Avyud Consultancy offers expert Statutory Audit Services to ensure compliance with legal and regulatory frameworks while enhancing financial transparency. A statutory audit is a mandatory process that verifies the accuracy and fairness of an organization’s financial statements. Our team of experienced auditors follows a meticulous approach, providing valuable insights to strengthen internal controls and improve business efficiency. We cater to businesses across industries, delivering tailored audit solutions that align with Indian legal standards. With a focus on accuracy, compliance, and strategic growth, Avyud Consultancy ensures your business remains audit-ready while fostering trust with stakeholders. Partner with us for reliable and efficient audit services.
Why Us for Statutory Audit Services
We give our customers financially savvy, esteem included review and confirmation administrations. Avyud Consultancy is one of the biggest and most experienced review groups in the Indian mid-level market, remaining as a genuine contrasting option to the significant bookkeeping firms. Our clients include public and private entities from a wide variety of industries both local and National.
We are focused on conveying exceptionally customized, specialized capable administrations to every last customer. This dedication includes an incentive by giving an accomplished and predictable group with an abnormal state of accomplice contribution.
Advantages of Statutory Audit Services
Supporting our administration system are three key topics:
- Developing and maintaining strong relationships with clients
- Understanding our client’s business and tailoring our approach and advice
- Ensuring each assignment is partner-led.
Our Audit team conveys validity to your budgetary articulations and reports, confirmation to your chiefs, and expert guidance to senior administrators to enhance frameworks and oversee hazards. We additionally give access to data on the most recent administrative changes and patterns, by means of our National Audit Committee.
Our Audit approach is even-minded, risk-based, and supported by the latest in technology and tools. Our team focuses on the key risks in a collaborative environment, enabling efficient outcomes and constructive recommendations of value to our clients.
What is Tax Audit?
Tax audit is a process to verify whether the books of accounts prepared by the taxpayer comply with the generally accepted accounting principles and provisions of the Income Tax Act. Its purpose is to ensure that the books of account and other records are maintained properly and correctly calculate the actual income of the taxpayer. Tax audit does not give immunity to the assessee from assessment of investigation or disallowance of expenses[1]. A tax audit can only be done in practice by a Chartered Accountant.
What is Expense Audit Limit - Section 44AB?
Under area 44AB, an obligatory expense review is required to be finished by a Chartered Accountant if a business has add up to deals turnover or over Rs.1 crore. If there should be an occurrence of a calling, if the calling has add up to net receipts of more than Rs.50 lakhs, at that point charge review by a Chartered Accountant is compulsory.
Notwithstanding as far as possible in light of the business turnover, organizations secured under area 44AD, 44AE, 44BB or 44BBB and guaranteeing pay to be lower than the regarded benefits as indicated under separate areas is additionally required to get charge review compulsorily.
What is Tax Audit Limit?
Income Tax Act commands experts and organizations to get an expense review from a Chartered Accountant and keep up accounts if the turnover or benefit surpasses a specific sum. In this article, we take a gander at the duty review farthest point and records support restrict for organizations under the Income Tax Act.
What Are Sales Turnover in a Tax Audit?
Sales Turnover: Sales turnover shall mean the sum total of the amount for which sales are effected by an enterprise.
Gross Receipts: This term is not defined under the Income Tax Act. Gross receipts include all receipts from the profession.
Can The Tax Audit Report be Modified?
Normally the audit report under section 44AB should not be modified, but at times a member may modify such report on the following grounds:
- Amendments to the accounts of the company after their adoption at the AGM;
- Change of law;
- Change in interpretation.
Hence on the above grounds, the audit report once filed can be modified.
What is The Purpose of Tax Audit?
One of the objectives of tax audit is to ascertain/receive/report the requirements of Form No. 3CA/3CB and 3CD. In addition to the reporting requirements of Form No. 3CA/3CB and 3CD, a proper audit for tax purposes shall ensure that the books of account and other records are properly maintained, that they faithfully reflect the income of the taxpayer and are subject to deduction. The claims are correctly made by him. Such audit will also help to check fraudulent practices. It can also facilitate the administration of tax laws by proper presentation of accounts before the tax authorities and substantially save the time of the Assessing Officers in carrying out regular verifications, such as checking and verifying the correctness of the totals. Whether the purchase and sale are properly certified. The time saved by the Assessing Officers can be used to focus on the more important and investigative aspects of a case.
