Audit and Assurance Services in India

Audit & Assurance Services in India

EzyBiz India provides comprehensive audit coordination, assurance support and financial review services to Indian businesses, foreign-owned subsidiaries, multinational groups, startups and established enterprises.

Our services help organisations improve the reliability of financial information, strengthen internal controls, identify operational risks and comply with applicable financial reporting and regulatory requirements.

Where an audit, certification, attestation or audit report is required to be performed or signed by an eligible practising Chartered Accountant, the assignment is undertaken through our network partner Chartered Accountant firm, subject to applicable laws, professional standards and independence requirements.

Reliable Audit Support for Better Financial Governance

An effective audit is not limited to checking accounting records. It provides management, shareholders, lenders, investors and other stakeholders with greater confidence in the organisation’s financial information and control environment.

EzyBiz India supports businesses throughout the audit lifecycle, including audit planning, documentation readiness, financial-statement review, reconciliation of key balances, coordination with management and resolution of audit observations.

Our approach combines technical understanding, commercial insight and practical coordination to help clients complete audit and assurance assignments efficiently and with minimum disruption to their regular operations.

Our Audit and Assurance Services

We provide access to a broad range of audit and assurance services through our professional team and network partner Chartered Accountant firm.

Statutory Audit Services

Statutory audits are conducted to examine whether the financial statements of an entity present a true and fair view in accordance with the applicable financial reporting framework and legal requirements.

Our statutory audit support may include:

• audit planning and coordination;
• review of books of account and financial statements;
• verification of assets and liabilities;
• review of revenue and expenditure;
• examination of supporting documents and audit schedules;
• review of accounting policies and estimates;
• related-party transaction review;
• evaluation of internal financial controls;
• Companies Act and applicable reporting support;
• audit-query resolution; and
• coordination for completion of the audit report.

Statutory audit and related attest functions are undertaken and signed, wherever required, through an eligible network partner Chartered Accountant firm.

Learn more about our Statutory Audit Services in India.

Internal Audit and Risk Advisory

Internal audit helps management evaluate the effectiveness of internal controls, risk-management systems, operational processes and governance practices.

Unlike a statutory audit, an internal audit is generally designed around the specific risks, processes and priorities of the organisation.

Our internal audit and risk-advisory services may cover:

• review of business processes;
• assessment of internal controls;
• identification of financial and operational risks;
• transaction testing;
• review of delegation and approval controls;
• revenue and expense controls;
• procurement and vendor-management review;
• inventory and fixed-asset controls;
• compliance-process review;
• fraud-risk indicators;
• management reporting; and
• recommendations for process improvement.

Our objective is to provide management with practical findings and implementable recommendations rather than merely identifying control gaps.

Explore our Internal Audit & Risk Advisory Services in India.

Tax Audit and Certification Services

Tax audits and certifications require careful review of accounting records, tax positions, prescribed disclosures and supporting documentation.

We assist businesses and professionals with tax-audit readiness, preparation of required schedules, reconciliation of financial and tax records, and coordination for audit completion.

Our services may include:

• review of tax-audit applicability;
• preparation and verification of audit schedules;
• reconciliation of turnover and receipts;
• review of specified payments and disallowances;
• fixed-asset and depreciation schedules;
• related-party and specified-person transactions;
• indirect-tax and withholding-tax reconciliations;
• review of statutory dues;
• disclosure support; and
• coordination for filing and certification.

Tax audit reports, certificates and attestations are issued through an eligible network partner Chartered Accountant firm, wherever required under applicable law.

Learn more about our Tax Audit & Certification Services in India.

Businesses requiring wider assistance with income tax, GST, international tax and transfer pricing may also explore our Tax & Regulatory Services.

Specialised Audit and Review Services

In addition to statutory audit, internal audit and tax audit, businesses may require specialised reviews for operational, financial, regulatory or lender-related purposes.

These assignments are generally designed around the client’s specific objectives, reporting requirements and risk areas.

Stock and Inventory Audit

Stock and inventory audits help management, lenders and other stakeholders verify the physical existence, condition, movement and valuation of inventory.

The scope may include:

• physical verification of stock;
• reconciliation with inventory records;
• identification of shortages, excesses and obsolete items;
• review of inventory movement;
• verification of storage and custody controls;
• assessment of stock-count procedures;
• review of inventory valuation methods;
• comparison of physical stock with books of account; and
• reporting of material discrepancies.

Stock audits may also be required by banks and financial institutions for monitoring working-capital facilities and assessing the adequacy of security.

Fixed Asset Verification and Audit

A fixed asset review helps businesses verify the existence, ownership, location, condition and accounting treatment of property, plant and equipment.

