Audit & Assurance
Service is inclusive of
- Audit of Accounts-Carry out independent and detailed Audit of accounts by Practicing experienced CA
- Audit Report-Report of Auditor as per Companies Act and Tax Laws applicable to your business
- Audit Opinion-Auditor opinion on financial statements validates true and fair view of business
- Timely and Professional Compliance
Our expert practicing CA will ensure timely regulatory compliance for Audits.
Audit and Assurance
Get your business Accounts audited by our practicing expert Chartered Accountant professionals and ensure timely Compliance with the law.
Every Company is statutorily required to get their accounts audited by CAs. Income Tax audit is also mandatory above Turnover of Rs.2 Crore for every business and Rs.50 Lacs for all kind of Professionals. Audit is also mandatory in case of profits from business are below prescribed minimum under the law.
Non compliance with Audit requirements with business may involve significant penalty provisions under various statute.
What is Audit and Assurance?
Under various law, Practicing Chartered Accountants are solely authorised to carry out the Audit of accounts of business and issue their Auditors report with opinion on financial statement. Company Secretary are allowed to carry out Secretarial Audit as required under Companies Act to provide assurance on compliance with applicable provisions of Companies Act and rules thereon.
Business are required to get their Books of accounts audited by a qualified Chartered Accountant and submit Auditor’s report on financial statements to regulatory bodies of MCA, Income Tax, VAT, Service Tax, GST etc. for the classes of business prescribed based on Turnovers and profits. The requirement of Audit is mandatory in case of Companies, as prescribed under Companies Act, 2013. Thus Every Private Limited Company should get their books audited by CA, irrespective of Turnover or Profits. Auditors report along with Annual Financial statements should be filed with Registrar of Companies on annual basis.
In case of Limited Liability Partnership, they are required to audit books of accounts where Total Turnover/ Gross receipts from Business exceeds Rs.40 Lacs or Total Capital Contribution exceeds Rs.25 Lakhs.
Apart from above, Income Tax laws requires Tax Audit of books of accounts where Turnover of business exceeds Rs.2 Crore or Gross Receipts from Profession exceeds Rs.50 Lac for the financial year.
Types of Audit
Audit your books of Accounts of business with India Kickstart Paneled CAs.
Every Company (private or public) must get their accounts Audited by practicing Chartered Accountant under Companies Act, 2013 and submit Auditors report with MCA. Audit should be completed on or before 30th September of every year and Auditors Report along-with Annual Accounts must be filed within 60 days from the conclusion of Annual General Meeting (AGM).
LLP’s are required to have its accounts Audited by practicing CAs if its annual turnover in any financial year exceeds Rs.40 Lakhs or its contribution exceeds Rs.25 Lakhs. Audit report along with statement of solvency on financial statements should be filed within 30 days from end of six months of close of financial year. i.e. If Financial year is 31.3.2017, Audit report must be filed with MCA by 30.10.17
Income Tax prescribes mandatory Tax Audit of Accounts of business by practicing CAs, where Turnover of Business exceeds Rs.2 Crore or Gross Receipts in case of Profession exceeds Rs.50 Lacs in a financial year. Thus any form of business ( Company, Firm, Proprietorship, Partnership etc) are covered under Audit on breaching Turnover criteria as above. Further, In other cases where Turnover of business is below Rs.2 Crore , however Net profit of Business is declared below 8% of turnover, audit requirements are applicable. In case of Professionals, Where Gross receipts below Rs.50 Lacs and Net Profit shown is below 50% of Gross receipts, in those case also Audit is mandatory.
Due Date for Tax Audit under Income Tax Act with e-filing of Audit Report in Form 3 CD must be filed on or before 30th September of each financial year.
Under VAT Laws, Compulsory Audit of accounts by practicing CA is prescribed where Turnover of Business exceeds Rs.1 Crore in financial year in case of Maharashtra State. The said turnover limit varies according to the State Laws. Audit Report in prescribed Form ( Form 704 for Maharashtra) to be e-filed latest by 15th January in respect of previous financial year. i.e. Audit Report for FY 15-16 to be field by 15.1.2017
Special Audit of books of accounts of registered dealer under Goods and Service Tax Act can be ordered by GST Assessing officer. In such case, audit to be completed by competent Chartered Accountant or Cost accountant nominated by GST Officer to validate GST liability, input tax credits and adherence to applicable provisions of GST laws.
Apart from above, Audit by practicing CAs are required to have under Service Tax Laws, Trusts, Co-operative Societies, NBFC and other applicable laws of India.
Benefits of Audit
Independent Opinion by Experts
Audit is carried out with objective of provide detailed examination of books of accounts by CAs. It provides indepedant unbiased opinion as to whether financial statements reflects true and fair view of affairs of the business and free from material mis-statement. It provides credibility and assurance to various stakeholders of the business that financials can be legally relied upon by them to make suitable business dealings with the company or firm as the case maybe.
India Kickstart team understand need of every business and possess well versed experienced practicing team of Chartered Accountants, Company Secretaries, Cost Accountants who are competent to carry out Audit of Business as per requirements of the law.
To avail Audit Services, simply Talk to us, fill up Enquiry form and get contacted by our experts to resolve queries and get Customized Package as applicable to your business requirements.
See How it Works
About India Kickstart
Just tell us a little bit about your business and you’ll have the incorporation certificate in 20 working days. It’s that simple. In addition to yours, we’ll be handling around 400 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.