Auditing

AUDITING & ASSURANCE SERVICES
We provide statutory, tax, and GST audit services under ICAI's SQC 1 (Standard on Quality Control) framework. Every engagement is conducted by qualified Chartered Accountants with mandatory ethical independence, professional competence, and documented quality review procedures.

OUR AUDIT SERVICES:

1. STATUTORY AUDIT (Companies Act 2013) Mandatory for all private limited companies. We conduct full financial statement audit per SA 700 standards with engagement quality review by independent reviewer before finalization.

2. TAX AUDIT (Section 44AB, Income Tax Act 2025) Turnover >₹1 crore or >₹10 crore (95%+ digital payments). Form 3CD preparation with professional competence verification and working paper documentation per SQC 1.

3. GST AUDIT (GSTR-9 & GSTR-9C) Annual return for turnover >₹2 crore. Reconciliation statement for turnover >₹5 crore. ITC verification, fake ITC detection, and GSTR-2B vs GSTR-3B mismatch resolution with documented audit procedures.

4. INTERNAL AUDIT & CONTROL TESTING Risk-based control environment assessment per SA 315. Fraud risk identification, testing procedures, supervision records, and documented escalation for significant findings.

5. TRUST & CHARITABLE AUDIT (Form 10-B/10-BB) Charitable purpose compliance, corpus fund management, Section 11 eligibility review, and independence certification from trust management.

6. COMPLIANCE AUDIT Statutory requirement verification across tax, corporate, and GST domains with documented testing and written conclusions on regulatory adherence.

SQC 1 QUALITY CONTROL FRAMEWORK:

✓ Engagement Acceptance: Risk assessment, independence check, capacity confirmation before engagement ✓ Engagement Letter: Scope, responsibilities, fees, timeline, and ethical certifications per SA 210 ✓ Partner Assignment: Only qualified CAs with sufficient expertise and capacity (within ICAI 60-audit limit) ✓ Engagement Performance: Documented audit procedures with supervisory review at multiple levels ✓ Consultation: Complex areas escalated to senior technical staff before reporting ✓ Engagement Quality Review (EQR): Independent reviewer approves audit evidence, conclusions, and compliance with SA/SQC 1 before report issuance ✓ Ethical

Independence: No financial interests, loans, employment relationships, or prohibited non-audit services ✓

Professional Competence: CPD-compliant, specialized certifications for GST/trust audits ✓ Documentation: All procedures, evidence, and quality reviews retained per statutory requirements ✓ Monitoring: Annual quality monitoring, client feedback, and continuous improvement

AUDIT DEADLINES - FY 2025-26:

Statutory Audit → 30 September 2025 | Tax Audit → 31 October 2025 | GST Return → Portal deadline | Trust Audit → 30 September 2025

PENALTIES FOR NON-COMPLIANCE:

Statutory Audit default: ₹1,50,000/day (Section 224) | Tax Audit default: 0.5% turnover, max ₹1,50,000 (Section 271B) | GST default: 5% interest + 10% penalty

ENGAGEMENT PROCESS:

Engagement Letter → Planning & Risk Assessment → Supervised Fieldwork → Audit Conclusions → Independent Quality Review → Finalized Report with UDIN → Portal Filing

TEAM CREDENTIALS:

All audits led by FCA/ACA (ICAI qualified) with 10+ years experience, specialized certifications, CPD compliance, and subject to firm quality control procedures.
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​Imam & Associates follows SQC 1 for every audit. Quality is non-negotiable.