Audit & Financial Advisory
STATUTORY AUDIT
Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year. This type of audit is not conditional, it depends upon the entity type.
Thus, if your entity is a company, you need to get a statutory audit conducted from a Chartered Accountant, for your company
INTERNAL AUDIT
Critical evaluation of internal controls, performing gap analysis and suggesting areas for improvement and efficiency through examination of Financial & Operating Information, constructive review of operations - keeping your business needs and risks at the forefront of our mind with review of compliance with laws & regulation
TAX AUDIT
Tax Audit is a conditional audit, conducted under the regulations of Income Tax Act. The Act states that if the turnover of any enterprise is more than 1 crore, and in case of professionals if the value of services is more than Rs. 50 lacs then they must get their books of accounts audited by a Chartered Accountant.
The only exemption here is if the enterprise has opted for the Presumptive Taxation scheme, then the entity does not have to get its books of accounts audited. But this scheme is not applicable for companies, which means for every company whose turnover crosses Rs. 1 crore for the financial year, has to get its books of accounts audited.
ICFR AUDIT
Internal Control over Financial Reporting (ICFR) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. It provides reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company.
IFRS ADVISORY
The adoption of IFRS standards allows entities to simplify their accounting processes and improve their efficiency. The deep and relevant expertise of our advisors enables us to provide complex services to assist our clients with all areas of IFRS.