Statutory & Internal Audit

Audit &
Assurance.

Independent audits conducted under ICAI Standards on Auditing — giving your stakeholders, lenders, and regulators the confidence they need in your financial statements.

Companies Act 2013
Statutory Audit — Sec 143
Mandatory for all companies; CARO 2020 applicable
Income Tax Act 1961
Tax Audit — Sec 44AB
Turnover above ₹1 Cr (₹10 Cr digital transactions)
Companies Act 2013
Internal Audit — Sec 138
Mandatory for specified classes of companies
GST Act 2017
GSTR-9C Certification
For taxpayers with turnover above ₹5 Cr
Audit Services

Select the audit type
you need.

Companies Act 2013 · Section 143

Statutory Audit

Every company registered under the Companies Act 2013 — Private Limited, Public Limited, One Person Company, or LLP — must appoint a statutory auditor who is a Chartered Accountant in practice. The audit must be conducted in accordance with the Standards on Auditing (SAs) issued by ICAI.

Our statutory audit goes beyond signing the accounts. We assess the internal financial controls over financial reporting (IFC-FR) as required, report on CARO 2020 items, and issue a management letter identifying weaknesses in internal controls that your board and management can act on.

  • Audit under SA 700 / 705 / 706 — Forming opinion and reporting on financial statements
  • CARO 2020 reporting — 21 clauses covering fixed assets, inventory, loans, dues, and more
  • IFC assessment — evaluating design and operating effectiveness of internal controls
  • Director's Report coordination and Related Party Disclosure (Ind AS / AS)
  • Form ADT-1 filing on MCA portal for auditor appointment
What we deliver
  • ✓Independent Auditor's Report
  • ✓CARO 2020 Report
  • ✓IFC Report (where applicable)
  • ✓Management Letter
  • ✓Audit working papers
  • ✓MCA ADT-1 filing
Filing Deadline
30th September (for companies with financial year ending 31st March)
Income Tax Act 1961 · Section 44AB

Tax Audit

A tax audit under Section 44AB is mandatory for businesses whose total sales or turnover or gross receipts exceed ₹1 crore in a financial year (₹10 crore where cash transactions do not exceed 5% of total receipts and payments). For professionals, the threshold is ₹50 lakh.

The tax auditor is required to furnish a report in Form 3CA or 3CB along with the prescribed particulars in Form 3CD — a 44-clause document that covers everything from depreciation to payments to related parties to TDS compliance.

  • Form 3CA — where accounts are audited under any other law (e.g. Companies Act)
  • Form 3CB — where accounts are not required to be audited under any other law
  • Form 3CD — all 44 clauses filled accurately and completely
  • Verification of Tax Audit Report with Income Tax Return
  • Uploading on Income Tax e-filing portal before due date
Who needs a tax audit?
  • ✓Business turnover > ₹1 crore
  • ✓Professional receipts > ₹50 lakh
  • ✓Opting out of presumptive taxation (Sec 44AD/44ADA)
  • ✓Loss declared below presumptive income
  • ✓Digital turnover > ₹10 crore (Sec 44AB proviso)
Filing Deadline
30th September of the Assessment Year
Companies Act 2013 · Section 138

Internal Audit

Section 138 of the Companies Act 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 mandates internal audit for specified classes of companies — including listed companies, unlisted public companies above prescribed thresholds, and private companies meeting certain criteria.

Our internal audit goes beyond compliance — we adopt a risk-based approach to identify operational, financial, and compliance risks that affect your business, and provide actionable recommendations that management can implement.

