Audit & Assurance Services In India
Helping organisations from different sectors with Company Audits, Internal Audits, management audits, Statutory Audits, and other Voluntary Audits.
– Company Audit is a mandatory part of the statutory audit for company registration in India. Audit Services are available in India. Accounts must be audited by a Chartered Accountant.
– For an LLP, auditing of the books of account is required if their capital exceeds Rs. 25 Lacs or if they have a turnover exceeding Rs. 40 Lacs.
– An internal audit may be required by certain companies when their borrowing or turnover exceeds a specified limit.
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What you need to Know
Audit Services in India
Audits are done in different ways. Some are compulsory, while others are voluntary. The audit services offered in India are classified into the following categories:
Statutory audits:Â This category includes audits that are required by law. These audits can be for income tax, company laws, banking laws or GST laws.
Internal audits:Â Although this is mandatory for some classes, most organizations make it an integral part of their business due to its importance in assessing and detecting errors or frauds and assessing and evaluating the current affairs of the organization.
Management audit:Â The purpose of this category is to evaluate and recommend whether the assets, resources and strategies used by an organization are in good shape and moving in the direction planned.
There are also other important audits, such as the stock audit, due diligence, forensic audit, and so forth.
Chartered Choice with a wide network of professionals, Audit Services in India provides audit services to various sectors.
Raising the bar for audit quality will help advance the Audit & Assurance Professionals.
Chartered Choice Audits are more important than ever as the world changes before our very eyes. We provide the clarity that is needed to make smart and sure decisions in an increasingly complex world.
We constantly innovate in our outlook and in our application in order to create standards that will provide comfort to all stakeholders in the future.
Chartered Choice people are relentless questioners and deeply knowledgeable in many disciplines. We combine our deep industry specialization and subject matter expertise in every engagement.
Chartered Choice is a dynamic, smart team that builds a deep understanding of the business in order to provide more valuable insights and interactions.
Our Audit & Assurance Services
Points that will make your decision easier
Fixed Assets Audit
A Complete examination of an organization’s asset base
Internal Audit
An independent assessment of an organization ‘s internal controls, corporate practices, and processes
Statutory Audit
An external entity inspects the financial records of an organization
Stock Audit
Assess the accuracy of inventory records maintained by a company
Statutory Reports
Checks the financial records kept by the individual and produces a tax audit report following the required format
FAQs on Income Tax Returns
Who is required to conduct an audit of income tax?
Section 44AB contains the provisions relating to auditing accounts. Income Tax Audit is required under this section for certain taxpayer classes that depend on the turnover and receipts limits
The following is mandatory:
The gross revenue or total sales of a business has exceeded 100 lakhs in the previous year.If the gross professional receipts in any year exceed 50 lakhs;The assessee claims to be covered by section 44AE , and that profits are lower from the business than those computed using a presumptive method. The assessee claims to be carrying out a profession notified under section 44AD and that his profits are lower than those computed under section 44ADA on a presumed basis. His income also exceeds the basic exemption limit. If the income exceeds the basic exemption limit for anyone who is assessed, u/s. 44AD(4)The 44AB does not apply to someone who declares profits or gains on a presumed basis under section 44AD, and whose total sales, gross receipts, or turnover do not exceed Rs. 2 crore.The 44AB section does not apply to anyone who receives income from the nature of the sections 44B or 44BBA.
What is an internal audit? Who is required to perform it?
Internal Auditing:
Companies below are required to have an internal auditor
- All Listed Public Companies
- Unlisted Private Companies if they meet the following criteria:
 If the company has paid up share capital of Rs.50 cr or more The previous financial year’s turnover of Rs. 200 Crore or greater OR
If you have outstanding loans or borrowings of more than Rs.100 crores or more from public financial institutions or banks at any time in the previous financial year, OR
The outstanding deposits at any time of the previous financial year were Rs 25 crores or more
You can also find out more about Private Companies: If it meets the following criteria:
Turnover of at least Rs. 200 Crore during the previous financial year.
The outstanding loans or borrowings of banks or public financial institution that exceed Rs.100 Crore at any time during the previous financial year.
What is a company audit? What is the company audit?
Companies Act of 2013. The purpose of a company audit is to report the financial and accounting status of the business to the regulatory authority. Auditing and assurance services, like Company audits, are carried out by auditors working independently.
The Audit Report Form has its own rules that are set by the government. The rules on the appointment, changing, and removing of auditors have specific rules.
What are compliance audits and how do they work?
The objective of a compliance audit is to verify that the company, or any business application to it, adheres to all applicable regulations. The company can avoid future costs if it follows compliances correctly or if they are not followed.
When we speak about compliance audit procedures, the scope is vast. It can include compliance with labor laws, compliance with companies Acts, compliance , GST, or compliance income tax.
Why is auditing important?
- Auditing and assurance services Help in Advisory on Business Restructuring which auditor can figure in the audit process
- Services of audit and assurance Help in determining a plan based on auditor’s recommendations
- Auditing and assurance services Savings on taxes by removing the activities that do not add up to any value Savings of future compliance costs due to missing or incorrect compliance
- Auditing and assurance services help in prevention and detection of fraud
- Audits are the best way to ensure fairness and internal control for all stakeholders.
What is a Management Audit? Is management audit mandatory?
The Management Audit is designed to evaluate the methods, policies, and systems implemented by an organisation.
The law does not require a management audit. However, medium-sized and large businesses can use management Audit to evaluate and improve their functions.
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