Statutory Audit and Tax Audit
Ensuring Financial Integrity and Regulatory Compliance
Auditing is not just a statutory requirement; it is a vital tool for ensuring the transparency, reliability, and health of your business. A robust audit provides stakeholders—including shareholders, banks, and tax authorities—with the assurance that your financial statements present a true and fair view of your business operations.
At Rajesh Jalan & Associates, we perform rigorous independent audits that go beyond mere compliance. We identify operational weaknesses, internal control gaps, and financial risks, providing you with actionable insights to improve your business processes.
Our Auditing Services
Statutory Audit (Companies Act)
Under the Companies Act, 2013, every incorporated company is required to get its accounts audited by a practicing Chartered Accountant, regardless of its turnover or profit.
- Objective:Â To express an opinion on whether the financial statements are free from material misstatements.
- Scope:Â Verification of Balance Sheets, Profit & Loss accounts, and Cash Flow statements.
- Reporting: Preparation of the Independent Auditor’s Report, including CARO (Companies Auditor’s Report Order) where applicable.
- Compliance:Â Ensuring adherence to Accounting Standards (AS) and Indian Accounting Standards (Ind AS).
Tax Audit (Income Tax Act)
Business entities and professionals exceeding the specified turnover thresholds are mandated to undergo a Tax Audit under Section 44AB of the Income Tax Act, 1961.
- Thresholds: Typically applied to businesses with a turnover exceeding ₹1 Crore (or ₹10 Crore in specific digital transaction cases) and professionals exceeding ₹50 Lakhs.
- Form 3CA/3CB & 3CD:Â Meticulous preparation of the audit report and the detailed Statement of Particulars (Form 3CD).
- Verification:Â Checking for compliance with TDS provisions, disallowed expenses, and various tax-incentive claims.
- Deadline: Ensuring the Tax Audit Report is uploaded on the Income Tax portal by 30th September (or the prescribed due date).
Internal Audit & Management Audit
While not always mandatory by law, internal audits are essential for growing businesses to safeguard assets.
- Risk Assessment:Â Evaluating the effectiveness of internal controls and risk management.
- Operational Efficiency:Â Identifying areas where resources are being wasted or processes are redundant.
- Fraud Prevention:Â Detecting irregularities and implementing preventive measures.
GST Audit & Certifications
- Reconciliation:Â Helping businesses reconcile GSTR-9 and GSTR-9C with audited annual financial statements.
- Certifications:Â Providing necessary certificates required under various laws, including Net Worth certificates, Turnover certificates, and utilization certificates for grants.
Why Audit Matters for Your Business
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Benefit
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Impact
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Legal Compliance
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Avoids heavy penalties and prosecution from ROC and Income Tax authorities.
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Loan Approval
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Banks and financial institutions require audited financials for processing loans and CC limits.
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Stakeholder Trust
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Builds confidence among investors, partners, and creditors.
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Error Detection
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Identifies clerical errors or fraudulent activities early before they become major liabilities.
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Tax Planning
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Helps in identifying tax-saving opportunities and ensuring correct deduction of expenses.
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Our Audit Process
- Planning & Risk Assessment:Â Understanding your business environment and identifying high-risk areas.
- Execution & Testing:Â Verifying vouchers, bank statements, asset registers, and internal control systems.
- Drafting & Discussion:Â Discussing findings with the management to clarify discrepancies.
- Final Reporting:Â Issuing the Audit Report and ensuring all e-filing requirements are met on the MCA and Income Tax portals.
Why Choose Rajesh Jalan & Associates?
- Independence & Integrity: We maintain the highest ethical standards to ensure an unbiased audit.
- Domain Expertise: Experience across diverse sectors including Manufacturing, Trading, NGOs, and Service sectors.
- Technology-Driven: Using modern auditing tools to ensure depth and accuracy in data verification.
- Timely Completion: We respect your deadlines, ensuring filings are done well before the due date to avoid last-minute rushes.
- Kolkata-Based: Accessible local support for physical verification and face-to-face consultations.
Get Your Audit Done Right
Ensure your financial records are compliant and credible. Contact us to schedule your audit session.
Delivering quality audit services since 2007 — adding value to your business through precision and trust.