Statutory audit, tax audit, internal audit and certifications
Garry & Associates, Chartered Accountants, conducts audits and assurance engagements in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI).
Whether your company needs its statutory audit, your business has crossed the tax audit limit, or you want an independent review of your internal controls, we plan the work carefully, keep you informed and deliver reports on time.
Audit of companies under the Companies Act, 2013, and of LLPs where required.
Tax audit under Section 44AB of the Income Tax Act, 1961, with the report in Form 3CA or 3CB and Form 3CD.
Review of processes and internal controls, with practical recommendations to reduce errors and risk.
Concurrent audits for banks and financial institutions, in line with their guidelines.
Audits of trusts, societies and charitable institutions, including the audit reports they need to file.
Stock audits for lenders and special-purpose audits.
Net worth, turnover and utilisation certificates, and other certifications that a Chartered Accountant can issue.
The exact list depends on your situation. We will confirm what is needed when you contact us. Please do not send documents through the website forms.
In general, a business needs a tax audit if its turnover in the year exceeds Rs. 1 crore. This limit is Rs. 10 crore if cash receipts and cash payments are each not more than 5% of the total. A professional needs a tax audit if gross receipts exceed Rs. 50 lakh. Some taxpayers under the presumptive taxation schemes also need one. We can confirm whether it applies to you.
Yes. Every company registered under the Companies Act, 2013, must have its financial statements audited by a Chartered Accountant every year, whatever its size or turnover.
A statutory audit is required by law and results in an independent opinion on whether the financial statements are true and fair. An internal audit is usually chosen by management to review processes, controls and efficiency, and its findings are reported to management.
It depends on the size of the business and how ready the records are. For a small business with up-to-date accounts, the fieldwork may take a few days. We agree a timeline with you at the start.
For companies, the Companies Act, 2013, does not allow the statutory auditor to also provide accounting and bookkeeping services to the company. For other entities, the independence requirements of ICAI apply. We will tell you what is permitted in your case.
Book a 30-minute appointment at our office in Madurai, by phone or by video call.