Our support may cover:

• physical verification of fixed assets;
• reconciliation with the fixed asset register;
• tagging and identification of assets;
• review of additions and disposals;
• verification of ownership documents;
• review of capitalisation;
• depreciation checks;
• identification of missing or idle assets; and
• recommendations for improving asset controls.

This service can be particularly useful for multi-location businesses, manufacturing companies, project-based entities and organisations undergoing restructuring or due diligence.

Revenue and Receivables Audit

Revenue is often a significant financial-reporting and business-risk area. A focused revenue audit helps verify whether income is recorded accurately, completely and in the correct period.

The review may include:

• examination of revenue-recognition practices;
• verification of invoices and supporting documents;
• testing of sales and service transactions;
• review of discounts, rebates and credit notes;
• reconciliation of revenue with tax returns and operational data;
• review of unbilled revenue;
• analysis of trade receivables;
• customer-balance confirmations; and
• identification of unusual or unsupported entries.

Expense and Payables Audit

An expense audit helps management assess whether business expenditure is properly authorised, supported, classified and recorded.

The scope may include:

• review of purchase and expense transactions;
• testing of supporting invoices;
• examination of approval controls;
• vendor verification;
• duplicate-payment checks;
• expense classification;
• review of employee reimbursements;
• examination of outstanding liabilities;
• testing of year-end provisions; and
• identification of unusual or unauthorised expenditure.

Procurement and Vendor Audit

Procurement audits evaluate the effectiveness of purchasing controls and vendor-management processes.

Our review may cover:

• vendor onboarding and due diligence;
• purchase requisitions and approvals;
• quotation and tender procedures;
• purchase-order controls;
• receipt and inspection of goods;
• invoice verification;
• vendor payments;
• conflicts of interest;
• related-party vendors;
• contract compliance; and
• opportunities for cost and process improvement.

Compliance Audit

A compliance audit examines whether the organisation is following applicable laws, regulations, internal policies and contractual requirements.

Depending on the assignment, the review may cover:

• statutory compliance;
• tax and regulatory filings;
• corporate compliance;
• labour-law requirements;
• internal policies;
• contractual obligations;
• licence conditions;
• sector-specific requirements; and
• compliance-calendar monitoring.

The purpose is to identify gaps at an early stage and help management reduce the risk of penalties, disputes and operational disruption.

Operational and Management Audit

Operational and management audits focus on efficiency, effectiveness and accountability across business functions.

These reviews may cover:

• process design;
• utilisation of resources;
• cost controls;
• productivity;
• delegation of authority;
• management information systems;
• performance measurement;
• branch or location controls;
• operational bottlenecks; and
• opportunities for improvement.

The reporting is generally tailored to management priorities and may include practical recommendations, responsibility allocation and suggested timelines for corrective action.

Internal Financial Controls Review

A strong internal financial control framework supports reliable financial reporting, protection of assets and prevention of errors and fraud.

Our internal financial controls review may include:

• understanding key business processes;
• documenting financial controls;
• preparing risk and control matrices;
• testing the design of controls;
• testing operating effectiveness;
• identifying control deficiencies;
• assessing segregation of duties;
• reviewing access and approval controls;
• evaluating financial-closing procedures; and
• recommending corrective measures.

The scope may be aligned with management requirements, statutory reporting considerations or group-level control frameworks.

Forensic Review and Fraud-Risk Assessment

A forensic review may be required where management suspects irregular transactions, misappropriation, control override, conflict of interest or other financial misconduct.

Depending on the circumstances and agreed scope, the review may include:

• examination of selected transactions;
• review of accounting records;
• analysis of vendor and employee relationships;
• identification of unusual payments;
• review of digital and documentary evidence;
• fund-flow analysis;
• assessment of control failures;
• fraud-risk mapping; and
• preparation of a factual findings report.

The nature and scope of every forensic assignment are determined after considering the available information, legal sensitivity and purpose of the review.

Agreed-Upon Procedures

Under an agreed-upon procedures engagement, specific procedures are performed on financial or non-financial information based on the requirements agreed with the client and other intended users.

Such assignments may relate to:

• verification of selected balances;
• checking of specified transactions;
• review of compliance with contractual terms;
• verification of utilisation of funds;
• examination of project expenditure;
• validation of financial data;
• lender or investor requirements; and
• other defined factual procedures.

The report generally presents factual findings from the agreed procedures and does not provide a broader audit opinion unless specifically required under the applicable engagement framework.

Lender and Bank Audit Support

Banks and financial institutions may require borrowers to undergo specific audits or verification procedures.

We provide coordination and support for assignments such as:

• stock and receivables audits;
• verification of drawing-power statements;
• review of working-capital data;
• examination of end-use of funds;
• review of financial covenants;
• verification of security-related information;
• reconciliation of borrowing records; and
• preparation of schedules and explanations for lenders.

