Our Vision & Mission is to deliver high-quality assurance services of what we do. We do audit and assurance services in India, which is designed to deliver right value and investor confidence. Our team of experienced and expertise professionals has in-depth knowledge in all types of Audits across various industries.
AKPR help the companies from various sectors:
Every company (Private/Public Limited) is required to get their accounts audited as per the Companies Act, 2013. We undertake statutory audits as per norms defined by Indian regulatory statues. It also includes auditing of Societies like Co-operative, Trusts & NGO’s as per the guidelines by the governing statutes. Our other auditing service includes:
- Special audits designed as per management need and defined scope of audit.
- Internal audit, system & management audit. These may also include checking of controls, and corrective measures.
- Undertake evaluation of vendor’s management, efficiency of HR Systems, Stores & Inventory management.
- Undertake audit assignment of Banks/Financial Institutions such as Concurrent, Stock and Income & Expenditure audit.
- We are specialized in conducting Dealers Audit for Medium and large sized companies having Distributors/Dealers network.
- We conduct physical verification of Fixed Assets/Inventory/Stock in trade. Normally every company physically verifies their fixed assets and stock in trade once in a year through an independent agency.
- We conduct customized audits as per management & business requirements including Internal Audits, System Audits, Due diligence, Investigation Audits, Tax Audits, GST Audits, CAG & Banks Audits, SEBI Audits.
Our Vision & Mission is to deliver high-quality assurance services of what we do. We provide audit and assurance services in India which is designed to deliver right value and investor confidence. Our team of experienced and expertise professionals has in-depth knowledge in all types of Audits across various industries. We help the companies from various sectors on Company Audit, Internal Audit, Management Audit, Statutory Audits and other Audits.
- Company Audit is one of the statutory audits that are mandatory for Company registration in India, where accounts must get audited from a Chartered accountant.
- For an LLP audit of books of accounts is mandatory if the Capital is more than Rs 1 Crore or if it’s Turnover more than Rs 5 Crore.
- Internal Audit is mandatory to certain companies if their turnover or borrowing are more than the specified limit.
Audit Services in India
There are various audits in general, some are mandatory; some are voluntarily done by an individual or companies. Audit services in India can be categorized in the below:
Statutory Audits: In these audits, there are various audits as required by statutory that comes under the income tax, under company laws, under banking laws, under GST laws, so in this category, there is a huge scope under audit services in India.
Internal Audits: These audits are mandatory for certain classes, many companies makes it a part of the business because of its significance in assessing the company current affairs, preventing and detecting any error or frauds.
Management Audit: In this category, audit is to assess and recommend the resources, asset, strategies followed by the company is in the right direction and going in a planned direction.
Similarly, there are other important audits such as stock audit, due diligence audit, forensic audit and so on.
AKPR with a wide audit services in India provides audit services for various sectors of Industries.
Statutory Audits in India:
In India, statutory audits are conducted for each fiscal year (For the period 1st April to 31st March) and not the calendar year. The most common important two statutory audits are:
Company Audits: These Audits is governed by the Companies Act, 2013. Company audit has the objective of reporting the state of the company’s accounts & finance to the regulatory authority. Audit and assurance services like company audits are performed by qualified auditors who are working as an independent external party. The audit report form has its own set of rule that is set by the Government. Rules on the appointment, change, removal of auditors has specific rules.
Income Tax Audit: According to Section 44AB of the income tax act has the provisions related to the audit of accounts. Income tax audit under this section is mandatory for certain class of taxpayers that depends on turnover and receipts limit. To understand if you are liable under the tax audit, you can consult a tax advisor that is Chartered Accountants nearby. A tax audit can be performed only by a Chartered Accountant.
For banks, financial institution, for power companies, the law of banks, power Governs their statutory audit.
Internal Audit Procedure, Internal Audit Report: All listed companies have to mandatorily conduct an Internal Audit, for unlisted and for private limited companies, internal audit becomes mandatory that depends upon paid-up share capital, borrowing or deposits. In our FAQ below you can see in detail the limits for Internal audit in India. Internal Audit Procedure starts where auditor sees and analyses the current process, the system in an organization. The system and procedure like the management process, authorization process, how things flow for a different department. After analyzing these things assessment is done where auditor will compare the result that he analyzed at the first step with the internal control functions if it is in line with regulatory norms and internal policies of the organization. The internal audit report is prepared after as a final step of Internal Audit Procedure. The internal audit report shows the comparison and also recommendations are made by auditor wherever required.
Other Accountancy Services.
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At every stage of business operation; from formation to incorporation, from meetings to registering documents with the registrar…