Internal audit is essential to your organization’s ability to accomplish its strategic business goals in the dynamic environment of today while maintaining the level of risk you prefer. In order to give our clients the assurance and industry knowledge they want, we utilise the complete spectrum of the network’s specialty talents

With thousands of auditors and specialists working across numerous markets and industries, we offer internal audit services to hundreds of organisations. Our systems, capacities, and collective knowledge can provide our clients with incisive, unbiased insights that are highly valuable.

An audit that is required by law or a statute to ensure that the books of accounts are accurate and fairly presented to the public and regulators is known as a statutory audit. The Companies Act’s provisions or even Section 44AB of the Income Tax
Act’s Tax Audit are followed in conducting this. Regardless of their line of business or
yearly revenue, all public and private companies must go through a statutory audit.

The term “statutory audit” refers to an audit that is required by law. A statute is a rule or law passed by the legislative of the government. These laws are passed at a variety of levels, including the state, the federal government, and local governments. The audit entails a thorough examination of the organization’s financial records as well as other data. It is an examination of the records of the entities by various people, governmental organisations, etc. A statutory audit makes sure that the financial statements of the organisation present a true and fair picture. The organisation is free of fraud.

In accordance with the Companies Act of 2013, the directors’ report must say that, in the case of listed entities and other prescribed entities, the directors had established their internal financial controls for the company to follow and that those controls were in place and functioning properly.
Internal financial controls are the policies and procedures that the company has adopted to ensure the orderly and efficient conduct of its business, including adherence to company policies, asset protection, fraud detection and prevention, accuracy and completeness of accounting records, and the prompt preparation of trustworthy financial information.

It is our duty to carry out the audit of internal financial controls over financial reporting and to provide an assessment of their efficiency. If there are one or more material weaknesses, the effectiveness of the company’s internal controls cannot be stated true. Even if the financial statements are not correct, internal financial controls may have a material deficiency.

The maintenance and completion of the financial statements is typically the part of a statutory audit. Poor bookkeeping/accounting standards and poor financial report accuracy. No follow-up to pay back unpaid advances and an unadjusted amount of advances. The requirement for ongoing assistance for finance staff in order to improve financial and accounting system management. The absence of follow-up audits may result in persistent errors.

All of the aforementioned responsibilities are included in the concurrent auditor responsibilities. We firmly advise hiring a reputable auditor to guide you through theprocedure and guarantee legal compliance.

Statutory audit of the Bank Branches shall be conducted in accordance with RBI norms, rules and regulations. We as statutory auditor is responsible for making sure that the audit report issued complies with the Standards on Auditing. We make sure that the audit report includes quantification of advances, deposits, interest income, and interest expense for any unaudited branches in addition to information about those branches.

In accordance with a circular from the RBI on the accounting and auditing professional’s responsibility, any instances of fraud, abuse of authoritative powers and other unethical behaviour or any misleading fugures in a transaction should be reported to the Sectoral regulators.

Every person conducting business, if their combined revenues for the year are greater than or equal to Rs one crore or A person who is engaged in profession must undergo a tax audit for the fiscal year if his gross receipts from profession for the year exceed Rs. 50 lakhs and there are other prescribed assessees under Income Tax Act such as an assessee who has opted out for the sections 44AD, AAADA, 44AE, 44BB, 44BBB but claims his income is lower than the profits
calculated, must comply with this legal requirements of tax audit.

A person covered by section 44AB must have his accounts audited and receive the audit report on or before September 30th of the relevant assessment year. The tax audit report must be electronically filed with the Income-tax Department by the chartered accountant. After the chartered accountant files the report, the taxpayer must approve it through his e- filing account with the Income-tax Department.

Every person who has entered into a specific domestic transaction or an international transaction must obtain an audit report from a Chartered Accountant in Form 3CEB to ensure self compliance as per section 92E read with Income Tax Rules, 1962. Under Rule 10D of the Income Tax Rules, a person is required to keep and maintain certain information and documentation about an enterprise’s international transactions, such as the functions, risks, and assets of both the domestic and foreign enterprise etc

In the case of taxpayers who fall under the purview of Section 92E transactions, the due Date for filing income tax returns is November 30th. Section 271BA specifies a penalty of Rs. 1,00,000/- for failure to submit a Chartered Accountant audit report.

