The term Statutory Audit denotes that same is required by law such as Company Law, Trust Laws, Cooperative Society law etc.. An audit is conducted to determine that financial records are prepared as per law, to ensure funds were handled correctly it also assures the True and fair view of the financial statements to the Stake Holders such as Banks, Government Authorities, Shares holders, Vendors and Clients of the business entity

Salient Features:
Advice on controls and improvements
Confirming accounting treatment
Review of books of account of the company and check the same within accordance of Law of Land.

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. A tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant.

As per the explanation of Section 35(5) of the CGST Act 2017 , GST Audit was made applicable to the entity exceeding the threshold aggregate turnover of Rs. 2 Crores .

GST Act defined GST Audit as an examination of GST Returns, records, and other documents with the Reconciliation of GST liability paid in the GST returns filed by the entity with the Books of accounts.   

We conduct the detailed and ongoing GST Audit and comes with a wide set of benefits. These are

1. The detailed and ongoing GST audit allows the recording of the correct time of supply. This reduced the instances of pre-paid and post-paid taxes.
2. As your pay taxes on time, you can avoid the interest cost (both on pre-payment and post-payment) and penalty (on post-payment).
3. GST Audit allows you to determine the correct place of supply (such as IGST, SGST, CGST). Although you pay full taxes, you can get a penalty for paying it under an incorrect head due to the applicability of the place of supply provisions.
4. If the tax is over-collected, it must be disclosed in your accounts and paid to the Government. You might get a huge penalty if you fail to disclose the over-collected tax in your book.
5. Similarly, under-collection of tax is paid out of pocket which is not preferable for any business. A GST audit and account services can help you avoid both situations.
6. The detailed GST audit helps you to check if the HSN Codes have been correctly determined and filed in GSTR 1 return or not.
7. By conducting a detailed GST audit, you can match your GST returns to your Books of Accounts.The audit allows you to match Electronic GST cash and credit ledgers with your books.
8. The GST audit allows you to identify any unclaimed input tax credit under GST including those on bank charges and sundry expenses

VAT LAW introduces words and concepts which have a special meaning for VAT Administration Purpose. Business enterprises, and especially for those who must register for VAT purposes, it is important to understand various provisions under the Act. The VAT Audit Assignment is an opportunity for providing extraordinary service to the client.
Despite the introduction of the Goods and service tax being levied there are critical items on which VAT is to be levied over which the regular provisions of VAT Law continue to be applied such as Alcoholic Liquor for human consumption and petroleum products.

Internal Audit or Management audit has been carried out independently by the third party, this enables the auditor to give an unbiased opinion about the business, hence management can take decisions for improvement. Internal Audit can be designed to serve any particular area of focus as management wants to verify.
Salient Features:
Internal Audit helps to mitigate the risk of non-compliances, clerical errors, fraud, etc.
With checkpoints of Internal audit, it helps to improve efficiency
With continuous improvements, it helps to financial reliability and integrity
It ensures compliances with laws of land Like (Company Act Compliances, Statutory applicable law compliances such as Coop Act, Indian Trust Act, Banking and Regulation Act and RBI compliances also Income Tax, TDS, VAT, GST, Excise, Labour law, etc.)

Why Cooperative Audit?

1. The members of the Society /Coop Bank are to be satisfied that the affairs of the society are managed properly and on sound business principles.
2. A large number of societies borrow funds from outside. The creditors would be keen to satisfy themselves of the financial soundness and creditworthiness of society.
3. Non-members who deposit their funds with the Co-operative Banks would like to satisfy themselves that their funds are safe with the Bank, This is possible by the Co-operative Auditor’s report.

Features

1) Adherence to Co-operative Principles

2) Observance of provisions of Act, Rules, and bye-laws.

3) Valuation of assets and Liabilities and Verification of Cash Balance and Securities.

4) Verification of balances of Depositors and Creditors.

5) Examination of overdue debts and classification of bad debts.

6)Verification of fixed Assets and investment Assets of the Society.

7) Discussion of the draft audit report with the Managing Committee.

8) Audit classification of society;

9) Examination of the working and other prescribed particulars of society.                                               

Our team makes the process as quick and painless as possible while ensuring that the GST Provision, Income tax Provision, RBI guidelines, and the Coop Act provisions.

bank audit is a routine procedure designed to review the services of financial institutions to ensure they comply with laws and industry standards. An accounting specialist known as a bank auditor carries out the review. Audits have to be conducted considering the RBI regulations, Banking and Regulation Act, Coop Act, and the credit and monitoring policies of the banks. Bank or credit union audits can be internal audits or external audits.
Our Firm has a wide experience of Auditing the nationalized Banks branch audits, Central statutory audit of Coop Banks and Internal Audits and Concurrent Audits of National as well as Coop Banks.

