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The Income Tax Act of 1961 has a number of provisions for conducting an accounting audit for tax reasons. If you are a taxpayer and the total revenue from all of your businesses or professions in any prior year exceeds the thresholds outlined in The Income Tax Act, you are required to have your books of accounts audited.

Tax audit consultant M S Solanki & Associates is renowned in Delhi for providing high-quality services to its clients. The goal of the overall tax audit process is to confirm that all applicable regulations, including those pertaining to income tax compliance, are being adhered to correctly.

Our tax experts in Delhi assist in creating business-enhancing solutions that enhance operations and add significant value.

Generally following steps are involved during tax audit:

A tax audit checklist is prepared and followed during tax audit by our tax consultant. This checklist covers all the aspects of the audit and areas to be covered for the reporting.
Ensuring that no items have been omitted in the information furnished by the entity.
Examining the books of accounts as well as other documents related to the transactions that reflect in the books of account
Qualifying Report if unable to obtain the required information in Form 3CA or Form 3CB and its impact on the books of accounts
Stating if he has examined the financial statements and certifying the same.
Uploading the tax audit report.

Generally, during a tax audit, the following stages are involved:

Our tax expert creates and adheres to a checklist for tax audits. This checklist includes every part of the audit as well as the topics that need to be covered for the reporting.
confirming that nothing in the data the entity provided has been omitted.
reviewing the books of accounts and other documents pertaining to the transactions reflected in the books of accounts
If Form 3CA or Form 3CB cannot be used to gather the necessary information, a qualifying report must be filed.
declaring whether or not he has looked over the financial figures and attestation the same.
putting the tax audit report online.

Internal control system and procedures
Custodian and safeguarding of assets
Compliance of policies, plans, procedures, and regulations
Relevance and reliability of the information
Organizational structure
Utilization of resources
The accomplishment of goals and objectives

Why Choose Us for performing Internal Audit:

We maintain high reliability
We carry out work in a highly factual manner especially in gathering information.
We review the important internal controls that has major impact on productivity and growth of enterprise, as most of the time analyzing each and every control and process is not worthy.
We implement the audit work in specialised areas such as fraud investigations, monitoring of projects, implementation of systems and revenue assurance.
We observe facts and situations and makes the higher authorities aware of the same.
Our objective is to continuously improve the quality of the internal process and the internal control.

The 2013 Companies Act governs corporate behavior. This law mandates that all businesses registered under the Companies Act of 2013 have their financial statements audited.

The goal of a statutory audit is to determine if a firm complies with all applicable laws, rules, regulations, and standards as well as whether its financial statements accurately portray its financial position.

Providing Statutory audit services in Delhi, Puneet Bajaj & Co. is the best audit firm in the city. The main aspects considered during a statutory audit are:

Testing of Internal Controls
Verifying Balance Sheet Items
Verifying Profit & Loss Account Items
Testing TDS related compliances
Checking supporting documents
All the statutory compliances applicable to the enterprise are complied by the management within the proper time schedule and as per the norms set by the statutory governing body

The process of physically confirming that the stock kept in the company's warehouse matches the stock registers kept is known as an inventory audit or stock audit. The majority of manufacturing businesses that turn raw materials into finished goods require it.

Any miscalculation in the report could result in more costs because a company's inventory level is crucial and affects its earnings.

In other words, a stock audit is a required procedure that every corporation or organisation should have completed at least once within a specific financial year. We offer a variety of companies the stock audit services in Delhi.

Benefits of Stock Audit

Direct impact on company’s profit
Prevent error and fraud
Identifies slow-moving stock, obsolete stock, deadstock and scrap
Identifies the gap in the current inventory management process

An information systems audit measures how well controls on an information system are working. An audit tries to determine if information systems are effectively supporting company objectives, protecting corporate assets, preserving the integrity of stored and conveyed data, and running efficiently. Verification of an organization's accounting records and financial statements is done as part of a larger financial audit. Every financial transaction can be tracked using information technologies. In other words, there needs to be an audit trail that can show where each transaction came from and how it was handled. Technical audits confirm that information technologies are properly selected, configured, and deployed, and operational audits are used to assess the efficacy and efficiency of information system operations.

Goal of Information System Audit:

Systematize and integrate business procedures and the coverage of business information in the information system
Identify risks and weaknesses
Reduce IT-related costs, as they represent a significant proportion of the organization's total cost
Assess ERP system
Align IT assessment and IT strategy