An Audit is an examination of data to verify its integrity. Audits can be found in every field to ensure the accuracy and reliability of important information. A financial audit checks for the accuracy of data presented in the financial statements and books of accounts of an entity.

1. Statutory Audit Under Various Law

When a financial audit is required under law, it is called a statutory audit. It is an external audit where the auditor is appointed under the respective law or statute. An audit from an external independent body is considered more reliable. A financial audit may include a test of controls, tests of transactions, tests of balances and analytical procedures.
There are various audit reports required under various statutes and we offer following statutory audit asignment under compliance of following statutes:
  1. Company Audit under Companies Act 2013 - As a company is limited by its liability, it is necessary to safeguard the interests of its lenders and shareholders. To ensure this the Indian companies act requires every company to get its accounts audited as per the guidelines laid down in the act. Both private and public companies are required to get their accounts and financial statements audited every year. This audit is conducted by an independent practising chartered accountant .
  2. Tax Audit under Income Tax Act 1961 - To verify various expenses and deductions claimed by businesses and to minimise tax evasions certain businesses are required to get their accounts audited by practising chartered accountants as per the guidelines and reporting requirements mentioned in the act. The audit report has to be prepared according to Form 3CD prescribed by the Income Tax Rules.
  3. GST Audit under CGST Act 2017 - Indirect tax in the form of Goods and services tax (GST) came into effect from 1st July 2017. An audit under GST was applicable to verify the correctness of turnover declared, input tax credit availed, taxes paid and refunds claimed by the assessee. Under section 35 of CGST Act, every registered person under GST whose aggregate turnover exceeds Rs. 5 (five) crore in the financial year is liable for GST audit.
  4. Audit of Charitable Institutions u/s 12A of the Income-tax Act, 1961 - Main objective of the audit of Public Charitable Trusts/ Institutions is basically to report on the genuineness of the claim for exemption of Income u/s 11 of the Income Tax Act, 1961 and also whether such Trust/ Institution has complied with all the requirements prescribed under the Income Tax law, eventually to help Assessing Officer in deriving required satisfaction level to conclude the assessment process.
  5. Audit of religious and Charitable trust Under Gujarat Public Trust Act, 1950 The accounts kept u/ s 32 of the act shall be audited annually in such manner as prescribed and by a person who is a chartered accountant within the meaning of the Chartered Accountants Act, 1949, (XXXVIII of 1949)
  6. LLP Audit under LLP Act ,2008 - As per Section 34(4) of the Act there is LLP audit requirement. turnover exceed prescribed limit or whose contribution exceed Rs. 25 lakhs in any financial year. LLP Who's turnover exceed prescribed limit or whose contribution exceed Rs.25 lakhs in any financial year shall appoint LLP Auditor. The LLP auditor must be Practicing Chartered Accountant. Where LLP turnover or capital contribution is not more than prescribed limit , LLP audit is not mandatory. LLP partners can take mutual decision for auditor appointment.
  7. Audit of Society under Societies Act,1860 - The accounts of the Society shall at least once every year by audited by a reputed Chartered Accountant appointed by the Board of Management A copy of the audited accounts together wit the audit report shall be submitted by the Board of Management to the general body for approval.

2. Internal Audit

Internal audits evaluate a company's internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal auditors are hired by companies who work on behalf of their management teams. These audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.
An internal audit offers risk management and evaluates the effectiveness of many different aspects of the company. Types of internal audits include financial, operational, compliance, environmental, IT, or for a very specific purpose. Internal audits provide management and the board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits. Similar to external audits, internal audits are conducted through planning, auditing, reporting, and monitoring steps. Internal audits may enhance the efficiency of operations, motivate employees to adhere to company policy, and allow management to explore specific areas of its operations.
Although financial audits can be internally conducted by an entity through external Chartered Accountant or its employee, We offer following type of audit assignment with regard to Internal Audit:

  1. Required Under Companies act, 2013
  2. Audit required for management perspective for internal control for any business entity