The purpose of the audit procedure under the Goods and Services Act is to check that the registered person has reported accurate information in GST returns, that the GST has been properly accounted for in their transactions, and to verify any documentation they have on file or provided. Gathering financial data from registered individuals, reviewing income tax filings, and visiting registered locations are all included in the GST Audit’s purview.
The scope of a GST audit includes any papers and information provided, regardless of whether they were provided in accordance with the GST Act or not. The main goal of an audit conducted in accordance with this act is to verify the accuracy of the following: turnover declared and taxes paid or refund claimed in respect input tax credit which shall
be obtained adherence to GST regulations.

A charity or religious trust or any not for profit organisations that has been registered under Section 12A or that has submitted an application for registration by filing Form 10A/80G is required to provide Form 10B as an report by CA. A chartered accountant must submit a Form 10B, which is an audit report, after being requested by the taxpayer. Auditors are need to examined the balance sheet, Profit and loss account for the year ended on that date which are in agreement with the books of account maintained by the said Trust or institution. Also there is a deadline for obtaining and uploading of audit report by NGO’s which is one month before the deadline, or by September 30th each
year, mandated.

Forensic auditing is a specialty within accounting. We have our own Forensic auditing department. Accounting and auditing techniques as well as specialized legal understanding are needed for forensic audits. When a party is being investigated for fraud, misappropriation, or other financial crimes, a forensic audit is frequently performed.

We as a auditor may be called as an expert witness in a forensic audit procedure during court proceedings. A forensic audit may also entail conflicts relating to bankruptcy filings, business closures, and divorces, which are not financial fraud-related events. A forensic audit follows the same steps as a conventional financial audit—planning, gathering data, and drafting a report—with the prospective court appearance as an additional stage.

A review, audit, or investigation known as “due diligence” is carried out to validate the truth or specifics of an issue under discussion. In case of Financial due diligence, before engaging in a proposed transaction with another party, financial due
diligence calls for a review of financial documents. The systematic analysis and reduction of risk associated with a business or investment decision is covered under due diligence.

Every company is required to get due diligence as a good corporate governance practice. A corporate’s financials are scrutinized, compared over time, and benchmarked against rivals as part of due diligence. There are many due diligences like Legal, Financial, Tax, Commercial etc depending upon its purposes and we have mentioned due diligences
services as different set in another tab for your references

Any entity registered anywhere in India under any business industry or sector is required to get the certifications from professionals before operating their business in India or even post registration, every year entities are required
to get the certifications done. Few certifications are mentioned below for your reference:

a) Certification of Annual returns, Financial statements and event based compliances
for the companies registered in India as per the Law.
b) Net worth certificates, Revenue certificate, Shareholding certification, Investment
certificates as may be required by different sectoral regulators.
c) Transfer Pricing certification u/s 92 E as may be required by Income Tax Act.
d) FEMA, ECB, Directorate General of Foreign Trade and other custom related
certifications
e) We also provide certificate required under various laws not mentioned above

Any individual who is in charge of paying a Non-Resident or a Foreign Company must provide such detailed information under Form 15CA. Form 15CB is an event-based form that must be filled out only when the total amount of above mentioned remittances during a financial year exceeds Rs 5 Lakhs and in that case you are needed to provide a certificate from a
chartered accountant.

Further department has no set of time limit for submitting the form. It must be submitted though before the remittance is made. Also, any entity will not be required to provide or furnish details under Form 15CA or 15CB for remittance if they do not need RBI approval and if the payment made is of specified nature lies in the list of 33 items as provided in rule 37BB.

The Sarbanes-Oxley Act of 2002 must be complied with by any businesses that decide to go public for management certifications, whether they do so through a regular initial public offering (IPO) or a special-purpose acquisition company
(SPAC). Organizations are required under Sarbanes Oxley Act to submit a report that shows the management of the business is still in charge of the internal controls over financial records.

The largest, most challenging, and time-consuming component of a Sarbanes Oxley Act compliance audit is often an enterprise’s internal audit and controls testing. This is due to the fact that internal controls cover all of the organization’s IT resources, including computers, hardware, software, and any other electronic devices with access to financial data