  • Risk-based internal audit plan — prioritising high-risk areas for the business
  • Process audits — procurement, payroll, accounts payable, revenue, and inventory
  • IT and system access control reviews
  • Fraud risk assessment and red flag identification
  • Quarterly internal audit reports with management responses
  • Follow-up reviews of prior period recommendations
Who needs internal audit (Sec 138)?
  • ✓Every listed company
  • ✓Unlisted public companies: paid-up capital ≥ ₹50 Cr OR turnover ≥ ₹200 Cr OR outstanding loans ≥ ₹100 Cr OR outstanding deposits ≥ ₹25 Cr
  • ✓Private companies: turnover ≥ ₹200 Cr OR outstanding loans ≥ ₹100 Cr
Frequency
Quarterly — as recommended by Audit Committee
Banking Regulation Act · RBI Guidelines

Bank Branch Audit

Bank branch statutory audits are conducted by CA firms empanelled with the RBI. The audit covers the branch's advances portfolio, deposit liabilities, income recognition, and asset classification as per RBI prudential norms — and follows prescribed reporting formats issued by the RBI and ICAI.

We are experienced in conducting statutory and concurrent audits of bank branches across commercial banks, cooperative banks, and RRBs — working within tight deadlines and RBI-prescribed formats.

  • Verification of advances and NPA classification per RBI IRACP norms
  • Income recognition and provisioning review
  • LFAR (Long Form Audit Report) preparation
  • Ghosh and Jilani Committee recommendations compliance
  • Concurrent audit — monthly review of transactions for identified risk areas
Our bank audit deliverables
  • ✓Main audit report
  • ✓LFAR (Long Form Audit Report)
  • ✓Tax audit report (Form 3CA/3CD)
  • ✓Certificates as required by bank
  • ✓Management Letter
Typical Timeline
March–April (for 31st March year-end banks)
Income Tax Act · Sec 12A / 12AB / 80G

Trust & NGO Audit

Charitable trusts, societies, and Section 8 companies registered under the Income Tax Act for 12A/12AB (tax exemption) or 80G (donation deduction) recognition are required to get their accounts audited annually and file Form 10B or 10BB along with their Income Tax Return.

We conduct audits of non-profit organisations across education, healthcare, religious, and social welfare sectors — ensuring compliance with the conditions of 12A/12AB registration and timely filing of all statutory forms.

  • Audit of trust/NGO accounts and Statement of Income & Expenditure
  • Form 10B / 10BB preparation and filing
  • Verification of application of income for charitable purposes (85% rule)
  • Corpus fund and restricted fund accounting review
  • FCRA compliance check for organisations receiving foreign contributions
Key compliance for trusts
  • ✓85% application of income rule
  • ✓Form 10B / 10BB filing
  • ✓Annual ITR-7 filing
  • ✓Renewal of 12AB registration (every 5 years)
  • ✓FCRA annual return (if applicable)
ITR Filing Deadline
30th September (where audit is required)
How We Audit

Our audit methodology.

Conducted in accordance with ICAI Standards on Auditing — structured, documented, and partner-reviewed.

🔍
01
Risk Assessment

Understanding the entity and its environment per SA 315. Identifying material misstatement risks.

🏗️
02
Controls Evaluation

Assessing internal financial controls over financial reporting — design and operating effectiveness.

📋
03
Substantive Testing

Transaction testing, balance confirmations, physical verification, and analytical procedures.

📝
04
Reporting

Auditor's report under SA 700/705/706 and a management letter with control recommendations.

Audit Applicability

Mandatory vs voluntary audit.

⚠ Mandatory — You Must Get Audited
  • All Companies (Pvt / Public / OPC)Statutory audit under Companies Act 2013 — no turnover threshold
  • Business turnover > ₹1 CroreTax audit under Section 44AB of Income Tax Act
  • Professional receipts > ₹50 LakhTax audit under Section 44AB
  • GST taxpayers > ₹5 Crore turnoverGSTR-9C reconciliation certification required
  • 12A / 12AB registered trustsAnnual audit and Form 10B / 10BB filing mandatory
✓ Voluntary — But Highly Recommended
  • Partnership Firms & ProprietorshipsAudited financials build credibility with banks and investors
  • Businesses seeking loansLenders prefer audited financials — improves loan terms
  • Pre-investment / pre-acquisitionVoluntary audit strengthens your position as a seller
  • Fast-growing SMEsInternal audit helps identify process gaps before they become problems
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