SCOPE
What the work covers
Statutory audit
Audits of companies under the Companies Act, 2013, including CARO 2020 reporting, and of LLPs and other entities.
Tax audit
Tax audit under the income-tax law and the related audit report.
Internal audit
Risk-based review of processes and internal controls, with periodic reports to management.
GST audit and reviews
Special audit under section 66 when directed, assistance in departmental audit under section 65, and GST reviews.
Concurrent audit
Concurrent audit of bank branches and other entities on the terms of the appointment.
Stock and special audits
Stock audits for lenders and other special-purpose audits and certifications.
APPROACH
How matters are handled
Audits are planned and performed under the Standards on Auditing. The scope, timelines and documents required are agreed in an engagement letter, and findings are discussed with management before the report is issued.
01
Planning
Scope, materiality and timelines are agreed in the engagement letter.
02
Fieldwork
Controls, records and balances are tested.
03
Reporting
Findings are discussed with management before the report.
04
Follow-up
Observations are tracked to closure in the next cycle.
LAWS AND FORUMS
Framework and reports
LAWS
Companies Act, 2013 and CARO 2020
LLP Act, 2008
Income-tax law (tax audit)
CGST Act, 2017 (sections 65 and 66)
Standards on Auditing issued by ICAI
REPORTS AND CERTIFICATES
Independent auditor’s report
Tax audit report
Internal and concurrent audit reports
Certificates required under applicable laws
