Auditing

We provide auditing services

1. Audit Statutory 
2. internal audit 
3. monthly balance sheet  
4. monthly profit and loss account 

• Multiple audits are expected, some are performed voluntarily by individuals or businesses.
• Imam & Associates offers audit services for various sectors.
• Statutory audits are performed in India for each fiscal year. Business Audits were regulated by the Companies Act, 2013.
• Only a Chartered Accountant should perform a tax audit. For banks, financial institutions, power utilities, bank regulation, regulates their legislative audit. We maximize the efficiency of the review through existing international audit risk approach.
• This allows timely delivery and value - added advisory services to clients. We provide auditing services for a wide range of industries in India. We offer audits for both public and private sector companies in the following areas: IT, finance, insurance, IT security, IT equipment, IT systems, IT services, IT hardware, IT software and IT services. We also provide audits for financial services such as IT security and IT equipment.
• We have audits for banking, finance and IT.
• Audit : We maximize the efficiency of the review through existing international audit risk approach. This allows timely delivery and value - added advisory services to clients.
• Audit Services in India Multiple audits are expected, some are performed voluntarily by individuals or businesses. Audit services in India can be classified as follows: statutory audits: as provided by statutory audits that may be subject to income tax, company laws, banking laws, GST laws, this category has a huge scope for audit services in India.
• External audits: It is compulsory for certain schools, but often company considers it part of the business because of its value in evaluating the organization's current affairs and preventing and detecting mistakes or fraud.
• Management Audit: This audit category is structured to analyze and suggest the personnel, properties, policies adopted by the company in the right shape and direction.
• Similarly, other critical audits such as portfolio audit, due diligence audit, forensic audit, etc.
• With a broad Audit Services in India, Imam & Associates offers audit services for various sectors.
• Statutory audits are performed in India for each fiscal year (for the period 1 April to 31 March) and not the calendar year. The most common two legislative audits are: Business Audits: Business Audits were regulated by the Companies Act, 2013. Company audit seeks to report to the regulatory authority the status of the company's accounting & finances. Audit and assurance programs, such as business audits, are provided by professional auditors operating as independent third parties. The audit report form has the government's own set of guidelines. Clear guidelines on appointment, change, removal of auditors.
• Income Tax Audit: Section 44AB of the Act applies to the auditing of accounts. Under this clause, income tax audit is compulsory for some class of taxpayers based on turnover and receipts cap. To understand if you are responsible under the tax audit, you should contact tax advisors near you. Only a Chartered Accountant should perform a tax audit.
• For banks, financial institutions, power utilities, bank regulation, regulates their legislative audit.
• Internal Audit Process, Internal Audit Report: All listed companies are expected to perform an internal audit; for non-listed and private limited companies, internal audit is compulsory, based on paid-up share capital, borrowing or deposits. In our FAQ below you can see in detail India's internal audit limits.
• Internal Audit Process -Internal Audit Method begins where the auditor sees and analyzes the current process, the organizational structure. System and procedure such as management process, authorization process, how items flow to another agency. After evaluating these issues, evaluation is performed where the auditor compares the outcome he evaluated at the first stage with the internal control functions whether it is in accordance with the organization's regulatory norms and internal policies. After the Internal Audit Process, the internal audit report is prepared. The internal audit report shows the comparison and auditor recommendations where applicable.
• Frequently Asked Questions What is an audit and to whom is it mandatory?
• Section 44AB of the income tax act includes rules on account auditing. Under this clause, income tax audit is compulsory for some class of taxpayers based on turnover and receipts cap.
• It is compulsory if: overall revenue or gross receipts in business exceed 100 lakh in any preceding year or if professional gross receipts exceed 50 lakh in any preceding year; or if the assessee is protected by section 44AE, (44BB or 44BBB) and states that the company's profits are lower than presumptive income.
• From FY 2021 if the business has all electronic transactions Tax audit will not be required upto Rs 5 Crores per annum.
• The assessee carries on a notified career under section 44AA and argues that profits from such career are lower than presumed profits under section 44ADA and his income exceeds the minimum exemption cap.
• Where Income exceeds the basic exemption limit for any assessed person covered by 44AD(4) 44AB, it is not applicable to a individual who presumptively declares profits and benefits 44AD and whose overall revenue, turnover or gross receipts do not exceed Rs. 2 crore.
• Furthermore, 44AB does not apply to a individual who derives income of nature referred to in sections 44B and 44BBA.
• What's the audit company? Is the audit of every company mandatory?
• What is auditing and insurance important?
• What is internal audit and to whom is it compulsory?
• Internal Audit Applicability: The following companies are allowed to nominate Internal Auditor All Listed Public Companies Unlisted Public Companies if they meet the following conditions: paid-up capital of Rs. 50 Crore or more in the preceding financial year OR Rs.200 Crore or more in the preceding financial year OR Unpaid loans or borrowings fr
• Outstanding loans or borrowings from banks or public financial institutions totaling Rs.100 Crore or more at any time during the preceding year.
• What is a security audit?
• What's an audit management? Is management audit mandatory?
• Why is Internal Audit Essential to Your Business in India?
• STATUTORY AUDIT OF COMPANY Internal Audit Standards Under Company Law in India