Audit & Assurance Services
Audit in general would refer to check, review, inspection etc. There are various types of audits prescribed under different laws such as company audit, cost audit, etc. The Income Tax Act requires a taxpayer to get books of accounts of his Business / Profession audited from a Chartered Accountant from the point of view of Income Tax.
At the end of the financial year, every company irrespective of its nature and size has to prepare its financial statements as per the books of accounts in such a manner that it state true and fair views of affair of company. The financial statements so prepared are to be audited by the statutory auditor and are placed before the members for approval.
The biggest reform in the history of India in the field of indirect taxation was brought by 101st Constitutional Amendment. It introduced the Good and Service Tax Act. The introduction of Good and Service Tax Act has replaced many Indirect Taxes that were levied in the country such as excise duty, service tax, additional Custom duty and State level VAT and Octroi.
Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives. It help in evaluating the design and operating effectiveness of internal control and risk management process as designed and implemented by the management.
Inventories denotes tangible property held for sale in the ordinary course of business or in the process of production for such sale or for consumption in the production of goods or services for sale, including maintenance supplies and consumables stores and spare parts meant for replacement in the normal course.
A review engagement is based mainly on analytical procedures and inquiries conducted by the auditor. On general terms it can be defined as quarterly audit of financial statements, where there is no opinion given by the auditor. Every company listed in SEBI and entities whose account are to be consolidated with listed entities under the clause 41 of the listing agreement is required to furnish unaudited financial results in the prescribed format within 45 days of the end of the respective quarter to concerned stock exchange.
General Audit Procedures (Monthly)
GST R1 (sales) as per GST vs Sales R1 as per Tally.
GST R2 (Purchase) as per GST vs Sales R2 (Purchase) as per Tally.
Audit of GST Payment Ledger Vs GST Payable (Paid Leder) in Books of Accounts.
Audit of GST Payable Ledger in tally Vs Monthly GST 3B filled and recording differences in Narration of the voucher.
Audit of TDS Entry (TDS Deducted ) as per Quarterly TDS Return Filed Vs TDS Entry in Tally (Non Salary TDS Returns) .
Audit of TDS return Filed - TDS Challan Paid vs TDS Payable Ledger Entry in Books of Accounts (Non Salary TDS Returns).
Audit for All bank Accounts Bank Reconciliation & Balance as per Bank Statement Vs Balance as per Tally (booking Audit Narration entry)
Audit of Salary TDS Return - TDS Deducted Vs TDS Payable (Salary) Ledger Booked in Tally for Salaries.
Audit of Salary TDS Return - TDS Challan Paid Vs TDS Payable (Salary) Ledger Booked in Tally for Salaries.
General Audit Procedures (Quarterly)
Audit of Company master - Address actual vs Income Tax, TDS, GST, ROC & IEC Department Records.
Audit of Company master - List of Directors actual vs Income Tax, TDS, GST, ROC & IEC Department Records.
GST R2 (Purchase) as per GST vs Sales R2 (Purchase) as per Tally. (for Quarterly Inputs.
Audit of Directors Salary Payable Books vs Salary TDS Return Vs Actual or as Planned.
General Audit Procedures (Monthly)
GST R1 (sales) as per GST vs Sales R1 as per Tally.
GST R2 (Purchase) as per GST vs Sales R2 (Purchase) as per Tally.
Audit of GST Payment Ledger Vs GST Payable (Paid Leder) in Books of Accounts.
Audit of GST Payable Ledger in tally Vs Monthly GST 3B filled and recording differences in Narration of the voucher.
Audit of TDS Entry (TDS Deducted ) as per Quarterly TDS Return Filed Vs TDS Entry in Tally (Non Salary TDS Returns) .
Audit of TDS return Filed - TDS Challan Paid vs TDS Payable Ledger Entry in Books of Accounts (Non Salary TDS Returns).
Audit for All bank Accounts Bank Reconciliation & Balance as per Bank Statement Vs Balance as per Tally (booking Audit Narration entry)
Audit of Salary TDS Return - TDS Deducted Vs TDS Payable (Salary) Ledger Booked in Tally for Salaries.
Audit of Salary TDS Return - TDS Challan Paid Vs TDS Payable (Salary) Ledger Booked in Tally for Salaries.
General Audit Procedures (Quarterly)
Audit of Company master - Address actual vs Income Tax, TDS, GST, ROC & IEC Department Records.
Audit of Company master - List of Directors actual vs Income Tax, TDS, GST, ROC & IEC Department Records.
GST R2 (Purchase) as per GST vs Sales R2 (Purchase) as per Tally. (for Quarterly Inputs.
Audit of Directors Salary Payable Books vs Salary TDS Return Vs Actual or as Planned.
General Audit Procedures (Yearly)
Audit of Depreciation Booked for the year in Tally Books V/s Computation (Software) Figures.
Audit of Opening Balance as per Singed Balance sheet V/s Opening balances in Tally
Audit of Yearly Sales as Per 3B v/s Sales as per R1 V/s Sales as per 26AS
Audit of Ledger Master (Tally Audit Module) and
Deleting blank ledger.
Reason for Ledger with only opening balance amount with no transactions during the year.
Audit of Counting (12 Entry in a year) of Monthly payment like rent, telephone, Professional Fees - as per Audit Module of tally.
Audit of Stock Value as on 31st March of year close and corresponding & quantity
Audit of Paid up Share Capital V/s Paid up as per ROC V/s Shares issued During the year V/s ROC Form filled
Audit (Yearly) of ROC form fillings & Maintenance of Register v/s Quarterly Board Meetings.
Yearly Audit of TDS Disallowance on account of List of expenses on which TDS is not deducted. Date of Invoice, Party Name, Nature of payment, Invoice Amount, GST Amount, Audit by, Audit Date.
Tax Audit Specific Audit Quarterly
Audit of Payment in cash above 20,000 during the year in Tally Audit Module.
Yearly Audit of PF Return Filled Dates v/s PF return due Dates.
Yearly Audit of ESI Return Filled Dates v/s PF return due Dates.
Yearly Audit of PF Payable V/s PF Actually Paid.
Yearly Audit ESI Payable V/s ESI Actually Paid.
Yearly Audit of Amount paid as Salary, Interest, Commissions and Any other payment to Related Party & Directors.
Tax Audit Specific Audit Yearly
Yearly Audit of Verification of Transfer Pricing Compliances & Transactions of Sales, Purchase, Loan, Interest, Royalty with related party.
Audit of Charges on Company Assets like FD, Property, Stock, or debtors, against loan taken if any.
Audit of Business Continuity, Legal Case if any and Business Contingencies.