Auditing & Assurance

Auditing is to inspect, navigate & evaluate all the financial records of the company for current fiscal year, where assurance is the assessment of procedures used in preparing accounting & financial records.

How Auditing & Assurance Works?

AcTax provides supporting services for audit and assurance to entities across many industries, including businesses, not-for-profit organizations and governments.

Step 1

We resolve your queries regarding auditing & assurance.

Step 2

Actax Experts reach you to collect all details & Financial reports.

Step 3

We complete the work & shall courier or mail your documents.

The aim of an audit is to ensure proper financial statement of companies. Auditor provides “Audit Report” after completion of auditing. The company should provide genuine financial information to the auditor in order to clean chit the company’s financial data are fair & true. Auditor shall comply auditing with relevant standards specify by ICAI Board. 

All company irrespective of its nature of business, should perform auditing at the end of every financial year. 

Points to Know:

  1. ICAI (institute of Chartered Accountants of India) is the governing body for audits in India.
  2. Only the members of ICAI can perform auditing to private or government institutions.
  3. You can appoint only an individual Chartered Accountant or a partnership firm of chartered accountants as auditors. 

Auditors do statutory audit to check the accuracy of the financial statements & records of company, banks or government. Statutory audit determines if an organization delivers genuine & accurate information about its financial status showing its bank balance, transactions & accounting ledger. 

We undertake support services for Statutory Audits of Public/Private Limited Companies manufacturing/ Trading/ Service Sectors, IT Companies, Non-Banking Finance Companies Charitable Institutions, NGO, Hotels, Hospitals, Co-operative Societies and other small and medium-sized enterprises and issue report as required under the regulation.

Business Company, Firm or Enterprises whose turnover exceeds Rs.2 Crore or total receipts from any profession exceeds Rs. 50 Lakhs in any previous year is required to get its accounts audited and get a report under the section 44AB of the Income Tax Act. The assessee has to get tax audit report as prescribed under the law. We have a team of tax experts to support & conduct such type of audits.

In Internal Audit, we ensure that maintains effective controls by assessing the reliability of financial reports, monitoring the firm’s compliance with laws and regulations, and advising management on developing smart control solutions. Our group has unique insight on the financial industry and its products and operations. The Internal Audit department assesses the firm’s internal control structure, advises management on developing control solutions, and monitors the implementation of these measures.

A physical verification of the inventory with Manual Records maintained by the entities. The major purpose to conduct this activity is to identify theft cases or rule out the discrepancies in the book stock and physical stock. We have a team support &conduct such type of audits.

Actax India provides supporting services for Audit and Assurance to entities across many industries, including businesses, not-for-profit organizations, and governments.

Our area of Auditing and Assurance Services includes Statutory Audits, Tax Audits, Internal & Management audits, Information System audits, Stock audits, and many more.

Our Team assists to emphasize quality, integrity & independence during every stage of the audit process. We develop knowledge and understanding of carrying out the assurance engagement and its application in the professional regulatory framework. “Our team has the expertise to guide you through the challenges within the increasing complexity of compliance & regulatory issues”.

General Questions

Get Your Questions Answered!

Is it compulsory to perform Auditing to Companies?

Yes, as per the Companies Act 2013, it is mandatory to perform auditing to companies of any nature. 

Are Chartered Accountants from AcTax members of ICAI?

Yes, all Chartered Accountants in our firm are members of ACAI. 

Is there any penalty for not performing auditing?

If you not perform an audit for your accounts, under section 271B of Income Tax Act, you may be penalized about 0.5% of Gross receipts subject to a maximum of 1.5 lakhs. 

What is the turnover limit for auditing?

If your turnover/gross receipts exceed ₹2 crores in a year, should perform auditing under Section 44AB. Exemption for those turnover less than ₹2 crore. 

Still Confused?

Get in touch with our expert! They will help you.

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