Audit Services And Certification

Audit Services And Certification

Audit services

At M S More and Co, we provide specialized audit services in accordance with various acts that regulate business operations in India. These audits are designed to ensure compliance, enhance transparency, and provide stakeholders with accurate financial information. Our audit services are comprehensive and cater to the needs of businesses across different sectors.

Audit under the Companies Act, 2013

The Companies Act, 2013 mandates a statutory audit for all companies registered in India. This audit ensures that financial statements accurately reflect the financial health of the company and comply with Indian accounting standards and regulatory requirements.

Statutory Audits

A statutory audit is a legally mandated examination of an organization’s financial records, conducted by an independent auditor, to ensure the financial statements present a true and fair view. It’s not just an internal check; it’s an external review by a qualified professional to verify compliance with specific laws and accounting standards.

  • Financial Statement Audit: We conduct a thorough review of your financial statements to ensure they provide a true and fair view of your business’s financial position. This includes evaluating your balance sheet, profit and loss statement, and cash flow.
  • Compliance Assessment: Our team assesses your compliance with Indian Accounting Standards (Ind AS), tax regulations, and other statutory requirements.
  • Audit Report: We provide an independent audit report that can be submitted to regulatory authorities, investors, or stakeholders, ensuring that your business remains transparent and compliant.

An Internal Audit helps businesses assess and improve their internal controls, risk management processes, and overall operational efficiency.

  • Internal Control Evaluation: We evaluate your business’s internal control systems to ensure that financial transactions are accurately recorded and managed.
  • Risk Management: Our team helps identify and mitigate risks by assessing business processes, ensuring compliance, and protecting assets from fraud or mismanagement.
  • Process Improvement: We identify areas of improvement within your operations, helping you streamline processes, reduce costs, and enhance overall business performance.

The Income Tax Act, 1961 requires businesses and individuals exceeding certain income thresholds to undergo a Tax Audit. This audit ensures that the company is complying with income tax regulations and that its financial records are accurate and transparent for tax purposes.

  • Tax Audit (Section 44AB): Businesses with a turnover above the specified threshold are required to undergo a tax audit under Section 44AB of the Income Tax Act. Our audit services ensure that your business’s financial records comply with the tax laws and that income, deductions, and tax liabilities are correctly reported.
  • Audit of Financial Statements: We examine the profit and loss statements, balance sheet, and other relevant financial records to ensure that all income and expenses are accurately recorded for tax purposes.
  • Audit Report Filing (Form 3CD): We prepare and file the tax audit report (Form 3CD), ensuring that all disclosures required under the Income Tax Act are included and the business is fully compliant.
  • Tax Compliance and Optimization: During the audit, we help identify potential tax-saving opportunities and ensure that all applicable tax deductions and credits are claimed correctly. We also provide recommendations to improve tax efficiency.
  • Advance Tax and TDS Compliance: We review the business’s advance tax payments and TDS (Tax Deducted at Source) compliance, ensuring that tax obligations are met in a timely manner.

Apart from the Companies Act and Income Tax Act, certain businesses are also required to undergo audits under specific industry-related acts or regulations. At M S More and Co, we provide expert audit services under various other acts, depending on the nature of your business.

  • GST Audits (Goods and Services Tax Act): Businesses registered under GST may need to undergo GST audits to ensure compliance with the Goods and Services Tax Act. Our team helps businesses with the GST Audit process, ensuring that all transactions, returns, and input tax credits are accurately accounted for.
  • Statutory Audits under Other Industry-Specific Laws: Some industries have their own specific laws requiring audits, such as:
    • Banking and Financial Services: Audits under the Reserve Bank of India (RBI) guidelines.
    • Non-Profit and Charitable Organizations: Audits under the Societies Registration Act, Charitable Trusts Act, or FCRA for NGOs.
    • Securities and Exchange Board of India (SEBI): Audits for listed companies or businesses involved in securities trading.
    • Environmental and Labor Law Compliance: Businesses in specific sectors may be required to undergo audits under environmental laws or labor laws.
  • Foreign Exchange Management Act (FEMA) Compliance: Businesses involved in foreign transactions may need audits to ensure compliance with the FEMA regulations governing cross-border trade and remittances.
  • Regulatory and Licensing Audits: For certain licenses or certifications, such as ISO certifications or food safety licenses, businesses may need specialized audits. Our team helps businesses meet the specific audit requirements under various industry laws.

