Audit Support & Regulatory Assurance
Independent audits ensure financial credibility for banks, investors, and regulatory bodies. We provide structured audit preparedness, ledger documentation, and technical support so that your financial records are thoroughly prepared for external statutory auditors and tax authorities.
What This Service Entails
Audit services include compiling comprehensive audit working papers, preparing notes to accounts, conducting Section 44AB tax audit reviews, compiling Form 3CD schedules, verifying internal financial controls over financial reporting (IFCoFR), and ensuring compliance with CARO (Companies Auditor's Report Order) disclosure requirements.
Who Needs This Service?
- Businesses with business turnover exceeding ₹1 crore (or ₹10 crores where cash transactions are within 5%) requiring Tax Audit under Section 44AB
- Professionals with gross receipts exceeding ₹50 lakhs (or ₹75 lakhs under presumptive conditions) requiring Section 44AB audit
- Private limited companies requiring statutory financial audit under the Companies Act 2013
- Organizations preparing for investor due diligence, credit facility renewals, or corporate reorganizations
Key Benefits & Strategic Advantages
- Accelerated statutory audit completion through structured trial balance schedules and reconciliations
- Proactive identification of compliance lapses, TDS disallowances, or unrecorded liabilities
- Full documentation supporting Form 3CD disclosures to prevent subsequent tax adjustments
- Enhanced internal controls reducing operational error rates
Step-by-Step Advisory & Execution Process
Evaluating trial balance, major transaction flows, and statutory compliance status.
Drafting detailed schedules for debtors, creditors, fixed assets, and statutory dues.
Reconciling 26AS, AIS, GSTR-1, GSTR-3B, and bank statements with general ledgers.
Facilitating prompt query resolution and technical documentation for statutory auditors.
Required Information & Documents
- Audited financial statements of previous years
- Current year trial balance and general ledgers
- Bank confirmations, debtor/creditor balance confirmations
- Statutory returns (ITR, GST, TDS, PF, ESIC) for the period under review
Statutory audit reports for corporate entities must be filed with the MCA in Form AOC-4, and Tax Audit reports in Form 3CA/3CB with Form 3CD must be uploaded to the Income Tax portal on or before September 30 of the assessment year.
Common Pitfalls to Avoid
- Unreconciled differences between revenue reported in financial statements and GST returns
- Missing third-party confirmation letters for major debit and credit balances
- Inadequate documentation for related-party transactions under Section 188 of the Companies Act
Frequently Asked Questions
What is the turnover threshold for a mandatory tax audit under Section 44AB?
For businesses, the threshold is ₹1 crore. However, if aggregate cash receipts and cash payments do not exceed 5% of total receipts/payments, the threshold increases to ₹10 crores. For professionals, the threshold is ₹50 lakhs (or ₹75 lakhs under Section 44ADA).
What is Form 3CD?
Form 3CD is a detailed statement of particulars required under Section 44AB covering quantitative details, accounting methods, statutory payments, and compliance checks.
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