CA India K T S S & Company LLP

Audit

Statutory, tax, GST, internal, information system and special audits carried out under the applicable standards.

An audit is an independent examination against a defined framework, and its value lies in that independence. We carry out statutory audits under the Companies Act 2013, tax audits under Section 44AB, GST audits, internal audits and information system audits, applying the Standards on Auditing issued by the ICAI and reporting findings with the supporting evidence.

Audit Services

Statutory Audit Audit of financial statements under the Companies Act 2013 and reporting in accordance with the Standards on Auditing. Tax Audit Audit under Section 44AB of the Income Tax Act and reporting in Form 3CA/3CB together with Form 3CD. GST Audit Examination of GST records, returns and reconciliations, and reporting of discrepancies between books and filings. Internal Audit Review of internal controls and operating processes, testing of their effectiveness, and reporting of control gaps with recommendations. Information System Audit Assessment of IT general controls, access management and application controls over financially significant systems. Special Audit Audits directed at a specific scope or period, including those required by a regulator, lender or management.

Frequently Asked Questions

A tax audit is required once turnover or gross receipts exceed the limit specified in Section 44AB for the category of assessee, with a higher limit available where prescribed proportions of receipts and payments are non-cash. The applicable limit has changed several times in recent years, so it should be checked for the relevant assessment year.

A statutory audit is required by law, addresses shareholders, and results in an opinion on whether the financial statements give a true and fair view. An internal audit is commissioned by management, addresses the effectiveness of controls and processes, and reports to management rather than to shareholders.

No. Independence rules under the Companies Act and the ICAI Code of Ethics prohibit the same firm from auditing accounts it has written up. Where we maintain the books, the statutory audit must be carried out by a different firm.

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