There are two types of Public trust which are registered in India under the Indian Trust Act 1882 or Bombay Public Trust Act 1950.
Charitable Trust and Religious Trust
One of the principal aim of this audit with the applicability of Income tax provisions so as to enable the assessing officer to satisfy himself about the genuineness of the claim for exemption under section 11 /Section 10(23)c of the Income-tax Act and also whether the institution has complied with all the requirements prescribed by the statute.  We Ensure the compliance with the provisions of the Act by the institution in respect of the maintenance of proper books of accounts, information, and returns from branches and other relevant records.
Salient Features:
Provides Objective Insight
Improves Efficiency of Operations
Evaluates Risks and Protects Assets
Assesses Controls
Ensure Compliance with Laws and Regulations including intimation and guiding the changes in Law.

Note: As per the Amendment in the Finance Act 2020 the all the Registered Trust under Section 12AA or 12A or approved under Section 10(23)(c) will have to get them re-registered afresh by 31st Aug 2020 for next 5 year and afterward they will be required to renew the registration/approval for the 5 years. Also, the Trust registered under Section 80G will also be required to get afresh registration by 31st Aug 2020.
It should be noted any unregistered trust under the income tax Act including the Religious Trust which is having more than 50000 Receipts will have to get itself provisionally registered by 31st Aug 2020 for 3 years otherwise the tax will be applied by the applicability of section 56 (2)(x) of the Income-tax Act, treating it as other sources income.

Our firms are auditing the Government of India Organisation including the Public Sector Insurance Companies DO Offices. Our firm has a wide experience of more than 10 years of Statutory auditing the C& AG Audit and under C & AG empanelment for last 18 years.

Many organizations, no matter their size or scope of operation, have come to realize the importance of using information technology to stay ahead in the current global scenario. Companies have invested in information systems because they recognize the numerous benefits IT can bring to their operations. Management should realize the need to ensure IT systems are reliable, secure, and invulnerable to computer attacks.
An information systems audit would, therefore, ensure that the organization’s data is confidentially stored, that data integrity is ensured and data is available at all times for the authorized users. An information systems audit is an audit of an organization’s IT systems, management, operations, and related processes.
Our organization have vided experience of over 18 years in the field of System Audit of the banks including coop banks

The same is been assigned by the various Banks for the borrowers assessing the Borrowers working capital assessment. we have audited large no of such concerns including the Listed companies and the Subsidiaries of Listed company for the Funded and Nonfunded limits of over 200 Crores to the borrower.

The audits are generally conducted with the scope of audit decided by the management of the organization. Mainly Operational audits have been made under the same. We have audited the management audit for the various industries including

1. Malls management and Advertisement processes and income Audits
2. Construction Site audits for Listed company

• Hotel Operational audits including Inventory audits of Bar and Mini Bars.

1. Inventory Audits
2. Processes audits

Implementation of Cost audit starts with the implementation of cost centers for every accounting entries to determine the activity-wise profitability or the Project wise costing. We have implemented the same in Construction companies, Defence system supplier company, and Trusts for their project-wise funding and its Utilization Certification.

The Concurrent audit has to been conducted on a regular periodic basis to supervise the accounting transaction, processes, and compliance in a timely manner. We generally offer the retainer ship services to enable the client accounts team to interact during the whole year for our consultation for compliance tax advisory and recording the accounting transactions.

Foreign remittances have tax implications, which many times are missed out inadvertently by taxpayers.
As per section 195 of the Income Tax Act, tax is required to be deducted for any sum which is taxable under the Income Tax Act. So when a person desires to make any payment or remit any money to a nonresident, the bank will require to check whether the tax was paid or not. If not paid; it will be checked if it is certified by the Chartered accountant or the Assessing Officer. But there are at least 28 types of foreign remittance where you do not require any submission of Form 15CA or Form 15CB.
Form 15CA is a declaration of the remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is the starting of an effective Information Processing System which may be utilized by the Income-tax Department to independently track the foreign remittances and their nature to determine tax liability.
Form 15 CB is Form which is required to be signed by a Chartered Accountant. This is a kind of certification regarding rates and the right kind of tax paid by you. Certain details are required from Form 15CB at the time of filing Form 15CA.