Audit and assurance
An audit is an independent examination of your financial statements that ends in a report which lenders, investors and regulators rely on. We audit companies, LLPs, trusts and societies under the Companies Act, 2013, the Income-tax Act and the law that governs each entity.
Independence
We do not provide a company we audit with the services that Section 144 of the Companies Act prohibits, such as bookkeeping, internal audit or outsourced finance work. If you need those, we say so before we accept the audit, and one of the two goes to another firm.
When you need this
- Your company, LLP or trust is required by law to have its accounts audited.
- Your turnover or receipts have crossed the limit that triggers a tax audit.
- A bank, investor or buyer has asked for audited accounts or an independent certificate.
- You want to change auditors, or you want the controls in your finance function tested before a regulator does it.
What we do
Statutory audit
Audit of financial statements under the Companies Act, including the CARO report and, where it applies, the report on internal financial controls.
Tax audit
The tax audit report and Form 3CD for businesses and professionals above the prescribed limits.
Internal audit
A risk-based programme agreed with the board or audit committee, with findings tracked to closure.
Concurrent audit
Ongoing transaction-level audit for lenders, treasury and high-volume functions.
Special-purpose audits
Grant utilisation, FCRA, related-party transactions, branch audits and similar reviews.
Trusts and societies
Audit and the reporting the Income-tax Act requires to keep the exemption.
Management letter
Control weaknesses and recommendations, delivered separately from the audit report.
How an engagement runs
- Acceptance, including the communication with the outgoing auditor if you are changing firms.
- Planning: we read last year's accounts, learn how the business works and agree the timetable.
- Fieldwork, in an interim visit and a year-end visit.
- Draft findings discussed with management before the report is signed.
- Report, management letter and support for the filings that follow.
What we need from you
- Closed ledgers and a trial balance, bank statements and confirmations, loan and security documents, the fixed asset register, GST and TDS returns, last year's signed accounts and the minutes of board and general meetings.
Questions people ask
- What is the difference between a statutory audit and a tax audit?
- A statutory audit is required by company or other law and produces an opinion on whether the accounts give a true and fair view. A tax audit is required by the Income-tax Act above a turnover or receipts limit and reports on compliance with specific tax provisions. A company can need both.
- Can the same firm audit my company and keep its books?
- Not if it is the statutory auditor. Section 144 bars an auditor from bookkeeping, internal audit and similar services for the company it audits.
- How long does a statutory audit take?
- It depends on the size and complexity of the business and on how ready the books are. Most delay comes from open reconciliations and missing confirmations, so a company that hands over closed, reconciled books saves the most time.
- Do trusts and societies need an audit?
- Many do, under the statute that governs them and under the Income-tax Act as a condition of the exemption. We check which apply before the engagement starts.
Related practices
Engagement terms and fees are agreed after the first conversation, based on scope and complexity.
Contact the Office