Financial Audit Support Online in India
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What is a Financial Audit?
A Financial Audit is an independent examination of the financial statements of an organization to ensure they provide a true and fair view of its financial position. In India, Statutory Audit is mandated by the Companies Act, 2013 for all registered companies.
Statutory Compliance
Mandatory verification of accounts as per the Companies Act and Income Tax Act requirements.
Financial Integrity
Ensures that financial records are accurate, complete, and free from material misstatements.
Benefits of Professional Audit
Stakeholder Confidence
Builds trust among investors, lenders, and shareholders regarding the company's financial health.
Error & Fraud Detection
Identifies discrepancies, errors, or potential fraudulent activities in the financial records.
Improved Internal Controls
Provides insights into the effectiveness of internal financial controls and suggests improvements.
Investment Readiness
Audited financials are a prerequisite for raising capital or seeking bank loans.
Regulatory Compliance
Avoids heavy penalties and legal issues by ensuring timely filing of audit reports.
Who Needs a Financial Audit?
- 1
Private Limited Companies
Statutory audit is mandatory for all Pvt Ltd companies regardless of turnover or profit.
- 2
Limited Liability Partnerships (LLPs)
Mandatory if turnover exceeds ₹40 Lakhs or contribution exceeds ₹25 Lakhs.
- 3
Public Limited Companies
Strict compliance requirements including quarterly reviews and annual statutory audits.
- 4
Tax Audit (Section 44AB)
Required for businesses with turnover exceeding ₹1 Cr (₹10 Cr for digital) and professionals > ₹50 Lakhs.
Types of Financial Audits
Statutory Audit
Mandatory audit of financial statements as per the Companies Act, 2013.
Internal Audit
Voluntary audit to evaluate internal controls, risk management, and governance.
Tax Audit
Audit required under Section 44AB of the Income Tax Act for specific turnover limits.
Management Audit
Assessment of management performance and operational efficiency.
Stock Audit
Verification of inventory levels and physical stock reconciliation.
GST Audit
Verification of GST returns and reconciliation with financial statements.
Documents Required
| Document Name | Description |
|---|---|
| Financial Statements | Balance Sheet, Profit & Loss Account, and Trial Balance for the FY. |
| Bank Statements | Reconciled bank statements for all active business accounts. |
| Purchase & Sale Invoices | Complete set of invoices for verification of transactions. |
| GST & TDS Returns | Proof of filing and reconciliation with financial records. |
| Fixed Asset Register | Details of assets owned, depreciation claimed, and additions/deletions. |
| Statutory Registers | Required for companies (Register of Members, Directors, etc.). |
Statutory Audit Process
Step 1: Auditor Appointment
The company appoints a qualified CA as the statutory auditor through ADT-1 filing.
Step 2: Audit Planning
The auditor understands the business and plans the audit scope and timelines.
Step 3: Internal Control Review
Assessment of the company's internal financial controls and risk management.
Step 4: Substantive Testing
Verification of transactions, balances, and supporting documentation.
Step 5: Audit Report Issuance
The auditor issues the final report with their opinion on the financial statements.
AI Audit Suggestions
Note: These suggestions are based on general regulatory thresholds and should not be considered as final legal advice. Consult our Chartered Accountants for a detailed assessment.
Audit Packages
Professional Fees
Nova
Statutory Audit Support
Financial Statement Review
Audit Report Preparation
ADT-1 Filing Assistance
Email Support
Prime
Statutory & Tax Audit
Internal Control Assessment
CARO 2020 Compliance
UDIN Generation
Priority Chat Support
Enterprise
Multi-Entity Audit
Consolidated Financials
In-Depth Risk Analysis
Dedicated Audit Manager
24/7 Priority Support
Frequently Asked Questions
Is statutory audit mandatory for small companies?
What is the deadline for statutory audit?
Can the same auditor be appointed every year?
What is CARO 2020?
Why Choose Taxcom Technologies?
Qualified CA Panel
Access to a network of experienced Chartered Accountants across India.
Tech-Driven Audit
We use advanced tools for data verification to ensure 100% accuracy.
Timely Reporting
Strict adherence to statutory deadlines to avoid any non-compliance penalties.
End-to-End Support
From auditor appointment to ROC filing, we handle the entire lifecycle.
Ready for Your Annual Audit?
Ensure your company remains compliant and financially sound. Book your statutory audit with our expert CAs today!