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Audit & Assurance Services

Comprehensive audit solutions for compliance, risk management, and business improvement

Beyond Compliance: Audits That Add Value

Audit and Assurance services extend far beyond statutory compliance into the realm of enhancing business profitability and risk management. They act as the foundation that drives corporate machinery towards efficient operations and solidified credibility.

At TaxHustler, we offer a comprehensive range of Audit and Assurance services designed to bolster operational efficiency, ensure airtight compliance, and nurture financial health. Our team of experienced CAs, CMAs, and Company Secretaries bring industry-specific expertise to every engagement.

8+ Audit Services
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Statutory & Compliance Management & Operations Due Diligence
Category 1

Statutory & Compliance Audits

Mandatory audits required by law for regulatory compliance

Company Audit

Statutory Audit under Companies Act, 2013

Overview

Company Audit (Statutory Audit) is a mandatory examination of a company's financial statements and records under the Companies Act, 2013. Every company registered in India must undergo this audit regardless of its turnover, profit, or business activity.

Applicability

  • All companies registered under Companies Act, 2013
  • No exemption based on turnover or size
  • Even zero-revenue or dormant companies must conduct statutory audit
  • Applies to Private Limited, Public Limited, OPC, and Section 8 companies

Auditor Requirements

Who Can Audit
  • Practicing Chartered Accountant (CA)
  • CA firm registered with ICAI
Appointment
  • First auditor: Within 30 days of incorporation
  • Term: 5 years, ratified at each AGM
  • Ceiling: 20 company audits per CA

Key Deliverables

  • Audit Report (Section 143)
  • CARO 2020 Report (if applicable)
  • Audit Trail Compliance Verification
  • Financial Statement Certification

CARO 2020 Applicability

CARO 2020 (Companies Auditor's Report Order) contains additional reporting requirements. Exempt for:

  • One Person Companies (OPCs)
  • Small Companies
  • Section 8 Companies
  • Banking and Insurance Companies
  • Private companies below prescribed thresholds
Timeline Before AGM (typically 30th September)
Our Services Complete statutory audit, CARO compliance, financial statement preparation

Tax Audit

Section 44AB of Income Tax Act, 1961

Overview

Tax audit under Section 44AB of the Income Tax Act ensures proper maintenance of books of accounts and correct reporting of income. It verifies that the taxpayer has complied with various provisions of tax laws.

Applicability Thresholds

Business Turnover > ₹1 crore (₹10 crore if cash transactions ≤ 5%)
Profession Gross Receipts > ₹50 lakh
Presumptive (44AD) If profit declared < 8%/6% and total income exceeds basic exemption
Presumptive (44ADA) If profit declared < 50% for professionals with receipts > ₹75 lakh

Forms Required

Form 3CA If already audited under another law
Form 3CB If not audited under any other law
Form 3CD Detailed statement of particulars
Due Date 30th September (31st October for transfer pricing cases)
Conducted By Chartered Accountant only

GST Audit

GSTR-9C Reconciliation Statement

Overview

GSTR-9C is a reconciliation statement that reconciles the values declared in the annual return (GSTR-9) with the audited financial statements. It helps ensure accuracy in GST reporting and compliance.

Applicability

  • Taxpayers with aggregate turnover exceeding ₹5 crore during the financial year
  • Aggregate turnover calculated on all-India basis under same PAN
  • Must be filed along with GSTR-9 Annual Return

Key Changes

From FY 2020-21 onwards: CA/CMA certification is no longer mandatory. Taxpayers can self-certify GSTR-9C.

Scope of Reconciliation

  • Turnover as per audited books vs GSTR-9
  • Tax paid as per books vs tax payable as per returns
  • ITC claimed as per books vs ITC eligible as per returns
  • HSN-wise summary of outward and inward supplies
Due Date 31st December of following financial year
Who Can Prepare CA, CMA, or self-certified by taxpayer

Secretarial Audit

Section 204 of Companies Act, 2013

Overview

Secretarial Audit is an examination of a company's compliance with corporate laws, secretarial standards, and governance norms. It focuses on non-financial aspects ensuring every legal requirement is met.

Applicability (Rule 9)

  • Every listed company
  • Public company with paid-up capital ≥ ₹50 crore
  • Public company with turnover ≥ ₹250 crore
  • Company with borrowings from banks/PFIs ≥ ₹100 crore (includes private companies)

Coverage Areas

  • Companies Act, 2013 compliance
  • Securities Contracts (Regulation) Act
  • Depositories Act, 1996
  • FEMA compliance
  • SEBI regulations (for listed companies)
  • Secretarial Standards SS-1 & SS-2
Report Format Form MR-3 (annexed to Board's Report)
Conducted By Practicing Company Secretary (CS) only
Category 2

Management & Operational Audits

Audits focused on efficiency, controls, and business improvement

Internal Audit

Section 138 of Companies Act, 2013

Overview

Internal Audit is a systematic evaluation of risk management, internal controls, and governance processes. It acts as a business improvement tool that helps identify areas of risk, inefficiencies, and potential violations before they become significant issues.

Mandatory Applicability (Rule 13)

Listed Companies

All listed companies without any threshold

Unlisted Public Companies
  • Paid-up capital ≥ ₹50 crore, OR
  • Turnover ≥ ₹200 crore, OR
  • Borrowings > ₹100 crore, OR
  • Deposits > ₹25 crore
Private Companies
  • Turnover ≥ ₹200 crore, OR
  • Borrowings > ₹100 crore

Who Can Conduct

  • Chartered Accountant (CA)
  • Cost Accountant (CMA)
  • Other qualified professional
  • Company employee (in-house)

Important: The statutory auditor cannot be appointed as internal auditor of the same company (Section 144(b)).

