Auditing & Assurance activities in an organisation are at the core of any format of Business setup. Its main aim is to ensure proper working of the organisation according to laid down management policies, Standard Operating Procedures and internal controls and also to check the efficiency and effectiveness of the controls itself. At NewCompanyIndia.com, we offer a complete range of Auditing Solutions to help improve your financial efficiency, accuracy and stability.
We provide following auditing related services-
1) Statutory Audit under Companies Act 2013
Every company in India incorporated under the companies act is required to get its books of accounts audited by a Qualified Chartered Accountant in Practice to ensure true and fair view of the accounts. This is done as per the laid down rules and provisions in the statute. Financial statements are prepared as per the Schedules provided in the Companies Act 2013. These Financial statments are then mandatorily required to be e-filed with the Ministry of Corporate Affairs on Annual basis. Thus Statutory Audit ensures reliability of annual accounts of the company for various stakeholders like of the Company like government, shareholders, debtors, creditors, bankers etc.
2) Tax Audit Under Income Tax Act,1962
Tax Audit is a compulsorily required to be conducted under the Income Tax Act in India if the total turnover of a person exceeds Rs. 25,00,000 for professionals and Rs. 1,00,00,000 for persons other than professionals. Tax Audit has to be conducted by a Chartered Accountant appointed by the person itself. Tax Audit Report is given by the Chartered Accountant to the person in Form 3CA/Form 3CB/Form 3CD prescribed under the Income Tax Act. At the time of filing of the Income Tax return of that particular assessee relevant information from the Tax Audit Report has to be filled.
It should be noted that the provision of tax audits are applicable to everyone, be it an individual, a partnership firm, a company, or any other entity. The tax audit report is to be completed by September 30 after the end of the previous fiscal year. Non-compliance with the tax audit provisions may attract a penalty of 0.5 percent of turnover or INR100, 000, whichever is lower. There are no specific rules regarding the appointment or removal of a tax auditor.
We at NewCompanyIndia.com provide tax audit services to our clients keeping in mind the highest standards of auditing and provides a comprehensive tax audit report based on the requirements of the Income Tax Act.
3) Internal Audit
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes". Source - Wikipedia
Internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors regarding how to better execute their responsibilities.
Taking into account today's business scenario an Internal Audit canot be just considered an audit of Financial working of an organisation. With the changing times It has evolved into become a productive tool in the hands of management to ensure proper functioning of the organisation be it be any department -production or sales or finance or human resources. This need of businesses has diversified the role of Internal Auditor from just ensuring the correctness of financial system of any organisation to include consultative processes like advising on better utilisation of organisations resources, better management of financial as well as non-financial functions etc.
We at NewCompanyIndia.com strives to ensure that Internal Audit conducted by us with the highest standards & auditing procedures thus ensuring total satisfaction of client’s requirements.