We provide a range of assurance and business services to a diverse client base ranging from small businesses & start-ups to large groups and development sectors. Audit is usually considered as a time-consuming and expensive process that only benefits the statutory authorities. We ensure that all your reporting requirements are met as painlessly as possible. We aim to offer you the best tax planning advices that'll help your company run efficiently and cost effectively.
ADCA has highly qualified professionals and adopts time tested methods towards providing audit and assurance services. Our Audit & Assurance team focuses on compliances with Indian GAAP, US GAAP and IFRS for Indian Companies. We adhere to Auditing standards issued by ICAI in carrying out our audit and assurance services. We have experience in handling audit of companies with presence in US,UK Europe and other parts of the word.
Books of account of every company is required to be audited as prescribed under companies Act 2013. LLP's books of Account are required to be audited as per the provisions of LLP Act, 2008, if the turnover of LLP exceeds Rs 40 lakh per annum. Audit comprises of reviewing and certifying compliance with due accounting procedures, prescribed accounting standards, accounting and auditing guidelines prescribed by the Institute of Chartered Accountants of India.
Statutory Audits are audits which are mandated by various laws applicable to business. Following are the prominently applicable statutory audits :
1. Audit under the Companies Act :
Every company registered under the Companies Act irrespective of volume of business is required to get its books of account audited and auditor is required to submit report to shareholders in the prescribed format. This audit has huge significance is providing assurance on financial statements and financial condition of the company to shareholders, lenders, government and other stakeholders in a company.
2. Audit under Income Tax Act:
Income tax law mandates audit of financial statements and issue of audit report in prescribed format. As per the present provisions of the Income Tax Act, Audit is applicable if the turnover of the business exceeds one Crore during a Financial Year. Income Tax Audit is to provide an assurance to the Income Tax department that business has complied with various provisions of income tax law applicable to the business. An auditor is required to report the non compliances in his Audit Report.
3. Audit under GST Act:
Audit under the GST Act is applicable if the turnover of business exceeds Rs 2 crore as per the present provisions. Similar to Income Tax Audit, GST audit is to provide assurance to the GST department that business have complied with provisions of GST law as applicable to the business. Format of the audit reports requires the auditor to report non compliances to the GST department.
4. Bank and Concurrent Audit :
Banking law prescribes for audit of Banks in the form of financial statement and Concurrent Audit. Financial statement audit is carried out at the end of the financial year, whereas concurrent audit is carried out on a continuous basis to audit all transactions immediately after the transactions has taken place.
5. Audit under LLP Act, Societies Act, and other law:
Apart from the audit under companies and Tax Laws, various other laws provide for audit of financial statements and books of accounts by Chartered Accountants.
Internal audit is a tool used by the management of the company to review and evaluate internal checks and internal control system in the company and check compliance with such internal control systems and guide management in initiating corrective action. Intenal audit covers the following areas:
Provisions of the companies Act, 2013 requires the following class of companies to apoint an internal Auditor or a firm of internal auditors:
Internal or Management audits are carried out to audit internal control procedures adopted by an organization in carrying out its transactions. It helps to improve effectiveness of risk management, control and governance. The scope of internal audit generally includes the following
Income Tax Act, 1961 requires, Persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified below to get their books of accounts audited by a independent Practcing Chartered Accountant:
As India follows self-assessment method to assess income and taxes payable by a person, it is the responsibility of the person to follow all the rules prescribed under the Act. Tax Audit Service is a mechanism by which the Income Tax department would enforce the law effectively through an independent agency by ensuring that income declared in the return is accurate.