Under the Auditing services, you can find the services like Tax Auditing Service, Statutory Auditing, Internal Auditing, Stock Auditing Service. Income Tax Audit done is done to verify all income, get the deduction information or about expenditures incurred. And Tax audit is mandated as per the provisions of the Income Tax Act. Statutory Auditing and Internal Auditing includes auditing of accounts of a company which is again a mandatory requirement for companies. Stock auditing on the other hand involves physical verification of inventory or stock.
All these important auditing services are offered by Tax Seva Kendra at a very affordable rates. You can select on any of the services down below to know more about it. And feel free to contact us in case you have any queries or need more information. We are available 24x7 to assist you.
Tax Auditing Service
Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual's organization tax returns by any outside agency. Income Tax Audit done to verify all income, get the deduction information or about expenditures incurred. To do tax audit is mandated as per the provisions of the Income Tax Act.
A statutory audit is a legal requirement for assessment of the accuracy of the financial statements and records of a company or government. A statutory audit aims to determine if an organisation produces an honest and accurate representation of its financial position by evaluating information, such as bank balances, financial transactions, and accounts records.
As per the standard laid down by The Institute of Chartered Accountants of India (ICAI), Internal Audit is broadly defined as a Risk Management Function independently carried out to assist the Management of an organization. It is carried out internally at the behest of the Management and different from External or Statutory Audit. Internal Audit helps in identifying gaps and loopholes in implementation of policies and procedures laid down by the organization in various day to day functions like Finance, Risk, HR, Statutory compliances etc. It also does critical appraisal of internal controls and helps in implementing the best industry practices to meet corporate objectives.
Stock audit is a process of physical verification of the inventory/stock. In other words, a stock audit is a statutory compliance that every company/business should get performed at least once in a financial year. As far as the stock audit procedure is concerned, the stock audit process in India involves physical verification of all the inventories and presenting the premises and verifying the same with computed inventory maintained by the company. The reason and objective behind executing this are to rectify the discrepancies present in the book maintained for stock when compared to physical stock by making necessary adjustment entries.