Statutory & Tax Audit in Chakan Industrial Area

Objective Audit & Assurance Services

Financial auditing plays a fundamental role in corporate governance, building trust for shareholders, bankers, and tax regulators. As registered Chartered Accountants in Maharashtra, we perform objective, independent audits in compliance with the Standards on Auditing (SAs) issued by the ICAI.

Our audit philosophy combines technical testing with an understanding of client operational risk. We verify transaction trails, review ledger balances, test internal controls, and check compliance with disclosure requirements under Indian accounting frameworks.

Statutory Corporate Audits u/s 139

Under the Companies Act, 2013, every incorporated company must appoint an independent auditor to examine and report on their annual financial statements:

• Financial Statement Audit: Examining balance sheets, profit & loss statements, and cash flow records to state whether they present a true and fair view of the company's financial position.
• CARO 2020 Compliance: For eligible companies, we prepare the detailed Companies (Auditor's Report) Order (CARO 2020) disclosures, covering inventory valuation, fixed asset physical checks, loan defaults, and statutory dues deposits.
• AS & Ind AS Adherence: Verifying that accounting estimates, revenue recognition methods, and lease reporting comply with applicable Accounting Standards (AS) or Indian Accounting Standards (Ind AS).

Income Tax Audits u/s 44AB

Under the Income Tax Act, 1961, businesses and professionals exceeding specified turnover thresholds must undergo a tax audit to verify direct tax compliance:

1. Filing Form 3CA/3CB and 3CD: We conduct detailed checks on capital expenditures, personal expenses debited to business accounts, depreciations claimed, and payments to related parties, compiling these into the Form 3CD statement.
2. Section 43B Verification: Auditing and certifying that statutory payments like GST, Provident Fund (PF), and Employee State Insurance (ESI) are deposited before the ITR filing due date.
3. Section 40A(3) Compliance: Examining transaction ledgers to identify and disallow cash payments exceeding ₹10,000 made to a single person in a single day.

Internal Audits & Financial Control Reviews

Internal audits are designed to evaluate internal governance and protect companies from fraud and operational inefficiencies:

• Internal Financial Controls (IFC): Under Section 134(5)(e) of the Companies Act, we test the adequacy and operating effectiveness of the company's internal financial control systems, helping prevent transaction leakages.
• Stock & Debtors Audits: Conducting physical verification of inventories and reviewing accounts receivable ages to provide compliance certificates required by commercial banks for CC/OD credit facilities.