Statutory Audits:

A statutory audit is a legally mandated examination of an organization’s financial records, conducted by an independent auditor, to ensure the financial statements present a true and fair view. It’s not just an internal check; it’s an external review by a qualified professional to verify compliance with specific laws and accounting standards.

  • Financial Statement Audit: We conduct a thorough review of your financial statements to ensure they provide a true and fair view of your business’s financial position. This includes evaluating your balance sheet, profit and loss statement, and cash flow.
  • Compliance Assessment: Our team assesses your compliance with Indian Accounting Standards (Ind AS), tax regulations, and other statutory requirements.
  • Audit Report: We provide an independent audit report that can be submitted to regulatory authorities, investors, or stakeholders, ensuring that your business remains transparent and compliant.

Internal Audits:

An Internal Audit helps businesses assess and improve their internal controls, risk management processes, and overall operational efficiency.

  • Internal Control Evaluation: We evaluate your business’s internal control systems to ensure that financial transactions are accurately recorded and managed.
  • Risk Management: Our team helps identify and mitigate risks by assessing business processes, ensuring compliance, and protecting assets from fraud or mismanagement.
  • Process Improvement: We identify areas of improvement within your operations, helping you streamline processes, reduce costs, and enhance overall business performance.

Audit under the Income Tax Act,1961

The Income Tax Act, 1961 requires businesses and individuals exceeding certain income thresholds to undergo a Tax Audit. This audit ensures that the company is complying with income tax regulations and that its financial records are accurate and transparent for tax purposes.

  • Tax Audit (Section 44AB): Businesses with a turnover above the specified threshold are required to undergo a tax audit under Section 44AB of the Income Tax Act. Our audit services ensure that your business’s financial records comply with the tax laws and that income, deductions, and tax liabilities are correctly reported.
  • Audit of Financial Statements: We examine the profit and loss statements, balance sheet, and other relevant financial records to ensure that all income and expenses are accurately recorded for tax purposes.
  • Audit Report Filing (Form 3CD): We prepare and file the tax audit report (Form 3CD), ensuring that all disclosures required under the Income Tax Act are included and the business is fully compliant.
  • Tax Compliance and Optimization: During the audit, we help identify potential tax-saving opportunities and ensure that all applicable tax deductions and credits are claimed correctly. We also provide recommendations to improve tax efficiency.
  • Advance Tax and TDS Compliance: We review the business’s advance tax payments and TDS (Tax Deducted at Source) compliance, ensuring that tax obligations are met in a timely manner.

Audit under Any Other Act (Specialized Audits)

Apart from the Companies Act and Income Tax Act, certain businesses are also required to undergo audits under specific industry-related acts or regulations. At M S More and Co, we provide expert audit services under various other acts, depending on the nature of your business.

  • GST Audits (Goods and Services Tax Act): Businesses registered under GST may need to undergo GST audits to ensure compliance with the Goods and Services Tax Act. Our team helps businesses with the GST Audit process, ensuring that all transactions, returns, and input tax credits are accurately accounted for.
  • Statutory Audits under Other Industry-Specific Laws: Some industries have their own specific laws requiring audits, such as:
    • Banking and Financial Services: Audits under the Reserve Bank of India (RBI) guidelines.
    • Non-Profit and Charitable Organizations: Audits under the Societies Registration Act, Charitable Trusts Act, or FCRA for NGOs.
    • Securities and Exchange Board of India (SEBI): Audits for listed companies or businesses involved in securities trading.
    • Environmental and Labor Law Compliance: Businesses in specific sectors may be required to undergo audits under environmental laws or labor laws.
  • Foreign Exchange Management Act (FEMA) Compliance: Businesses involved in foreign transactions may need audits to ensure compliance with the FEMA regulations governing cross-border trade and remittances.
  • Regulatory and Licensing Audits: For certain licenses or certifications, such as ISO certifications or food safety licenses, businesses may need specialized audits. Our team helps businesses meet the specific audit requirements under various industry laws.