Audit of the Business in India

The audit of a business is defined as a thorough analysis of the financial health of an organization – as mentioned in the annual report by someone independent of the respective organization. In other words, it refers to a more organised and independent scrutiny of the books, accounts, business documents and vouchers of an organization to determine the authenticity and validity of the financial statement of the organization. In addition, the process also aims to ensure a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an "Audit Society". 

The respective auditor understands the propositions before him/her for analysis, procures evidence, evaluates the same, and generates an opinion on the basis of his analysis which is conveyed in the form of his audit report.

In today's dynamic business environment, globalization and modernization has many upsides and downsides. In any business entity, auditing is an important business activity and must be performed with high level of professionalism. Audits of company accounts have been compulsory in India since the passing of the first Companies Act in 1913.

Due Dates for filing Audit and ITR

• FOR CORPORATES, (Like Private Limited & Public Limited Companies) and for all other corporate, the due date for furnishing his return of income is 30th September of the Assessment Year.
• FOR NON CORPORATES, (Like Partnership Firm & Proprietorship Firm) who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act and for all other corporates, the due date for furnishing his return of income is 30th September of the Assessment Year.

A company audit is of vital importance as it presents the true picture of state of affairs of an entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. In addition, it also ensures maximum utilization of the available resources along with timely identification of liabilities including the ones in contingent nature.

Reasons for an audit:

• If you a service provider such as Doctor, Advocate etc. with turnover of more than 15 lacs per year
• If you own a Private Limited Company
• Other businesses with turnover of greater than 1 Crore

Avs Complinace auditing services can help you with a comprehensive, professional approach to company auditing that yields practical solutions, and reports. Our specialists and services always concentrate on bringing value - presenting you the insight and foresight, across your business as a single entity, to manage the future head on.

Eligibility Criteria for filing Audit of the Business in India

There are no eligibility criteria for getting our Auditing services for your business. However, in order to audit your business in an informed manner, we require you to:

·         Be upfront about your transactions

·         Provide us access as per requirement

·         Ensure that your compliances are met on time

Documents Required for filing Audit of the Business in India

1. The Identification proofs of the directors / person / partners
2. The PAN card of the business entity and the directors / person / partners
3. Financial Statements required
4. Other documents pertaining to auditing services

Process for filing Audit of the Business in India

Following is the process we implement to provide Audit of the Business in India:

1.      Contacting the client

2.      Asking client for access to financial statements

3.      Getting appointed as an Auditor

4.      Assessing the client’s statements

5.      Creating and audit report for the business

Our Assistance to file the Audit of the Business in India

We, at UST Associates provide end to end solutions for filing Audit of the Business. Our services include:

·         Collection of information and starting the process

·         Creating the first compliance draft

·         Reviewing the draft and making changes if necessary

·         Creation of Audit report

·         Providing you the confirmation receipt.

UST Associates is a leading legal consultancy firm providing the comprehensive services relating to Audit of the Business.

Contact us now to get a seamless insight into your business.