Financial Statements Audit

Financial Statements Audit (4)

Monday, 27 March 2017 15:29

Tax Audit

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An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year:

       (a) The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 2 Crores or

       (b) The Person is carrying on Profession, and his Gross Receipts exceed Rs. 50 Lakhs or

       (c) The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB

            or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under

            the relevant section.

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

Monday, 27 March 2017 15:29

Statutory Audit

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Statutory audits are conducted in accordance with the Companies Act, 2013 and Standards on Auditing issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies ,Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. It is mandatory for a company in India to get the Statutory Audit of its financial statements done according to the provisions of Companies Act 2013.

The Board of Directors of a Company are required by law to appoint an Auditor within 30 days of incorporation and thereafter conduct an audit of its financial statements each financial year. The accounts of a Limited Liability Partnership (LLP) must be audited if it has an annual turnover of Rs.40 lakhs or more or Rs.25 lakhs or more capital contribution.

Our Key Deliverables

       1. Statutory Auditors' Report

       2. Report under Companies (Auditor’s Report) Order (“CARO”), 2016

       3. Report on Internal Financial Controls Over Financial Reporting (IFCFR).

Monday, 27 March 2017 15:29

Transfer Pricing audit

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In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

  • Comparable Uncontrolled Price Method
  • Resale Price Method
  • Cost plus Method
  • Profit Split Method
  • Transactional Net Margin Method

 

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case.

 

The Applicability of Transfer Pricing can be better understood from following chart:

Particulars International Transfer Pricing Domestic Transfer Pricing
  I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.
I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).
II. On any transaction mentioned in section 80A.
Applicability  II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.
III. On any transfer of goods or services u/s 80-IA(10).
IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).
V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.
Relevant Form to be filed Form No. 3CEB u/s 92E Form No. 3CEB u/s 92E
Relevant Due Date For Compliance 30th November 30th November
Due Date For Tax Audit 30th November 30th November
Due Date For Return 30th November 30th November
Monetary Limit No Monetary Limits Companies having related party transactions more than 5 Crore

 

We can assist you in:

  • Determining the Arm Length Pricing.
  • Preparation of Transfer Pricing Report.
  • Conducting Transfer Pricing Audit.
  • Representation before taxing authorities.
Monday, 27 March 2017 15:15

Stock Audit

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Our emphasis is on ensuring strong control systems to minimise the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organisation are optimised to deliver maximum possible value.

How can we help:

We assist clients in conducting

  • Stock/inventory verification
  • Age-wise analysis
  • Variance analysis by comparing actual with book records
  • Setting-up stores manuals
  • Improving systems.