Income tax act 1961 provisions the compulsory audit of accounts of certain assesse whose turnover or gross receipts exceeds the prescribed limit. The tax audit should be undertaken only by certified chartered accountants.
We provide tax consultancy services to our clients with better tax planning within the purview of income tax law, in compliance of rules and regulation prescribed under income tax Act.
We conduct and prepare audit report as an assurance for the financial statements including balance sheet and profit and loss statement are drawn upon conformity with law and whether they show true and fair view.
Audit of Trusts and Non-Profit Organization
Audit of accounts of trusts and non-profit organizations serves as a basis for relying on the persons at the helm of affairs i.e member of governing body or managing committee. The audit is also required under income tax act.
Concurrent Audit ( Internal audit or Continuous Audit) of Companies
Concurrent audit (Internal audit or continuous audit) is one where we conduct auditing at regular intervals and verify the accounts at throughout the accounting year.
Interim audit is conducted in between the annual audits. It is generally conducted to find out the interim profit or loss as well as to check statutory compliance. Interim audit will provide us sufficient time to do balance sheet audit.
Balance Sheet Audit
Under the balance sheet audit, we conduct audit based on analytical review of each items with previous year, investigate the reason for abnormal variances, check ratios such as current ratio, debt equity ratio, check all unusual and non recurring transactions, compare items in the profit and loss account which are directly related to assets of the company etc.
Non Statutory Audit
Non-Statutory Audit is performed on financial statements which do not fall under the requirements of statutory audit, but which may be required to meet industry or stakeholder requirements.
Company act has made cost audit mandatory to certain categories of companies engaged in prescribed industries. Cost audit is an examination of cost accounting records and verification of the facts to ascertain the cost of the product under reference has been carried at in accordance with principles of cost accounting and evolution of adequacy of proper cost accounting record and their maintenance.