Statutory audit of companies in India is prescribed by the Companies Act, 1956. It comprises of reviewing compliance with accounting procedures, provisions of company law, tax laws and other related laws & standards and guidelines as recommended by the Institute of Chartered Accountants for India, in line with international accounting norms. Besides we analyse and report on the performance of the company to the board of directors through meaningful ratios, cash flows and other analytical tools.
The Income Tax Act, 1961 requires the books of accounts of persons carrying on business or profession to be audited in accordance with the provisions of the act in this regard, where the turnover or gross receipts exceed the limit specified therein. Such an audit is mandatory in nature and is to be conducted by a Chartered Accountant.The purpose of a tax audit or return examination is to show filings to the state tax authorities are correct according to tax law.
Internal Audit is a management tool used to review and evaluate the operations of the entity and guide the management in the initiation of corrective action. Our internal audit team works in an independent and objective manner to add value and improve an organization’s operations through our audit and assurance services.