Audits
We are in the audit practice for over the last 30 years. We mainly practice in the following areas:
- Tax Audits under Income Tax Act
- Statutory Audit under Companies Act
- Internal and Concurrent Audits
- Pre-investment Management Audits
- Bank and Government Audits
We conduct audits of Banks, government institutions (appointed by CAG), District Co-operative Banks (empaneled by NABARD), Multi-National Companies, Partnership firms, proprietary concerns, NGOs, Societies and Trusts.
We have been working with clients from different industries such as Information Technology (IT), ITES, manufacturing, garments, pharmaceuticals, Ecommerce, automobiles, real estate, etc. We also provide extensive services to startup ventures and incubators.
Frequently Asked Questions
In terms of section 139(1) of the Companies Act, 2013 read with rule 3 of Companies (Audit and Auditors) Rules, 2014, every company shall appoint an individual or a firm as an auditor. Section 139(6) stipulates that the first Auditor shall be appointed within 30 days of registration.
As per Section 44AB of the Income Tax Act, 1961, certain persons carrying on business or profession must get their books audited by a practicing Chartered Accountant. For business, if total sales/turnover exceeds Rs. 1 Crore, and for profession, if gross receipts exceed Rs. 50 Lakh in any previous year, audit is compulsory.
In India, IND AS (Indian Standard converged with IFRS) was introduced in 2014. It applies to listed and unlisted companies with net worth exceeding Rs. 500 Crore (from April 2016) and Rs. 250 Crore (from April 2017), along with their holding, subsidiary, associate and JV companies.
ICDS refers to Income Computation and Disclosure Standards. The Central Government has notified ten ICDS applicable from AY 2017-18 for computation of income under "Profits and gains of business or profession" and "Income from other Sources." It applies to all taxpayers with income from business/profession or other sources.
In case you need audit services, we would be glad to assist you.
Please write to anubhav@cagaas.in