Audit or Auditor Services in Delhi
Ezybiz India provides all types of auditing/assurance services which include attestation, Financial reporting, and due diligence services.
Our specific services include:
- Implementation & Reporting of Indian GAAP & /IND AS
- Internal Audit/Management Audit
- Statutory audit
- Tax Audit
- Transfer Pricing Audit
- GST Audit
- Cooperative society audit, NGO audit
- Agreed upon procedures
- Due Diligence
- Corporate governance advisory
Diffrents Types of Audits
This audit is conducted as per guidelines of Income-tax Act, 1961 and on basis of increase in turnover from a certain threshold. Here, the auditor needs to disclose relevant information in a prescribed format. It becomes applicable when total turnover increases Rs 1 crore or Total receipts from profession exceeds Rs 25 lakh.
Ezibiz India assists in conducting tax audit, an issue of the audit report and its filing with the tax department.
This audit is conducted as per guidelines of Indian Companies Act, 2013 and on basis of applicable Indian Accounting and Auditing Standards and in accordance with the guidelines issued by the Institute of Chartered of India. Here, an auditor provides a report to the shareholder of the company. On basis of auditor’s report, many informed decisions are taken by management, investors, and outsiders.
Ezibiz India assists in conducting a statutory audit, an issue of the audit report and its filing with the tax department.
This audit is conducted as per provisions of Indian Income Tax Act, 1961 and on basis of guidelines of ICAI. Here, an auditor provides his report on whether a transaction between Indian entity and foreign associated enterprise or transaction between 2 associated/ related Indian enterprise is at arm’s length or not. The report needs to be provided in prescribed format before 30th November of each year. Arm’s length means that if the same transaction was done with an unrelated party, whether the price would have been same or different.
Ezibiz India assist in conducting transfer pricing audit, issue of audit report and its filing with tax department
This audit is also called as Management audit because it is conducted on behest of management of the company. Here, focus is completely different than that of Tax audit or statutory audit.
Generally, scope of work and objectives of internal audit depends upon the size and structure of the entity and the requirements of its management. Normally, it covers following areas:
- Review of systems and procedures applicable to the organization and provide Suggestions for improving them.
- Review of adequacy and effectiveness of Internal Controls.
- Physical examination and verification of stock, tangible assets and cash treasury.
- Examination of internal policies/ guidelines prescribed by the management for the company, its compliance and reporting of variances if any.
- Review of all statutory and legal compliance applicable in case of branch and reporting of deficiency, if any
- Review of adherence to standard auditing procedures and reporting its deviation, if any.
- Checklist provided by the head office.
Ezibiz India assist in conducting internal audit and issue of audit report to the management.
This audit is conducted as per provisions of Indian Cooperative Society Act and on basis of rules and bylaws of the society.Normally, Registrar of Cooperative society authorized auditors to conduct audit of cooperative society.
Few of the important aspects to be considered by auditors are as under:
- Examination of overdue debts
- Overdue Interest
- Certification of bad debts
- Valuation of assets and liabilities
- Adherence to cooperative principles
- Observance of provisions of Act and Rules
- Verification of member’s register and examination of their passbook
- Special report to registrar
- Discussion with audit management committee
Ezibiz India assist in conducting cooperative society audit, and issue of audit report to registrar.
GST audit is required to be conducted by every registered person through chartered accountant or cost accountant in case turnover during a financial year exceeds Rs 2 crore.
Here “turnover” means “aggregate turnover”.
“Aggregate Turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.
What are the list of documents and information required to be submitted
During GST audit, following documents are required to be submitted online:
(a) A copy of the Audited Annual Accounts;
(b) Reconciliation Statement reconciling the value of supplies declared in the Return furnished for the financial year with the audited Annual Financial Statements. Further, the aforesaid Reconciliation Statement shall be duly certified in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.
(c) Other prescribed documents in the prescribed form and prescribed manner.
In every company, either internal management or outside agencies or both do physical verification of stock to determine whether there is any discrepancy between items shown in books and those actually present in stores. This is called a stock audit.
Therefore, in general terms, the stock audit means physical verification of inventory. However, depending upon terms of engagement, it may also involve determining the value of stocks as per applicable accounting standards. Therefore, it is also called an inventory audit.
As per accounting standard 2 issued by Institute of Chartered Accountants of India, stock need to be valued at lower of cost or net realizable value. Further, the value of such inventory also forms part of reporting under CARO and Taxation laws. Therefore, besides doing physical stock verification, management may also require an auditor to verify whether it’s value has been properly shown in books or not.
A stock audit is kind of an independent checking on how management and its staff has performed in terms of storage, issue, consumption and determining a value of same on year on year basis. It also throws focus on how reliable the books of accounts are to outside users.
On basis of a stock audit report, bankers and financial institutions make an analysis of how secured their loans are and help them to make a decision regarding increasing the limit or refusing to continue with existing lending. Therefore, it is a very important exercise conducted by auditors every year on an instruction of management or shareholders.