Auditing & Assurance Services are at the core of any Financial Management setup. It ensures proper working of the organisation according to laid down internal controls and also the efficiency and effectiveness of the controls itself. At V. P. Shinde & Co., we offer a complete range of Assurance Solutions to help improve your financial efficiency, accuracy and stability.

Today Internal Audit is not just an audit of Financial working of an organisation. It has evolved to become a tool in the hands of management to ensure proper working of any function of the organisation be it production or sales or finance or human resources.

Over the time the role of Internal Auditor has widened from just ensuring the correctness of financial system of any organisation to include consultative processes like advising on better utilisation of organisations resources, better management of financial as well as non-financial functions etc.

In simple terms Statutory Audit in India is equated with Audit under the Companies Act. Every company incorporated under the Companies Act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.

What is Tax Audit

Tax Audit is a compulsary audit under the Income Tax Act in India which is conducted if the total turnover of a person exceeds Rs. 25,00,000 for professionals and Rs. 1,00,00,000 for persons other than professionals. Tax Audit has to be conducted by a Chartered Accountant appointed by the person itself. Tax Audit Report is given by the Chartered Accountant to the person in form 3CD prescribed under the Income Tax Act. At the time of filing of the return of income relevant data from the Tax Audit Report has to be filled in the Return of Income.