Audit and assurance services in india

A crucial component of the ecosystem surrounding financial reporting is auditors. A global network of professionals with a wide range of talents and experiences works together with cutting-edge technology in Accruon Global Consultancy’s continuously evolving audit and assurance services in India to produce meaningful results.

Audit services under the Income Tax Act

The Income Tax Act, of 1961 mandates certain taxpayers to undergo audits conducted by qualified professionals under Sec 44AB of the Act.
Tax audit applies to individuals, businesses, or professionals whose annual turnover or gross receipts exceed the specified threshold limits as prescribed under the Income Tax Act. The objective of a tax audit is to verify and validate the taxpayer's books of accounts and financial statements to ensure compliance with tax laws.
The Income Tax Department may order a special audit in certain cases where complexities or doubts arise regarding the taxpayer's financial records.
Audit services under the Income Tax Act ensure the accuracy of financial records, verify tax compliance, and promote transparency in taxation. By conducting audits, our qualified professionals contribute to a fair and efficient tax system while assisting taxpayers in meeting their compliance obligations.
Advisory and Consultation:
We also provide valuable advice and recommendations to taxpayers, helping them rectify deficiencies, adopt best practices, and optimize their tax planning strategies within the framework of the Income Tax Act.

GST related audit services

Even though the Union Budget of India, 2021 omitted the mandatory requirement of getting annual accounts audited and reconciliation statements submitted by specified professionals like Chartered Accountants or Cost Accountants, it casts the duty on the taxpayer for filing the annual return on a self-certification basis and filing a reconciliation statement, if the turnover exceeds a specified limit in a year.
The service of a professional is required to vouch the GST compliance, the correctness of returns filed and to prepare the reconciliation statement.
Special Audit Cases- The GST officer can order a special audit under Section 66 of the CGST Act, 2017 if they believe that the complexity of the case or the interests of revenue warrant it. In such cases, a Chartered Accountant or Cost Accountant nominated by the officer conducts the audit.
Engaging with tax professionals or consultants can help businesses prepare for GST audits and ensure compliance with the GST laws and regulations in India.

Internal audit services

Internal audit is an essential function that helps organizations strengthen their internal controls, improve operational efficiency, and mitigate risks. It provides valuable insights to management and the board of directors, enabling them to make informed decisions and enhance governance practices within the organization.
Accruon Global Consultants in India provides you with Internal audit services that have been performed by our expert network around the world with a flawless track record and years of experience.

External audit services in India

The primary objective of an external audit is to express an opinion on the fairness and accuracy of the financial statements, assuring stakeholders about the company's financial position and performance.
External audit services in India is crucial for ensuring the accuracy, reliability, and transparency of financial reporting. It provides assurance to shareholders, lenders, regulators, and other stakeholders that the financial statements present a true and fair view of the company's financial position and performance.
We provide you with External audit services that have been performed by our expert network around the world with a flawless track record and years of experience.

Compliance audit services in India

Compliance audit services in India refers to the process of assessing and verifying an organization's adherence to applicable laws, regulations, policies, and industry standards. The objective of a compliance audit is to ensure that the organization is operating in compliance with legal and regulatory requirements and is following prescribed internal policies and procedures.
Conducting compliance audits in India is crucial for organizations to demonstrate their commitment to legal and regulatory compliance. It helps in mitigating risks, maintaining trust, and ensuring ethical business practices.
We provide you with Compliance Audit services that have been performed by our expert network around the world with a flawless track record and years of experience.

Risk management audit services in India

Risk management audit services in India refer to the process of assessing and evaluating an organization's risk management practices and procedures to ensure the effective identification, assessment, mitigation, and monitoring of risks.
The objective of a risk management audit is to determine whether the organization has established and implemented appropriate risk management frameworks and controls to safeguard its assets, operations, and stakeholders.
Conducting regular risk management audits helps organizations strengthen their risk management frameworks, enhance decision-making processes, and improve overall governance.
Accruon Global Consultants in India provides you with Risk management audit services in India that have been performed by our expert network around the world with a flawless track record and years of experience.

