Statutory Audits – Ensuring Compliance with the Law
As a business owner, you may have heard the term “statutory audit” thrown around in accounting and finance discussions. But what exactly is a statutory audit, and why is it important for your business?
A statutory audit is an audit of a company’s financial statements, which is required by law. It is conducted to ensure that the company’s financial statements are accurate and in compliance with the applicable laws and regulations. A statutory audit is usually conducted by an external auditor, who is a chartered accountant.
At Manisha Mohol and Associates, we offer statutory audit services to businesses in Goa. Our team of experienced auditors has a thorough understanding of the statutory audit process and can help your business comply with the applicable laws and regulations.
Types of Statutory Audits
There are different types of statutory audits that we offer, depending on the nature of your business and the relevant laws and regulations. Some of the types of statutory audits that we offer are:
- Companies Act Audit – This is an audit required under the Companies Act, 2013. It is applicable to all companies registered under the Companies Act, 2013, and is conducted to ensure compliance with the provisions of the Companies Act, 2013.
- Tax Audit – This is an audit required under the Income Tax Act, 1961. It is applicable to businesses whose turnover exceeds a certain threshold and is conducted to ensure compliance with the provisions of the Income Tax Act, 1961.
- GST Audit – This is an audit required under the Goods and Services Tax Act, 2017. It is applicable to businesses registered under the GST Act and is conducted to ensure compliance with the provisions of the GST Act.
- Other Audits – Apart from the above audits, we also offer other audits such as Limited Review, Internal Audit, and Stock Audit, among others.
Our Approach
At Manisha Mohol and Associates, we believe in a thorough and systematic approach to statutory audits. Our team of auditors follows a step-by-step process to ensure that your business is compliant with the applicable laws and regulations.
Our approach includes:
- Understanding your Business – We take the time to understand your business, its operations, and the relevant laws and regulations that apply to it.
- Risk Assessment – We conduct a risk assessment to identify areas of risk and focus our audit efforts accordingly.
- Planning – We develop an audit plan based on our risk assessment and the nature of your business.
- Fieldwork – We conduct the audit fieldwork, which includes gathering and verifying information, testing controls, and identifying any non-compliance issues.
- Reporting – We prepare a comprehensive audit report, which includes our findings, recommendations, and suggestions for improvement.
A statutory audit is an important requirement for businesses to ensure compliance with the applicable laws and regulations. At Manisha Mohol and Associates, we offer a wide range of statutory audit services to help your business comply with the relevant laws and regulations. Our experienced team of auditors follows a thorough and systematic approach to ensure that your business is in compliance. Contact us today to learn more about our statutory audit services.
Internal Audit
Internal audit is a crucial aspect of every business organization as it helps in identifying and mitigating potential risks, improving operational efficiency, and ensuring compliance with legal and regulatory requirements. At Manisha Mohol and Associates, we provide comprehensive internal audit services to businesses in Goa, helping them to stay on top of their internal controls and minimize the risk of fraud or financial mismanagement.
Our team of experienced internal auditors in Goa has a deep understanding of the intricacies of various industries and business processes. We conduct internal audits for both government corporations and private companies, which include but are not limited to stock audits, revenue audits, management audits, and more.
Stock Audit
A stock audit is conducted to evaluate the inventory levels of a business and to ensure that the physical stock matches the inventory records. Our internal auditors in Goa conduct thorough stock audits to identify any discrepancies or inefficiencies in the inventory management system of the business. This helps the organization to prevent stock pilferage, overstocking, and understocking of inventory, which can impact the financial health of the business.
Revenue Audit
A revenue audit is conducted to evaluate the accuracy of the revenue recognition process of a business. Our internal auditors in Goa conduct revenue audits to ensure that the revenue is recognized in accordance with the accounting standards and that all revenue-related transactions are accurately recorded in the financial statements. This helps the organization to prevent any revenue leakage, identify potential revenue growth opportunities, and improve the overall financial health of the business.
Management Audit
A management audit is conducted to evaluate the effectiveness of the management processes and procedures of a business. Our internal auditors in Goa conduct management audits to identify any areas of improvement in the business operations, which can help the organization to improve its overall efficiency and effectiveness.
Our internal audit services are designed to help businesses in Goa to identify and mitigate potential risks, improve operational efficiency, and ensure compliance with legal and regulatory requirements. We have a team of experienced and certified internal auditors who have a deep understanding of various industries and business processes.