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.