We provide various audit services in the following areas:
- Tax Audits under Income Tax act
- Statutory Audit under Companies Act
- Internal and concurrent Audits
- Pre-investment management audits
- Bank and Government Audits
We at M R Giri and Co., Aurangabad conduct the audits of
Companies Limited by Shares, Limited Liability Partnerships,
Partnership firms, proprietary concerns, NGOs, Societies and Trusts.
We have been working with clients from different industries such as
manufacturing, garments, pharmaceuticals, automobiles, contractors,
real estate, etc. We are also providing extensive services to startup
business. In case you need these services, we would be glad to assist you.
Please write to
info@camrgiri.com
Secondly, based on our past experience, we have short listed the most
commonly asked questions by the companies regarding Auditing in India.
We are sure the following FAQs will answer most of your questions!
Is statutory Audit compulsory?
In term of section 139(1) of the Companies Act, 2013 read with rule 3
of Companies (Audit and Auditors) Rules, 2014 every company shall appoint
an individual or a firm as an auditor.
Section 139(6) of the Act stipulated that the first Auditor of the Company
shall be appointed within 30 days of its date of registration.
Is Audit under Income Tax Act mandatory?
As per Section 44AB of the Income Tax Act, 1961, certain persons carrying
on business or profession have to get their books of accounts audited by
a practicing Chartered Accountant.
In case of business, if the total sales, turnover or gross receipts,
as the case may be, exceed or exceeds 1 Crore Rupees in any previous year
and
In case of profession, if the gross receipts in profession exceed
Rs.50 lakh Rupees in any previous year are compulsorily required to get
their books of accounts audited by a Chartered Accountant.
This apart, under certain circumstances, even if the turnover is less
than the limits specified above, books of accounts have to be audited by a CA.
The applicable entities have to get their accounts audited by a Chartered
Accountant before the specified date and furnish the report of such audit.
Is IFRS applicable to private companies?
IFRS refers to International Financial Reporting Standards which are
applied while preparing the financial statements of the company.
Different countries have different accounting standards. In order to remove
the discrepancy in Accounting across the Globe, countries world over decided
to adopt uniform standards called IFRS.
In India, IND AS (Indian Standard converged with IFRS) has been introduced
in 2014. The applicability of IND AS to companies is as under -
-
Listed and Unlisted companies with net worth in excess of Rs.500 Crore
(w.e.f. 1st April 2016) and holding, subsidiary or associate and JV
of the above companies.
-
Listed (irrespective of the turnover) and Unlisted companies
(private limited and closely held public companies) with net worth
in excess of Rs.250 Crores (w.e.f. 1st April 2017) and holding,
subsidiary or associate and JV of the above companies
(irrespective of the turnover)
Once the company starts following IND AS, it shall be required to follow
for the subsequent financial statements even if any of the criteria
specified above does not subsequently apply to it.
What is ICDS? For whom it is applicable?
ICDS is applicable to all taxpayers, irrespective of turnover, including
firms, AOP, Resident or Non-Residents, etc.,) who have income from business
or profession or Income from other sources.
Please write to
info@camrgiri.com