Core Professional Services
Assurance & Attestation
Statutory, tax and bank audits and certification, carried out to the Standards on Auditing and the guidance issued by ICAI.
Overview
An audit report or certificate is relied on by people who never see the books behind it: shareholders, lenders, regulators, tax authorities and grant-makers. Its value depends on how carefully the work behind it was planned, performed and documented.
We carry out statutory and tax audits for companies, LLPs, trusts and other entities, audits for banks, and a wide range of certificates. Each audit is planned around the entity's risks and uses data analytics to test ledgers and journal entries in full where possible. Alongside the report, management receives a letter setting out control observations and practical improvements.
Where this helps
Common situations
Statutory requirements
- 01A company, LLP or trust must have its accounts audited within the statutory timeline.
- 02Turnover or receipts have crossed the tax audit limit for the first time.
- 03A newly incorporated company must appoint its first auditor within the time the law allows.
- 04The previous auditor has resigned or rotated out, and a new auditor must take over.
Quality of reporting
- 05The audit report carries qualifications that lenders and investors question.
- 06Year-end closing drags on because schedules, confirmations and reconciliations are not ready.
- 07New reporting requirements under CARO, Schedule III or accounting standards need to be addressed.
Banks and lenders
- 08A bank needs statutory branch auditors, or stock and receivables audits of borrowers.
- 09A lender asks for audited figures or certificates before releasing a loan or limit.
Trusts and not-for-profits
- 10A PF trust, charitable trust or NGO needs its annual audit and the related statutory forms.
- 11CSR funds received by an NGO must be accounted for and their use certified.
Certificates
- 12A payment abroad needs Form 146 (earlier Form 15CB) before the bank will process it.
- 13A tender, visa application, lender or regulator asks for a net-worth or turnover certificate.
- 14A grant or loan requires a certificate on how the funds were used.
How we help
Our services and how we work
Statutory Audit
We audit the financial statements of companies, LLPs, partnership firms, trusts and societies, and report under the applicable law and the Standards on Auditing. For companies this includes reporting under CARO and on internal financial controls where applicable.
Includes
- audit planning and risk assessment
- analytics on ledgers and journal entries
- balance confirmations
- audit report
- CARO and internal financial controls reporting
- management letter
Tax Audit
We carry out audits under the income-tax law and prepare the tax audit report (Form 26; earlier Forms 3CA, 3CB and 3CD) with its annexures, reconciling the books with tax returns and other filings.
Includes
- tax audit report and annexures
- reconciliation of books with returns
- disallowance and compliance checks
- timely filing
Bank Audits
We conduct statutory branch audits for banks, stock and receivables audits of borrowers, and revenue and special audits on appointment.
Includes
- statutory branch audit
- stock and receivables audit
- revenue audit
- special audits on appointment
Trust, PF & Not-for-profit Audits
We audit provident fund trusts, charitable trusts and NGOs, prepare the related statutory forms, and certify the use of CSR and grant funds received.
Includes
- PF trust audit
- charitable trust and NGO audit
- statutory audit forms
- CSR and grant fund certification
Certification Services
We issue certificates required by banks, lenders, regulators and authorities, after examining the records behind each figure.
Includes
- Form 146 (earlier Form 15CB)
- net-worth certificates
- turnover certificates
- end-use and fund-utilisation certificates
- other statutory and lender certificates
Ways to engage
How we can work with you
Annual appointment
Statutory or tax audit appointed for the financial year
Appointment by a bank
Branch audits, stock and receivables audits or special audits
One-time certificate
A specific certificate for a payment, tender, lender or authority
Who this is for
Private and public companies, LLPs and partnership firms; businesses crossing the tax audit limit; banks and their borrowers; PF trusts, charitable trusts and NGOs; and anyone who needs a certificate from a Chartered Accountant.
Frequently asked questions
Questions people ask
Which entities need a statutory audit?
Every company must have its accounts audited. LLPs need an audit above specified turnover or contribution limits, and trusts and societies according to the laws they are registered under.
When is a tax audit required?
When turnover or gross receipts cross the limits set under the income-tax law. The limits differ for businesses and professions and depend on how much of the business is done in cash. We can check whether it applies to you.
Can our statutory auditor also provide other services?
The Companies Act and ICAI's Code of Ethics restrict the services an auditor may provide to an audit client. We will advise which services we can provide alongside the audit.
What is a management letter?
A letter to management, alongside the audit report, setting out control weaknesses and process issues found during the audit, with suggestions to fix them.
What do you need to issue Form 146 (earlier Form 15CB)?
Details of the payment, the nature of the income, the recipient's country and tax residency, and the documents supporting any treaty benefit claimed.
Audits and certificates are carried out in accordance with the Standards on Auditing and the guidance issued by the Institute of Chartered Accountants of India.