Audit & Assurance Services

Building Trust Through Independent Verification & Professional Insight

In business, credibility is everything. Stakeholders—from investors and lenders to regulators and customers—need assurance that your financial statements accurately reflect your operations. Our comprehensive audit and assurance services go beyond compliance to provide strategic insights that enhance transparency, improve processes, and build lasting stakeholder confidence.

At Rajesh Jalan & Associates, we combine statutory mandate with management consultancy. Our auditors don’t just verify numbers; they understand your business, identify risks, and provide actionable recommendations that strengthen your financial health.

Our Comprehensive Audit & Assurance Portfolio

Mandated by Law – Companies Act, 2013

An annual independent evaluation of your financial statements to verify they present a “true and fair view” of your business.

Corporate Entities : Private and Public Limited Companies
Format: Independent Auditor’s Report with CARO (Companies Auditor’s Report Order)
Benefits: Enhances credibility, satisfies shareholders, and facilitates bank financing

Mandated by Income Tax Act – Section 44AB

Required when your turnover exceeds specified thresholds, ensuring tax compliance and proper documentation.

Thresholds: ₹1 Crore (business) / ₹50 Lakhs (professionals)
Reporting: Forms 3CA/3CB & 3CD
Benefits: Ensures tax compliance, reduces scrutiny risk, and optimizes tax positions

Regulated by RBI & Banking Regulation Act

Specialized audits for banking and financial institutions to ensure regulatory compliance and financial integrity.

Institutions: Commercial Banks, Cooperative Banks, NBFCs
Focus Areas: NPA classification, capital adequacy, liquidity risk, regulatory compliance
Technical Standards: RBI Master Directions, BASEL III norms

The infographic shows a connected system of audit services with Statutory, Tax, and Bank Audit as core pillars linking to various business entities like private companies, banks, NBFCs, and partnership firms, all supported by specialized internal and GST audits and tied to regulatory compliance with relevant government bodies (ROC, IT Dept, RBI).

Management-Driven – Voluntary but Vital

Proactive examination of internal controls and processes to identify risks before they become problems.

Scope: Operational efficiency, fraud prevention, compliance monitoring
Frequency: Quarterly or half-yearly reviews
Benefits: Strengthens internal controls, prevents fraud, improves efficiency

Mandated by GST Act – Section 35(5)

Required for businesses exceeding ₹5 Crore in turnover to ensure GST compliance and accurate input tax credits.

Threshold: Aggregate turnover above ₹5 Crore
Reporting: GSTR-9C reconciliation statement
Benefits: Ensures GST compliance, identifies credit optimization opportunities

Specialized Sector – Societies Registration Act, Income Tax Act

Financial verification for non-profit organizations to maintain donor confidence and regulatory compliance.

Entities: Trusts, Societies, Section 8 Companies
Special Focus: Fund utilization, donation management, exemption compliance
Reporting: Balance sheet with schedules showing fund utilization

Industry-Specific Audits

Tailored audit approaches for specific sectors considering inventory controls, production cycles, and industry benchmarks.

Manufacturing: Inventory verification, production cost analysis, quality control systems
Trading: Stock reconciliation, vendor payment verification, transit risk assessment
Benefits: Industry-specific insights, benchmarking against peers

Project-Based Auditing

Financial verification for project-based industries with complex revenue recognition and cost allocation requirements.

Focus Areas: Project-wise accounting, site expenses verification, land cost allocation
Technical Compliance: IND AS guidance on real estate revenue recognition
Benefits: Ensures project profitability analysis, proper revenue recognition

Our Audit Methodology

Understanding Your Business → Risk Assessment → Detailed Testing → Strategic Reporting

Planning & Scoping: Understanding your industry, operations, and regulatory environment.
Risk-Based Approach: Focusing audit resources on high-risk areas first.
Evidence-Based Verification: Verifying financial transactions through documentation and system testing.
Independent Evaluation: Maintaining strict objectivity throughout the audit process.
Actionable Reporting: Providing clear, prioritized recommendations for improvement.

Why Partner with Rajesh Jalan & Associates for Audit?

Aspect	Our Approach	Your Benefit
Expertise	Experienced auditors across sectors with deep regulatory knowledge	Sector-specific insights, not generic checklists
Technology	Audit automation tools for data analytics and sampling	Faster audits, deeper insights, reduced disruption
Communication	Regular updates, user-friendly language in audit reports	Clear understanding of findings and recommendations
Post-Audit Support	Guidance on implementing recommendations, follow-up reviews	Continuous improvement, not just annual compliance

Key Regulatory Frameworks We Navigate

Companies Act, 2013 – For statutory audits of incorporated entities
Income Tax Act, 1961 – For tax audits and compliance verification
GST Laws, 2017 – For GST audit and input tax credit verification
Banking Regulation Act, 1949 – For bank audits themselves
RBI Master Directions – For financial institution compliance
Accounting Standards (AS/IND AS) – For financial reporting integrity

The Audit Process Timeline

Phase	Activities	Timeline
Pre-Engagement	Understanding business, risk assessment, audit planning	1-2 weeks
Interim Audit	Testing of internal controls, system reviews	Q1-Q3 of financial year
Year-End Audit	Financial statement verification, physical verification	4-6 weeks post year-end
Reporting	Draft audit report, management discussion, finalization	1-2 weeks
Post-Audit	Implementation support, follow-up reviews	Ongoing

Clients Across Sectors

We serve diverse industries with specialized audit approaches:

BFSI: Banks, NBFCs, Insurance Intermediaries
Manufacturing: FMCG, Pharmaceuticals, Textiles
Trading: Wholesale, Retail, E-commerce
Services: IT, Consulting, Healthcare, Education
Real Estate: Developers, Brokers, Construction Firms
NGOs: Trusts, Societies, Government-funded projects

Get Assurance You Can Trust

In an increasingly regulated business environment, having experienced audit partners is not just about compliance—it's about gaining business intelligence and building credibility.

Providing independent, professional audit services across Kolkata and beyond since 2007 — because trust should be verified, not assumed.