• All the companies registered under the Companies Act, 2013.
• Any previous Company law, whether public or private and whether having a share capital or not, are required to maintain proper books of accounts under the provisions of section 128 of the Companies Act, 2013.
• Companies have also to get their Books of accounts audited as required under section 139 of the Act.

INCOME TAX AUDIT UNDER INCOME TAX ACT, 2013

• Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, tax audit shall be conducted by a Chartered Accountant who ensures that the Assessee has maintained proper books of account and complied with the provisions of the Income-tax Act.
• Such Audits conducted by Chartered Accountant is reported to the Income-tax department in Form no. 3CA/3CB and Form no. 3CD along with the income tax return.
• It is independent verification of the books of accounts of the assessee to form an opinion on the matters related to taxation compliances carried out by the assessee by Chartered Accountant.

• Every registered person, whose turnover during the financial year exceeds the prescribed “GST audit turnover limit” i.e., 2 crore rupees, shall get the accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant (CMA).
• Registered person who is required to get his accounts audited in accordance with section 35(5) shall submit electronically the Annual Return as per section 44 along with a copy of the audited statement of accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year.
• It provides the services to the client with suggestion for improvement in the day to day handling of the GST glitches.

• You’ll have a partner who thinks about risk in the context of your business.
• We apply a business lens to your challenges and opportunities, and draw on our experience, sector insight and global business acumen to help you get more Power in Every Hour out of your investment in internal audit.
• Our sourcing support for internal audit can not only help improve your organizations' internal financial, business and IT controls, but also turn your internal audit function into a strategic asset.

• Complying with international transfer pricing guidelines is challenging at best.
• As local authorities around the world become more protective of their tax revenues, international transfer pricing is under increased scrutiny, and noncompliant pricing practices are much more likely to result in tax penalties and significant interference in your business from regulatory authorities.
• No matter what their size, companies need to pay strict attention to ensure that their international transactions are compliant with transfer pricing guidelines in each jurisdiction, robust enough to stand up to increased scrutiny from tax authorities, and designed to mitigate unintended tax.

• Forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding.
• A forensic audit may be conducted to prosecute a party for fraud, embezzlement, or other financial crimes.

• IFRS is a Reporting Standards which require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world's capital markets and other users of financial information make economic decisions.

DUE DILIGENCE

• Due diligence is used to inspect and analyse a business possibility.
• The term implies a universal responsibility to exercise vigilance in the firm’s proceedings. It looks into the past, present as well as the probable future of the enterprise.

PAYROLL AUDIT

• A payroll audit is an analysis of a company’s payroll processes to ensure accuracy. Payroll audits examine things like the business’s active employees, pay rates, wages, and tax withholdings. You should conduct a payroll audit at least once per year to verify your process is up-to-date and legally compliant.
• Generally, payroll audits are internal, meaning you or someone in your business conducts them. Performing internal audits can help you catch errors and prevent possible external audits later on.

MANAGEMENT AUDIT

• Most of the major decisions regarding crucial business undertakings are taken by the highest authorities in the company.
• However, after a period of time, it is necessary to conduct an evaluation of their proficiency by an independent agency.
• This maintains optimum independence in analysing the concerned individuals’ skills and capabilities in managing his area of operations.

• Most organisations such as banks, asset management firms, finance institutes and insurance organisations utilise the internal audit approach. Concurrent Audit is much the same as Internal Audit and is carried out at regular intervals.
• This is done to supervise the effectiveness in standard operations with statutory proclamations from time to time. Concurrent Audit usually acts as an appendage to the internal audit team, and assists it on a regular basis with factual findings.

• This audit is conducted when suspicious actions are observed on the behalf of a company, a person or at times of a loss in business.
• Investigative Audit surpasses standard procedures. This endeavour necessitates analytical methods, interrogating ability and monetary data reconstruction.