Statutory Audits and Tax Audits

Statutory Audit is Audit of Books of Accounts according to requirements of any statute to ensure true and fair view of the accounts as well as compliance with any special requirements of the statute under which audit is undertaken. In simple terms statutory audit in India is equated with Audit under the Companies Act, 2013. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.

Tax Audit is the audit of books of accounts by a Chartered Accountant as envisaged under the Income Tax Act, 1961. As compared to Statutory Audits, Tax Audit is not a compulsory audit. It is applicable to those entities which satisfy the conditions mentioned in the Income Tax Act, 1961.

We do statutory audits and tax audits of all types of assesses.