Audit

Statutory Audit 

A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, book keeping records, and financial transactions.

  Internal Audit

The internal audit is an independent function of management, which entails the continuous and critical appraisal of the functioning of an entity, with a special focus on possible areas for improvement and how to strengthen and add value to an entity’s corporate governance mechanisms.Like the secretarial audit, tax audit, and the cost audit, internal audit is also governed under the Companies Act, 2013. Under the Act, the government has the jurisdiction to make rules and regulations for the way an internal audit must be conducted.

  Budgeting

A business budget is a spending plan for your business based on your income and expenses. It identifies your available capital, estimates your spending, and helps you predict revenue. A budget can help you plan your business activities and can act as a yardstick for setting up financial goals. It can help you tackle both short-term obstacles and long-term planning.

Tax Audit 

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. A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs. 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances. NOTE: The threshold limit of Rs. 1 crore for a tax audit is proposed to be increased to Rs. 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.

  GST Audit

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crore^. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant. An annual return using the Form GSTR 9 by 31st December of the next Financial Year. The audited copy of the annual accounts

  Management Audit

A management audit is an analysis and assessment of the competencies and capabilities of a company's management in carrying out corporate objectives. The purpose of a management audit is not to appraise individual executive performance but to evaluate the management team in its effectiveness to work in the interests of shareholders, maintain good relations with employees, and uphold reputational standards. It is important to stress that the management audit assesses the overall management of the company, not the performance of individual managers.

Accounting 

Maintaining regular books of accounts gives you your financial status at a glance. This helps in making important financial decisions. Loans, credit cards dues, and various other liabilities make it pertinent for everyone to have a check on the finances. You cannot make sound decisions without data. The financial data guide you to make informed decisions. Whether you want to splurge or want to contain your expenses, your books of accounts will guide you for the right decision.