Company Audit

Company Audit for your entity

Experience thorough scrutiny and assurance in your company's financial health with our comprehensive Company Audit services at Vakilify.

Benefits 

• A company audit plays a pivotal role in identifying accounting system weaknesses and recommending improvements. By undergoing regular audits, businesses can enhance the credibility and reliability of financial figures presented to potential buyers, especially those considering a sale within the next three years.

• This audit process assures directors are not actively engaged in day-to-day accounting functions, ensuring that the business operates in alignment with the information they receive, subsequently reducing the likelihood of fraudulent activities and inaccurate accounting practices. Furthermore, shareholders benefit from the assurance that the financial figures accurately represent the business's true and fair view.

Procedure 


• Obtain Appointment Letter, Board Resolution Copy.

• Secure NOC from Previous Auditor.

• File no disqualification status to the company.

• Submit Form 23B to ROC.

• Obtain a Letter of Engagement.

• Assess Internal Control.

• Develop an Internal Audit Program Action Plan.

• Conduct Audit per IGAAP Companies Act, ICAI Accounting Standards, and Auditing Standards.

• Form an opinion on the company's financial statements.

• Report to Shareholders.

• Attend AGM.

Documents Required

• Audit engagement letter

• Opening trail balance

• Last year signed financial statement

• Copy of computation of income of last year

• Shareholding pattern

• List of directors

• List of kmps

• Register 301 extracts

• Minutes of meeting

• Form 26as

• Fixed assets register

• Invoice in addition to fixed assets

• Invoice of sale of fixed assets

• Tds payments challans

• Pf/pt/esic/mlwf(whichever applicable) payment challans

• Advance tax payments challans

• Returns copy

• Loan payment sch. & loan confirmation letter

• Cash balance confirmation letter along with denomination

• Bank balance confirmation

• Outstanding entry passed: provide supporting Xerox copy

• List of related parties as per as18

• Ledger of the related party from tally having transaction

• Calculation of foreign exchange profit/loss

• Cash ledger with transactions more than rs. 20000/-

• Section 274(1)(g) of co. Act: representation from the director for qualification

• Status of pending income tax assessment

• Draft financial statement

• Management representation letter

• Any change in moa/aoa

• Certificate under sec. 40(a)(3) & 269ss & 269t of income tax

• Copy of annual return filled with mca

• Calculation of director remuneration as per companies act

• Section 383a: secretarial compliance certificate

• Share application pending refund

How Vakilify Can Assist?

• Comprehensive service offerings.

• Expert guidance on diverse matters.

• Proficient with procedural intricacies.

FAQs

What is a Company Audit?

A Company Audit is a comprehensive examination of a company's financial records, transactions, and operations to ensure accuracy, transparency, and compliance with legal and regulatory requirements.

Why is a Company Audit important?

A Company Audit is important as it provides stakeholders, such as investors, creditors, and shareholders, with assurance regarding the company's financial health, integrity, and adherence to accounting standards.

What are the benefits of a Company Audit?

Benefits of a Company Audit include the detection of errors, fraud, and irregularities in financial statements, enhancement of credibility and trust among stakeholders, compliance with statutory requirements, and identification of areas for operational improvement.

What does a Company Audit cover?

A Company Audit covers various aspects, including examination of financial statements, verification of assets and liabilities, assessment of internal controls, compliance with accounting standards, and reporting on findings and recommendations.

Can Vakilify assist with Company Audits?

Yes, Vakilify offers expert Company Audit services conducted by qualified auditors to ensure thorough examination, compliance with legal and regulatory requirements, and provision of valuable insights for business improvement.