Scope & Deliverables

  • Scope determined by Audit Committee in consultation with internal auditor
  • Internal audit report with findings
  • Risk assessment and mitigation recommendations
  • Control framework evaluation
  • Process improvement suggestions
Frequency As determined by Audit Committee
Our Services Internal audit setup, risk-based auditing, control framework implementation

Management Audit

Operational Efficiency & Leadership Effectiveness

Overview

A Management Audit provides a candid assessment of the effectiveness of managerial tactics and procedures within your organization. It serves as a strategic instrument that assesses resource utilization, operational efficiency, and productivity output.

Purpose & Benefits

  • Assess efficiency of management processes
  • Identify bottlenecks and inefficiencies
  • Evaluate resource utilization
  • Benchmark against industry best practices
  • Improve organizational effectiveness

Scope Areas

  • Strategic planning and execution
  • Organizational structure
  • Decision-making processes
  • Resource allocation
  • Performance management
  • Policy implementation

Audit Process

Define Objectives → Planning → Data Collection → Analysis → Recommendations
Nature Voluntary (not statutory)
Our Services Management effectiveness review, strategic audit, performance assessment

Stock/Inventory Audit

Bank & Business Stock Verification

Overview

Stock Audit is an independent verification and analysis of inventory to ensure that physical stock matches book records. It includes checking the condition of goods, storage practices, stock movement, internal controls, and valuation methods.

When Required

  • Bank borrowers with credit exposure above prescribed limits (as per RBI/bank guidelines)
  • Working capital finance (cash credit against stock hypothecation)
  • Annual stock verification for businesses
  • Insurance claims and year-end closing
  • Due diligence for M&A transactions

Scope of Audit

Physical Verification
  • Raw materials
  • Work-in-progress (WIP)
  • Finished goods
  • Stores and spares
Analysis
  • Book vs physical comparison
  • Valuation method verification
  • Obsolescence assessment
  • Drawing power calculation
Conducted By CA, CMA, or CS (usually appointed by banks)
Frequency As per bank requirements (quarterly/half-yearly/annual)
Category 3

Due Diligence

Comprehensive investigation for M&A, investments, and strategic decisions

Due Diligence

Financial, Tax, Legal, and HR Due Diligence for M&A

Overview

Due Diligence underpins every pivotal business decision—be it an acquisition, merger, investment, or strategic partnership. It offers a granular analysis of the prospective proposition, elucidating risks, anticipated returns, and underlying value. Our due diligence reports provide informed clarity, safeguarding your business interests against uncalculated setbacks.

Financial Due Diligence
  • Review of audited financials (3 years)
  • Cash flow analysis
  • Working capital assessment
  • Debt and liability verification
  • Earnings quality analysis
  • Off-balance sheet items
Tax Due Diligence
  • Direct tax compliance review
  • Indirect tax (GST) assessment
  • Transfer pricing compliance
  • Tax holiday/incentive verification
  • Contingent tax liabilities
  • Unabsorbed losses and depreciation
Legal Due Diligence
  • Corporate documents (MOA, AOA)
  • Contract and agreement analysis
  • Litigation and disputes
  • Intellectual property verification
  • Regulatory compliance status
  • Material contracts review
HR Due Diligence
  • Employment contracts review
  • Labour law compliance
  • PF/ESI compliance status
  • ESOP and bonus liabilities
  • Key person dependencies
  • Organization structure analysis

Due Diligence Process

1 Engagement & Scope
2 Data Room Setup
3 Document Review
4 Management Interviews
5 Site Visits
6 Report & Findings

Output & Deliverables

  • Comprehensive due diligence report
  • Risk assessment matrix
  • Deal breakers identification
  • Valuation impact analysis
  • Recommendations for deal structuring
  • Compliance gap analysis
Timeline 30 days to 6 months (depending on scope)
Our Services Full-scope DD, Vendor DD, specific area DD (Tax, Financial, HR)

Audit Applicability Quick Reference

Understand which audits apply to your business

Audit Type Governing Law Mandatory For Conducted By Due Date
Company Audit Companies Act, 2013 All companies CA Before AGM
Tax Audit Income Tax Act, 1961 Business > ₹1Cr / Profession > ₹50L CA 30th September
GST Audit (9C) GST Act Turnover > ₹5 crore CA/CMA/Self 31st December
Secretarial Audit Companies Act, 2013 Listed + Large companies CS Before AGM
Internal Audit Companies Act, 2013 Listed + Large companies CA/CMA/Professional Per Audit Committee
Stock Audit RBI/Bank Guidelines Borrowers as specified by bank CA/CMA/CS Per Bank requirement

* Thresholds and requirements are subject to periodic revisions. Please check the official portals for the latest regulations.

Why Choose TaxHustler for Your Audit Needs

Your trusted partner for comprehensive audit and assurance services

Expert Team

Team of qualified CAs, CMAs, and Company Secretaries

Industry Expertise

Specialized knowledge across diverse industry sectors

Risk-Based Approach

Focus on critical risk areas and business-specific concerns

Technology-Enabled

Modern audit methodology with data analytics

Comprehensive Coverage

All statutory and voluntary audit requirements under one roof

Post-Audit Support

Implementation guidance and ongoing compliance support

Confidential & Independent

Strict confidentiality and unbiased reporting

PAN India Coverage

Services available across all states and union territories

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Let our experts handle your tax, GST, and compliance matters while you focus on growing your business.

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