Audit Services in India: Statutory, Tax and Internal Audit
Independent statutory, tax and internal audits by Chartered Accountants, with reports ready for the MCA, income tax portal and lenders.
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Audit services cover the independent examination of your accounts and controls by a Chartered Accountant, and they matter to companies, LLPs, partnership firms, professionals and trusts that are required to be audited or that want an assurance for lenders and investors. A statutory audit is done under the Companies Act and other laws, a tax audit is done under the Income Tax Act when specified limits are crossed, and an internal audit tests processes and controls for management. Our team plans the work, tests the records, reports findings in the prescribed format and shares practical observations beyond the signed report.
Who provides this service: our team of Chartered Accountants.
Who Needs Audit Services?
- Companies of every size that must have accounts audited each financial year
- Businesses and professionals whose turnover or receipts bring them under the tax audit provisions
- LLPs, trusts and societies with audit requirements under their governing law or tax conditions
- Owners who want an independent review of controls before raising loans or investment
- Management teams concerned about cash handling, approvals or process leakage
Key Benefits
- Clarity on which audits apply to your entity, such as statutory, tax or internal, before the engagement starts
- Statutory audit of companies and other entities, with the auditor’s report and the required reporting on controls and compliance
- Tax audit reports in the prescribed forms, filed electronically so you can accept them on the income tax portal
- Internal audit and process reviews that examine controls, approvals and cash handling and report in plain language
- A management letter listing observations, risks and suggested fixes alongside the formal report
- Coordination with your accountants and tax team so audit queries are closed without repeated document requests
How It Works
Scoping and eligibility
We confirm which audits apply to your entity, check our eligibility and independence for the engagement, and agree scope, reporting formats and timelines with management before any work begins.
Planning and risk assessment
We study your business, accounting policies and prior year findings, identify risk areas such as revenue, inventory or related-party dealings, and draw up an audit plan with a document request list.
Evidence gathering and testing
Our team examines ledgers, vouchers, bank statements, confirmations, registers and statutory compliance, tests samples of transactions and checks that tax deductions and GST positions agree with the books.
Discuss findings with management
Before finalising, we share queries and draft observations with you, give time to rectify genuine errors, and agree adjustments, so the signed financial statements reflect a true position.
Issue the audit report
We sign the statutory audit report or the tax audit forms, upload the tax audit report on the portal, and share a management letter that explains the main observations and recommendations.
Support filings that follow the audit
We help use the audited accounts in your return and ROC filings, assist with auditor-related filings where applicable, and answer follow-up queries from regulators or lenders on the report.
Documents Required
- Trial balance and draft financial statements for the period
- General ledger, party ledgers, vouchers and supporting bills
- Bank statements, bank reconciliations and loan confirmations
- Fixed asset register and purchase documents for additions
- Stock records and the basis of inventory valuation, where applicable
- GST returns, TDS statements and challans for the period
- Statutory registers, minutes of meetings and ROC filings, for companies
- Prior year audit report, financial statements and audit queries
- List of related parties and details of transactions with them
Timeline and Fees
Indicative timeline: Indicative range of a few weeks from the start of fieldwork, depending on entity size, quality of records and how quickly queries are answered. Statutory and tax audit completion also has to fit the due dates set by the authorities.
Professional fee: The fee depends on the type of audit, size and complexity of the entity, volume of transactions, number of locations and the readiness of your books. Contact our team for a written quote after a short scoping discussion.
What Can Go Wrong if This Is Missed or Done Incorrectly
- A required tax audit that is not completed on time can attract a penalty and may disallow some deductions
- A company that skips or delays its statutory audit risks defaults in its annual filings and action under the Companies Act
- Poor records can lead to a qualified or adverse audit opinion, which lenders and investors read carefully
- Errors that remain undetected can surface later as tax demands, GST notices or disputes with partners
Frequently Asked Questions
Is a statutory audit mandatory for every company?
Yes, the Companies Act requires every company, including a private limited company with low turnover or no activity, to have its accounts audited each year by a Chartered Accountant. Other entities such as many LLPs, trusts and societies have separate audit conditions. We confirm which regime applies to you at the outset.
Who needs a tax audit under Section 44AB?
A tax audit applies when business turnover or professional receipts cross the limits set in Section 44AB, or when certain presumptive-scheme conditions are not met. The limits and conditions have been revised before, so we test your position against the current provisions and tell you early whether the report is needed.
What is the difference between statutory audit and tax audit?
A statutory audit is an assurance on whether financial statements give a true and fair view, required under company or other law. A tax audit is a report under the Income Tax Act checking tax-related particulars and compliance. A company can need both, and the two reports are signed on different forms and for different purposes.
What is an internal audit and who should get one?
Internal audit is a review of your processes, controls and records by someone independent of day-to-day accounting. Some companies are required to have one, and others choose it for lenders, investors or better control. It focuses on risks such as weak approvals, leakage and delayed collections rather than only on the numbers.
Can the same firm do your bookkeeping and your statutory audit?
Not for the same client. The Companies Act restricts a statutory auditor from providing certain services, including accounting and bookkeeping, to the company it audits, because independence would be compromised. If we are your auditor, bookkeeping stays with another team or firm. We explain this when scoping, so there is no surprise.
What usually delays an audit?
Delays commonly come from unreconciled bank accounts, missing vouchers, unfiled GST or TDS returns, unsigned confirmations and late finalisation of the trial balance. Starting the document request list early and fixing reconciliations before fieldwork helps shorten the audit and reduces the number of rounds of queries.
Official Sources
Rules, forms and fees change. Check the current position on the official portal:
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Last reviewed: . Laws, fees and procedures change; check the official portal before you act.
Disclaimer: The information on this page is for general informational purposes only and does not constitute professional legal, tax or compliance advice. Requirements vary by situation. Please consult a qualified CA or CS for advice specific to your needs. Government fees and timelines are subject to change; verify with the relevant authority before proceeding.