The exact scope depends on the lender’s instructions and the terms of the engagement.

Special-Purpose Audits and Certifications

Businesses may require special-purpose reviews, certificates or attestations for regulatory, contractual, banking, investment or management purposes.

These may include:

• net-worth certificates;
• turnover certificates;
• utilisation certificates;
• fund-flow certificates;
• foreign-remittance certificates;
• certificates for lenders or investors;
• financial-data certifications;
• compliance confirmations;
• project-related certifications; and
• other attest services permitted under applicable law.

Where a certificate, audit report or attestation must be issued by a practising Chartered Accountant, it is undertaken and signed through our eligible network partner Chartered Accountant firm.

Audit Support for Different Types of Organisations

Audit and assurance requirements differ depending on the nature, size, ownership and regulatory profile of an organisation. EzyBiz India supports a wide range of businesses through a coordinated and practical service model.

Indian Companies and Business Groups

We assist private companies, public companies, group entities and promoter-managed businesses with audit readiness, financial reporting, internal controls and coordination with the appointed auditor.

Our support may include:

• preparation of audit schedules;
• reconciliation of key balances;
• financial-statement review;
• management representations;
• related-party transaction analysis;
• statutory compliance coordination;
• resolution of audit queries; and
• year-end closing support.

Foreign-Owned Subsidiaries in India

Foreign-owned Indian companies often require audit support that aligns Indian statutory requirements with the reporting expectations of the overseas parent company.

Our services may include:

• coordination between Indian finance teams and overseas management;
• review of financial statements under Indian reporting requirements;
• support for group reporting packages;
• related-party transaction documentation;
• intercompany reconciliation;
• internal-control documentation;
• audit-query coordination;
• reporting-timeline management; and
• communication with group auditors, wherever required.

We help bridge the gap between local statutory requirements and global reporting expectations.

Startups and Growth-Stage Companies

Growing businesses may experience rapid changes in transactions, systems, teams and funding arrangements. A structured audit process can help improve financial discipline and build stakeholder confidence.

Our support may cover:

• audit-readiness assessment;
• review of accounting records;
• identification of documentation gaps;
• financial-statement preparation support;
• investor and lender reporting support;
• internal-control strengthening;
• review of capital and funding transactions; and
• preparation for future due diligence or fundraising.

Manufacturing and Trading Businesses

Manufacturing and trading entities may require particular focus on inventory, fixed assets, procurement, production records and working-capital controls.

Our services may include:

• stock and inventory verification;
• fixed-asset review;
• purchase and vendor testing;
• revenue and dispatch reconciliation;
• cost and consumption analysis;
• working-capital review;
• lender-related audit support; and
• internal-control evaluation.

Service-Sector Businesses

For service-sector organisations, key audit areas may include revenue recognition, project billing, employee costs, subcontractor payments, receivables and contract compliance.

Our review may cover:

• customer contracts;
• billing and revenue recognition;
• unbilled revenue;
• project expenses;
• employee reimbursements;
• consultant and subcontractor payments;
• receivables and collections; and
• financial-closing controls.

Non-Profit and Other Regulated Entities

Depending on the nature of the entity and applicable law, audit support may also be required for charitable organisations, societies, trusts, educational institutions, associations and other regulated bodies.

The scope may include:

• review of receipts and utilisation of funds;
• grant-related documentation;
• restricted-fund accounting;
• statutory records;
• donor or management reporting;
• compliance schedules; and
• coordination for audit and certification requirements.

Our Audit and Assurance Approach

Our approach is designed to make the audit process structured, transparent and commercially practical.

1. Understanding the Assignment

We begin by understanding the organisation, applicable reporting requirements, business processes, timelines and purpose of the engagement.

This helps determine the scope, documentation requirements and involvement of the network partner Chartered Accountant firm.

2. Planning and Information Request

A detailed information and document request is prepared based on the agreed scope.

The request may include:

• trial balance and ledgers;
• financial statements;
• bank reconciliations;
• receivable and payable schedules;
• inventory records;
• fixed asset register;
• tax and statutory records;
• contracts and agreements;
• related-party details; and
• supporting documents for selected transactions.

3. Review and Verification

The relevant records, controls and transactions are reviewed based on the agreed audit or assurance procedures.

Queries and observations are communicated in a structured manner so that management can provide explanations and supporting documents efficiently.

4. Discussion of Findings

Material issues, control gaps and documentation deficiencies are discussed with management.

Where appropriate, we also suggest corrective actions and process improvements.

5. Completion and Reporting

The assignment is completed after resolution of key observations and receipt of the required information.

