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Audit & Assurance
Statutory Audit under Companies Act, 2013
The statutory audit is a mandatory audit that every company must conduct irrespective of its profit or turnover. A company incurring loss must also conduct a statutory audit. Every private limited company must compulsorily get their annual accounts audited each financial year as per the Act and the Companies (Accounts) Rules, 2014.
The objective of the statutory audit is to determine if a company is providing an accurate representation of its financial situation after examining the information in the books of account, bank balance and financial statements.
Our firm is well equipped and well experienced in Statutory Audit and we perform it as per the Audit Program designed for the company after assessment of their Internal Control.
Tax Audit under Income Tax Act, 1969
As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
In India, persons involved in certain professions or exceeding a certain threshold limit of business as mentioned under section 44AB shall get their books of accounts audited by a chartered accountant is known as Tax Audit.
If you are looking for an experienced tax audit firm HVJ & Associates, Chartered Accountants can meet your expectations. Contact us today to schedule a consultation with our tax audit experts.
Internal Audit
As per the standards on Internal Audit by ICAI, Internal Audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto, add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
In simple terms – It was, and is, a way of ensuring businesses and public sector organizations use resources efficiently and apply process consistently. Internal auditors assist management with this task by providing a focus on risk management and the implementation of more stringent internal controls to manage prospective risks and vulnerabilities.
As of today, internal audit undeniably is the backbone of a sound corporate governance system.
As Chartered Accountants, we understand the challenges faced by the client in risk management and help them in achieving their objectives. We offer internal audit services that are tailored to meet their specific needs and requirements.
Concurrent Audit / Bank Audit
Concurrent Audit:
Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.
It is an ongoing appraisal of the financial health of an entity to determine whether the financial management arrangements (including internal control mechanisms) are effectively working and identify areas of improvement to enhance efficiency.
Bank Audit:
Statutory Audit is an audit which is prescribed by the different statute like Reserve Bank of India, Income Tax, Companies Act, etc. A Chartered Accountant need to conduct many audits as per the different statute requirement.
Statutory Audit of banks is mandatory. Statutory Auditors are appointed by RBI in association with the ICAI. Every year after the end of the previous financial year, in every branch of the banks, a very rigorous audit is conducted.
Due Diligence
Due diligence is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.
In business, a due diligence audit is basically a careful investigation into the complete financial picture of a company. Generally, these audits come before a purchase, merger or other major decision that could negatively influence the finances of one or more businesses. These audits are generally used to ensure that no hidden liabilities exist.
A due diligence process involves the assessment of the current state of a target company’s assets prior to making an acquisition or investment decision. Due diligence often refers to the in-depth study and research being done before signing an agreement or a transaction with a party.
Due diligence remains integral to our portfolio. Our approach to work in this regard can best be described as pragmatic and proactive. We have tailored our work in such a way that we can mitigate the risks to the best and provide you a lot more value than what you may have expected from us as part of the deal. We aim to offer you a great combination of responsive relations and exceptional service. This is how we deliver services that are cost-effective and relevant.