Fraud investigation services in India

Fraud investigation services in India refer to the process of examining and uncovering fraudulent activities within an organization or involving individuals to gather evidence, assess the extent of the fraud, and support potential legal actions.
Fraud investigations aim to identify the perpetrators, determine the methods used, quantify the financial impact, and implement measures to prevent future occurrences.

Transfer pricing Audit in India

Transfer pricing Audit in India refers to the pricing of transactions between related entities, such as companies within the same multinational group.
It aims to ensure that transactions between related parties are conducted at arm's length prices as if they were conducted between unrelated parties.
In India, transfer pricing is regulated under the Income Tax Act, of 1961, and the tax authorities conduct transfer pricing audits to ensure compliance with the arm's length principle.

Anti-Money Laundering (AML) audit service in India

Anti-Money Laundering (AML) audit service in India refers to the process of assessing an organization's compliance with AML laws and regulations, as well as its effectiveness in preventing and detecting money laundering and terrorist financing activities.
AML audits aim to identify vulnerabilities, assess controls, and provide recommendations for enhancing the organization's AML framework.
Failure to comply with AML regulations can lead to severe penalties, including monetary fines and imprisonment. The authorities in India continuously update and enhance AML regulations to combat evolving money laundering threats and align with international standards.

Statutory audit services in India

Statutory audit services in India refer to the independent examination of a company's financial statements and records to determine their accuracy, fairness, and compliance with applicable laws and accounting standards. It is a mandatory audit required by various regulatory bodies and legislation in India, such as the Companies Act, 2013.
Statutory audits in India are crucial in enhancing transparency, ensuring accountability, and maintaining the integrity of financial reporting. They provide stakeholders, including shareholders, investors, lenders, and regulatory authorities, with assurance regarding the accuracy and reliability of a company's financial statements.

Mystery audit services in India

Mystery audit services in India, also known as mystery shopping or secret shopping, is a research and evaluation method used by companies to assess and improve the quality of their customer service and operations.
It involves hiring individuals, known as mystery shoppers, to pose as regular customers and evaluate various aspects of the customer experience.
It is important to note that mystery audits must be conducted ethically and in compliance with relevant laws and regulations.

Concurrent audit services in India

Concurrent audit services in India refers to a type of audit conducted on an ongoing basis during regular banking operations. It is a systematic examination of transactions, processes, and controls that takes place concurrently with the occurrence of those transactions.
Concurrent audits are primarily conducted by external auditors appointed by banks or financial institutions to provide real-time assurance on the adequacy and effectiveness of internal controls, risk management, and compliance with regulatory requirements.
Concurrent audits in India are vital in ensuring transparency, accountability, and good governance in organizations. They help in identifying and addressing risks, improving operational efficiency, and maintaining the integrity of financial transactions.

Forensic audit services in India

Forensic audit services in India involve the examination and investigation of financial records, transactions, and other relevant evidence to uncover fraud, financial irregularities, and misconduct within organizations. These services are typically provided by specialized forensic audit firms or professionals.
In India, forensic audit services are provided by specialized forensic accounting firms with dedicated forensic departments, or independent forensic auditors with relevant expertise and experience.

Tailored audit services in India

Tailored audit services in India refer to audit engagements that are customized and designed to meet the specific needs and requirements of organizations. These services go beyond the traditional audit procedures and provide additional value and insights to clients.
Tailored audit services require a deep understanding of the organization's industry, operations, and specific risks. They are typically conducted by experienced auditors or audit firms with relevant expertise and industry knowledge.
The scope, procedures, and reporting of tailored audit services are customized to meet the specific needs and objectives of the organization.

Stock audit and verification services in India

Stock audit and verification services in India refer to the process of physically verifying and reconciling the stock or inventory of a business entity. This process helps ensure the accuracy of the stock records, identify discrepancies, mitigate the risk of fraud, and provide reliable information for financial reporting and decision-making.
Stock audit and verification in India can be conducted by internal audit teams, external audit firms, or specialized stock auditors.
It helps organizations ensure the accuracy of stock records, safeguard against stock-related fraud or pilferage, and maintain the integrity of financial statements.