Audit & Assurance Services
Audit in general would refer to check, review, inspection etc. There are various types of audits prescribed under different laws such as company audit, cost audit, etc. The Income Tax act requires a taxpayer to get books of accounts of his business / profession audited from a Chartered Accountant from the point of view of Income Tax
The biggest reform in the history of India in the field of indirect taxation was brought by 101st Constitutional Amendment. It introduced the Good and Service Tax Act. The introduction of Good and Service Tax Act has replaced many indirect taxes that were levied in the country such as excise duty, service tax, additional Custom duty and State level VAT and Octroi.
At the end of the financial year, every company irrespective of its nature and size has to prepare its financial statements as per the books of accounts in such a manner that it state true and fair views of affair of company. The financial statements so prepared are to be audited by the statutory auditor and are placed before the members for approval.
Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives. It help in evaluating the design and operating effectiveness of internal control and risk management process as designed and implemented by the management.
Inventories denotes tangible property held for sale in the ordinary course of business or in the process of production for such sale or for consumption in the production of goods or services for sale, including maintenance supplies and consumables stores and spare parts meant for replacement in the normal course.
A review engagement is based mainly on analytical procedures and inquiries conducted by the auditor. On general terms it can be defined as quarterly audit of financial statements, where there is no opinion given by the auditor.Every company listed in SEBI and entities whose account are to be consolidated with listed entities under the clause 41 of the listing agreement is required to furnish unaudited financial results in the prescribed format within 45 days of the end of the respective quarter to concerned stock exchange.