Audit Assurance Services | CA Chetan Oswal & Associates

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We, at COA provide the following Audit Assurance Services:

Statutory Audits under the Companies Act, 2013

Income Tax Audits under the Income Tax Act , 1961

GST (Goods & Service Tax) Audits

Transfer Pricing Audits (in select cases),

Our Audit Assurance services helps clients to understand the increasing complexity of the regulatory environment , the need for greater transparency in operations and disclosure norms.

Auditing & Assurance Services are the core of any successful and visionary Organisation. We at COA , as a Audit Firm in Pune , employ advanced techniques and creative approach in Auditing for better financial & administrative controls. We also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Our Audit and Assurance services add efficiency and profitability to your organization by providing independent credibility to your financial statements, professional advices to management, and expedient solutions to improve the systems & performance.

The financial statement audit has never been so important as it is today. In today’s business environment there is more scrutiny and scepticism of a company’s financial statements than ever before. Investors expect more and greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investors trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.We at COA, as Auditors in Pune, ensure that all the above parameters are being closely observed while conducting our audit of any organisation.

A well-conducted audit can provide business owners with valuable information and assurance that statements are truly and fairly presented. At COA we view the audit process as an opportunity for our clients to learn more about their businesses so they are better equipped to communicate with banks, investors and partners. We provide Audit Services in Pune and beyond to our clients with an objective presentation of their financial information as well as we also give a sound advice coupled with observations.

Our Approach towards the Audit Assurance Services include :

Planning and preparation of ingenious audit approach and programs, as per the statutory requirements.
Evaluating the strengths and weaknesses of the audit areas, and reporting their efficiency, effectiveness, and the state-of-control by analysing scrupulously the audit evidence.
Presentation of the reports of findings, conclusion derived, and the suggested recommendations, to inform the management, about the adequacy of controls and effectiveness of operations.
Appraising the actions taken by the management regarding the follow-up and the reporting techniques.
Abiding to the norms of ethical and professional standards, to ensure the quality and consistency of the audit work.

Our Experience in Auditing and Assurance Services :

As one of the Leading Company Auditors in Kolhapur, we have more than 20 years of experience in the area of Audit & Assurance and we have helped many clients take advantage of changing industry trends and legislation to grow their businesses. Our audit services and audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. The primary objective of every audit is to express an opinion on the true and fair presentation of the financial position and operational results of the client.

For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, COA can provide high quality audit services in Kolhapur and beyond.

COA’s Audit Services takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include a few multinational corporations, as well as many small and medium-sized companies.

With our experience we can assist you in :

Compliance with regulations.
Advice on controls and processing system weaknesses.
Confirmation of accounting treatments with respect to complex transactions.
Increased monitoring of prospective accounting and regulatory changes.
Independent review of externally reported information.
Accountants’ report.

Statutory Audit under Companies Act, 2013 :

Every company registered in India is required to prepare financial statement for period ending 31st March every year. Such financial statements must give a true and fair view of the state of affairs of the company and comply with the accounting standards notified by the central government under the Companies Act. Such financial statement must be prepared in the form and format which is prescribed for a specific type of company in schedule VI.

The expression on financial statements includes the following items:

A balance sheet as at the end of the financial year.
A profit and loss account, or in the case of a company carrying on any activity not for profit, an income & expenditure account for the financial year.
Cash flow statement for the financial year.
A statement for changes in equity, if applicable.
A explanatory note on the accounting policy and assumptions adopted by the company.

Tax Audit under the Income Tax Act, 1961 :

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant.

Applicability of tax audit:

Business	Sales / Turnover or Gross Receipt exceeds INR. 1 Crore (INR. 5 crore if the cash receipts and payments do not exceed 5% of the total receipts and payments respectively)
Profession (For Ex. Architect, Advocate, Accountants, Doctors, etc.)	Gross Receipts Exceeds INR 50 Lacs
Business u/s 44AD	If the Sales/Turnover or Gross Receipt is less than INR 2 Crore if such person is enrolled under the presumptive taxation scheme who claims that the profits of the business are lower than the profits calculated in accordance with the presumptive taxation scheme (presently this threshold limit is 8% profit on the sales / turnover or gross reciepts) would be required to obtain a tax audit report.
Profession u/s 44ADA	Declaring the income at amount less than 50% of the gross receipts and whose income exceeds the basic exemption limit (which is Indian Rs 2.50 lacs at present) for relevant previous year but whose gross receipts are less than INR. 50 lacs.

If the assesses who is qualified under the presumptive taxation scheme but opts out of it after a specified period, he would lose the ability to revert back to the presumptive taxation scheme for a continuous term of 5 assessment years after the decision to opt out is taken.

GST (Goods & Service Tax) Audit under the GST Act :

Every registered person must get its accounts audited under the GST Act by a Chartered Accountant / Cost Accountant if the aggregate turnover during FY exceeds INR 2 Crores from sale of goods or services.

Calculation of turnover shall be PAN (Permanent Account Number ) based i.e. all sale of goods/ services shall be taken for computing the limit of INR 2 Crores.

Calculation of Aggregate Turnover under GST :

For computing the aggregate turnover, following shall be included-

Value of all inter-state taxable supply
Value of all intra-state taxable supply
Value of all exempt supplies
Value of all export supplies
Job work supplies on principal to principal basis
Zero rated supplies
Any supply to agent/ job work on behalf of principal

For computing the aggregate turnover, following shall be excluded-

Taxable supply on which reverse charge is applicable
All taxes and cess paid under GST
Goods supplied and received back from job work.

Audit in case of multiple Branches :

While computing the limit of INR 2 Crores, turnover of all the branches of an organization should be considered and if the cumulative turnover exceeds the limit of INR 2 Crores then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit.
Organization can appoint either the single auditor for all branches or separate auditor for each branch.

Due Date of GST Audit and Penalty for Late filing of GSTR 9C :

As per the GST Act, due date of audit and annual return is specified as 31st December of subsequent fiscal year and in case of failure in complying with the same then as per act no specific penalty is prescribed. So it will be covered under the head of general penalty of Rs. 25000.