Auditing & Assurance
An audit provides an independent opinion on whether financial statements and related information are presented fairly in accordance with the applicable framework. Chirde and Associates, Chartered Accountants, performs audit and assurance engagements in line with the Standards on Auditing and other pronouncements of the ICAI. Engagements are accepted subject to the ICAI Code of Ethics, including requirements on independence and professional competence.
Audit and assurance assignments
- Statutory auditAudit of companies, LLPs, partnership firms and other entities where an audit is required by statute or is taken up voluntarily.
- Tax auditAudit and reporting in the prescribed forms for persons whose business or profession falls within the tax audit provisions (section 44AB of the Income-tax Act, 1961, and the corresponding provision of the Income-tax Act, 2025 for later tax years).
- Internal auditPeriodic review of transactions, controls and processes, with observations and recommendations to management.
- Stock auditVerification of inventory and its valuation for lenders and management, along with comments on records and stock statements.
- Concurrent audit for banksOngoing examination of transactions during the period as assigned by banks under their own appointment norms.
- GST audit supportAssistance with reconciliations, working papers and replies in connection with departmental audits and special audits under the GST law, and preparation of the GSTR-9C reconciliation statement where applicable.
- Trust and society auditsAudit of public charitable trusts, societies and similar bodies, including reporting under income tax and applicable state laws.
- Certification workIssue of certificates and reports where the law or a regulator requires a Chartered Accountant's certification.
From engagement to report
Engagement acceptance
We confirm the scope, applicable law, timeline and our independence before accepting an assignment, and record the terms in an engagement letter.
Planning
We understand the entity and its environment, assess risks, and plan the audit procedures and team.
Execution and review
Fieldwork is carried out by the audit team and reviewed by a partner. Queries and observations are discussed with management as they arise.
Reporting
The report, financial statements and any related certificates are issued, followed by discussion of observations and matters needing attention.
Entities and situations this service covers
- Companies, LLPs and partnership firms that require a statutory or tax audit
- Proprietors and professionals whose accounts fall within tax audit provisions
- Businesses seeking an independent review of internal controls
- Borrowers whose lenders require stock statements or stock audits to be verified
- Trusts, societies, educational and charitable institutions
- Management teams preparing for a GST or departmental audit
Frequently asked questions
What is a statutory audit and who needs one?
A statutory audit is an audit required by a law, for example the Companies Act, 2013 for companies, or the LLP Act, 2008 for LLPs above prescribed limits. Which entities need one depends on the law and the thresholds in force, so please verify against current law.
What is a tax audit?
It is an audit of accounts, with a report in the prescribed form, required for persons whose business turnover or professional receipts exceed specified limits or who fall within certain conditions of the presumptive taxation schemes. The limits and the form numbers can change, so please verify against current law.
How does an internal audit differ from a statutory audit?
A statutory audit is required by law and results in an opinion on the financial statements for external users. An internal audit is commissioned by management to review processes, controls and compliance, and its scope is decided by the entity.
What are stock audit and concurrent audit for banks?
A stock audit examines the existence, quantity and valuation of inventory and the related records for a lender. A concurrent audit examines banking transactions on an ongoing basis during the period. Banks allot these assignments under their own empanelment and eligibility norms.
Do trusts and societies need to get their accounts audited?
Many registered trusts and societies are required to have accounts audited under the Income-tax law and the applicable state legislation, for example the Maharashtra Public Trusts Act, 1950. Requirements depend on the type of entity and its income, so please verify against current law.
Discuss an audit or assurance requirement
To discuss an audit or assurance requirement, write to us at enquiries@chirdeassociates.in or visit our Nagpur or Yavatmal office.