Audit of Accounts

  • Setindiabiz Team
  • July 18, 2023
Audit of Accounts
Audit of Accounts refers to an objective examination, scrutinization, and evaluation of the financial statements of a particular organization. The process aims to ensure that an organization is maintaining accurate and fair records of the transactions.
The Indian Revenue Service is authorized to perform audits in order to verify the accuracy of a taxpayer’s returns or transactions.

Statutory Audit

Statutory Audit is the mandatory legal obligation, used to examine whether or not a company is providing an accurate and fair presentation of its financial position. The process involves examining information such as bookkeeping records, financial transactions, and bank balances. Tax Audit and Company Audit are the two most common types of statutory audits in India. The process of a statutory audit is carried out or conducted for each fiscal year.
  1. Statutory Audit is the legal requirement and it must per performed.
  2. Statutory Audit is conducted after the preparation of final account.
  3. Appointed by the shareholders, a statutory auditor is an independent person.
  4. Statutory auditor’s remuneration is fixed by the shareholders.
  5. After the execution of work, statutory auditor needs to prepare report based on the facts found during the course of audit. He/she needs to present the report to the appointing authority.

Tax Audit

As an examination of an organization’s tax return carries a great significance,Tax Audit is the best way to examine the tax return in an intricate manner. The process also verifies that income and deductions of an organization are accurate. Office Audit, mail audit, and field audit are the three most common types of Indian Revenue Service Audits. Tax Audit ensures that books of Accounts have been maintained according to the provisions of the Income Tax.

Internal Audit

Effective Internal Audit involves working in accordance with the Code of Ethics and International Standards with an objective and professional view. Internal Audit adds value to an organization by improving the operations within. The role of internal auditors includes assessing, monitoring and examining organizational risk along by making sure that the provided information complies with the laws and policies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Talk To An Expert

*Your Information is safe with us | Privacy Policy

  • SETINDIABIZ
  • PARTNER PROGRAM
BECOME OUR PARTNER
Exclusive Offer For CA, CS, CMA, Advocate & Tax Practitioners

Apply for Professional Tax Registration

The Professional Tax is mandatory for every company, LLP, GST-registered business, and other applicable professionals. Registration must be obtained within 30 days of incorporation or registration date. Comply now to Avoid Penalty.

Professional Tax Applicable States

Free consultation and calculator of dues, interest & penalty, if any.

Shops & Establishment Act Registration

(Mandatory to all commercial establishments in every state)
All new establishments must register with the office of the Labour Commissioner (Under the applicable state Shops & Establishment Act) within 30 days of their incorporation for companies or LLPs or the start of business for proprietorships or other businesses.
Free consultation and help to calculate dues, interest & penalty, if any.

Protect Your Trademark Now!

(We help you file trademarks in India and abroad)
Don’t let copycats steal your Trademark or Brand. Register your trademarks now in India to protect your brand, logo, slogan, etc. We have helped over 15K Brands secure their IP.

You Can Protect the Following

Free consultation and Trademark Search in Governemt Database