Only dormant companies and small companies meeting specific criteria have exemptions.

What is tax audit and who needs it?

Tax audit under Section 44AB is mandatory if business turnover exceeds ₹1 crore (₹10 crore for presumptive taxation with digital transactions). Professional income limit is ₹50 lakh. It ensures accounts are maintained per tax laws and income is correctly computed.

What is the difference between statutory and internal audit?

Statutory audit is legally mandated, focuses on financial statements, and provides opinion for compliance. Internal audit is voluntary, covers operations/processes/controls, and helps management improve efficiency and reduce risks. Both complement each other.

Can audit report be qualified or adverse?

Yes. If there are material misstatements, limitation of scope, or non-compliance, auditor issues qualified opinion (except for specific matters), adverse opinion (financials are materially misstated), or disclaimer (unable to obtain sufficient evidence).

What happens if audit is not done on time?

Companies face MCA penalties (₹100/day for company, ₹10,000/day for officers). Income tax audit delay attracts penalty of 0.5% of turnover/gross receipts (max ₹1.5 lakh). Banks may freeze accounts. Director disqualification risk for continuous default.

Common Challenges & Solutions

Challenge

Incomplete or unorganized financial records

Our Solution

We work with your accounts team to organize records systematically, provide checklist of missing documents, and guide on maintaining audit-ready books throughout the year.

Challenge

Bank reconciliation and unaccounted transactions

Our Solution

We prepare detailed bank reconciliation statements, identify unrecorded entries, and ensure all transactions are properly accounted with supporting documents.

Challenge

Fixed asset verification and depreciation calculation errors

Our Solution

We conduct physical verification, update asset register with additions/disposals, and recalculate depreciation as per Companies Act and Income Tax Act rates.