Statutory audits get imposed by laws like the Companies Act, 2013, for companies crossing a particular turnover or size. We then-audit these statements and determine if the company’s statements give a true and fair representation of the present standing of the company. We verify documents, reconcile bank accounts, count stocks, and verify internal control processes for substantiation of financial data. 

Internal audits, yet another important undertaking, are not just performed to verify accuracy but also to check on operational efficiency and risk management. Through internal audits, We identify inefficiencies, fraud risks, and compliance gaps while recommending ways to strengthen governance and control mechanisms. This is especially important in the context of large corporations, government entities, and NGOs.

Tax audits are conducted pursuant to Section 44AB of the Income Tax Act and must be conducted for businesses and professions having turnover above a certain limit. The object of these tax audits is to check the correctness of the income disclosed and the expenses claimed and also whether deductions are in accordance with the law. Similarly, the GST audit ensures that GST laws are complied with for invoicing, availing of input tax credits, and filing of returns within time.

Essentially, audit and assurance services are not only about going through the motions of a compliance process. They act as strategic tools in building and sustaining mutual trust, surfacing risk information, enhancing governance, and empowering organizations-or any kind, in fact-to properly take informed decisions.