internal auditing is an objective assurance and consulting activity designed to add value and improve an organizations operations.it helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management , control and governance processes . An internal audit reports to senior leadership, it is only that its activities are directed by CEO or board of director through its audit committee.
A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested carried on by all and anyone of them acting for all, in accordance with the terms and goals set out in partnership deed.
when the IRS decide to examine your return a little more closely and verify that your tax return a little more closely and verify that your income and deductions are accurate. Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary. similarly, income tax also mandates an audit called tax audit. It makes the process of income computation for filing of return of income easier. Tax audit in detail verification of book of accounts maintained by business and verify the accurateness of income earned & deduction claimed by assesse in income tax return.
|Sno.||TYPE OF TAXPAYER||TURNOVER|
|#2||LLP-business income||1 crore|
|#3||LLP income from profession||50 Lac|
|#4||Partnership business from business||50 Lac|
Statutory audit is an examination of an entity’s financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audit. The purpose of this audit is to determine whether an organization provides a fair and accurate representation of its financial position by examination information such as bank balances, book keeping records and financial transactions.
Our services include preparation financial statements, certification etc. , provided value added service to companies through our expertise knowledge and experienced professionals. The following are to be looked in statutory audit
Statutory audit is applicable to all the companies registered under companies act 2013 while the tax audit is applicable, on all companies , LLPs , partnership firms as well as individuals or professionals whose turnover or gross receipts crosses the threshold limit. Statutory audit id governed by company act and tax audit id governed by income tax act statutory audit is conduct by professional auditor and tax audit is conduct by tax authorities and CA.