Where an audit report, certificate or attestation is required, the same is issued through the eligible network partner Chartered Accountant firm in accordance with applicable laws and professional standards.

Why Choose EzyBiz India?

Integrated Professional Support

Our multidisciplinary team supports clients across accounting, tax, corporate law, regulatory compliance, finance and business advisory.

This integrated perspective helps identify issues that may affect more than one area of the business.

Experience with Indian and Foreign-Owned Businesses

We understand the reporting and coordination requirements of Indian companies as well as subsidiaries and business groups with overseas ownership.

Practical and Business-Focused Approach

Our focus is not limited to identifying errors. We aim to help management understand the underlying issue and implement practical corrective measures.

Structured Audit Coordination

We help organise documents, schedules, reconciliations and responses so that the audit process can be completed efficiently.

Network Partner CA Firm

Audit reports, attestations and certifications requiring a practising Chartered Accountant are undertaken and signed through an eligible network partner Chartered Accountant firm, subject to applicable independence and professional requirements.

Confidentiality and Professional Care

Client information is handled with appropriate confidentiality and professional care throughout the assignment.

Documents Commonly Required

The exact document list depends on the type and scope of the audit. Commonly required records may include:

• constitutional and registration documents;
• books of account and ledgers;
• trial balance;
• financial statements;
• bank statements and reconciliations;
• customer and vendor ledgers;
• inventory records;
• fixed asset register;
• statutory returns;
• tax records;
• payroll records;
• agreements and contracts;
• board and shareholder records;
• related-party transaction details;
• loan and borrowing documents;
• supporting invoices and vouchers; and
• previous audit reports and management letters.

A customised information request is provided after understanding the assignment.

Frequently Asked Questions

What is the difference between an audit and an assurance engagement?

An audit generally involves examination of financial information and expression of an opinion in accordance with the applicable reporting framework.

Assurance engagements may have a broader or narrower scope and may relate to financial or non-financial information, controls, compliance or specified procedures.

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Does EzyBiz India conduct statutory audits directly?

EzyBiz India provides audit coordination, advisory, documentation and assurance support. Statutory audits, tax audits, attestations and certifications requiring appointment or signature by a practising Chartered Accountant are undertaken through an eligible network partner Chartered Accountant firm.

Can you assist a foreign-owned Indian subsidiary with its statutory audit?

Yes. We assist foreign-owned subsidiaries with audit readiness, financial statements, schedules, reconciliations, related-party details, group reporting and coordination with the network partner auditor and overseas management.

Can internal audit be customised to specific business risks?

Yes. Internal audit assignments can be designed around particular functions, locations, risk areas, processes or management concerns.

The scope may focus on procurement, revenue, expenses, inventory, payroll, compliance, internal controls or other areas.

Do you provide stock audit services for banks and lenders?

Yes. Stock, receivables and working-capital-related reviews may be undertaken based on the lender’s instructions and agreed scope.

Can you help prepare accounts before the audit begins?

Yes. We can support accounting review, reconciliations, financial-statement preparation, audit schedules and documentation readiness.

However, the nature of such support is structured to preserve the independence requirements applicable to the audit engagement.

How long does an audit assignment take?

The timeline depends on the type of audit, size of the organisation, quality of records, number of locations, scope of work and availability of information.

A realistic timeline is agreed after an initial review of the assignment.

Do you provide audit services outside Delhi?

Yes. We support clients across India through a combination of remote coordination, secure information sharing and on-site assistance wherever required.

Related Audit and Assurance Services

• Statutory Audit Services in India
• Internal Audit & Risk Advisory Services in India
• Tax Audit & Certification Services in India

Other Core Practice Areas

• India Market Entry Consulting
• Tax & Regulatory Services
• Corporate Finance Advisory Services
• Managed Business Services
• Business Registrations & Licences
• Global Business Expansion Services

Speak with Our Audit and Assurance Team

A well-planned audit process can improve financial reporting, strengthen internal controls and reduce last-minute compliance pressure.

EzyBiz India supports Indian companies, foreign-owned subsidiaries, startups and established businesses with audit readiness, assurance support, internal reviews and coordination through its network partner Chartered Accountant firm.

Contact us to discuss your audit, assurance or certification requirements in India.

 

 

Professional Disclaimer

EzyBiz India Consulting LLP provides audit coordination, advisory, documentation and assurance-support services. Statutory audits, tax audits, audit reports, certifications, attestations and other services requiring appointment, performance or signature by a practising Chartered Accountant are undertaken through an eligible network partner Chartered Accountant firm, subject to applicable laws, professional standards, independence requirements and client acceptance procedures.

Prepared by:EzyBiz India Consulting LLP
Reviewed by: Network Partner Chartered Accountant Firm
Last Updated: July 2026