Audit and Assurance Services
An audit is an independent examination of financial information that provides assurance to stakeholders, including shareholders, lenders, regulators, and management. For companies, statutory audits are mandatory. For other entities, audits may be required by banks, regulatory bodies, or as part of good governance practices.
The firm provides audit and assurance services in CSN (Aurangabad), across Maharashtra, and for clients in other locations through a combination of on-site and remote procedures.
Statutory Audit under the Companies Act
Every private limited company and public company registered in India is required to have its financial statements audited by a Chartered Accountant every year under Section 143 of the Companies Act. The firm conducts statutory audits in compliance with the Companies Act, applicable accounting standards (Ind AS or AS as applicable), and Standards on Auditing issued by ICAI. The audit report and financial statements are filed with the ROC as part of the annual compliance.
Tax Audit under Section 44AB
Businesses and professionals with turnover or gross receipts exceeding the prescribed threshold (Rs. 1 crore for businesses, Rs. 50 lakh for professionals) must get their accounts audited under Section 44AB of the Income Tax Act. The firm conducts tax audits, prepares Form 3CA/3CB and Form 3CD, and ensures that all the reporting requirements under the form are addressed. The tax audit report must be filed by the specified due date, which is typically one month before the ITR filing deadline.
Internal Audit
Internal audit is a voluntary but highly recommended engagement that evaluates the effectiveness of internal controls, risk management processes, and operational efficiency. The firm conducts internal audits for companies that want independent assurance on their processes. This includes review of purchase-to-pay processes, revenue recognition, inventory management, fixed asset management, and compliance with internal policies.
Bank Audit
Banks require audit of borrower accounts for working capital facilities, term loans, and other credit facilities. The firm conducts stock audits, concurrent audits, and revenue audits for banks. The audit report is submitted in the format prescribed by the bank and covers the operational and financial health of the borrowing entity.
Stock Audit and Physical Verification
Stock audit involves physical verification of inventory, fixed assets, and other tangible assets at the business premises. The firm conducts stock audits for banks (as part of lending compliance) and for companies (as part of internal audit or statutory audit requirements). The stock audit report reconciles the physical count with book records and identifies discrepancies.
RERA Audit
Real estate projects registered under the Real Estate (Regulation and Development) Act, 2016 (RERA) are required to get their accounts audited by a Chartered Accountant. The firm conducts RERA audits, certifying that 70% of the amounts realised from allottees have been deposited in the designated RERA account and that the utilisation is in compliance with the provisions of the Act. The audit report is submitted to the RERA authority within the prescribed timeline.