1. Audits & Assurance

Audits and assurance services are critical to ensuring the accuracy, reliability, and transparency of an organization’s financial and operational activities. They help businesses build stakeholder trust, comply with statutory requirements, and strengthen internal controls.

1 Statutory Audit:

⭕Meaning: A legally mandated audit of a company’s financial statements to ensure compliance with the Companies Act, 2013..
⭕Applicability: Every company (Private/Public) must get accounts audited annually..
⭕Scope:
▪️Verification of books of accounts.
▪️Examination of balance sheet, profit & loss, and cash flow statements..
▪️Compliance check with Accounting Standards & Company Law.
⭕Report: Auditor issues an audit report forming an opinion on the "true and fair view" of financial statements.

2. Tax Audit (u/s 44AB of Income Tax Act)

⭕Applicability: Businesses with turnover > ₹1 crore (₹10 crores if cash transactions <5%)..

⭕Scope:

▪️Checking compliance with Income Tax provisions..
▪️Verification of deductions, depreciation, and other allowances
. ▪️Reporting in Form 3CA/3CB and 3CD.

3. Internal Audit

⭕Meaning: An independent appraisal of operations within an organization.
⭕Applicability: Certain companies based on turnover and paid-up share capital.

⭕Scope:

▪️Evaluate internal controls.
▪️Detect fraud and mismanagement.
▪️Risk management and process improvement.
⭕Why important? Helps management improve efficiency and governance.

4. GST Audit

⭕Applicability: Earlier required for turnover > ₹2 Cr (self-certification introduced after amendments).
⭕Scope:
▪️Reconciliation of sales, purchases, ITC with GST returns
▪️Verification of tax liability and compliances.
▪️Identification of mismatches with GSTR-1, GSTR-3B, and GSTR-9.

5. Stock Audit

⭕Meaning: Audit of inventory/stock carried out for internal control or bank requirements.
⭕Scope:
▪️Physical verification of stock.
▪️Comparison with books of accounts
▪️Detection of obsolete, non-moving, or slow-moving stock.
⭕Use: Essential for companies availing bank credit/loans.

6.Concurrent Audit

⭕Meaning: Real-time examination of financial transactions, mainly in banks and NBFCs.
⭕Scope:
▪️Daily transaction verification.
▪️Checking for irregularities, frauds, and compliance with RBI guidelines.
⭕Why important? Prevents risks and ensures real-time monitoring.

7. Management/Operational Audit

⭕Meaning: Independent review of operations for efficiency and productivity.
⭕Scope:
▪️Evaluates internal processes.
▪️dentifies cost-saving opportunities.
▪️Improves resource utilization.
⭕Goal: To strengthen decision-making and overall business performance.

8. Forensic Audit

⭕Meaning: Specialized audit to detect fraud, misstatements, or financial irregularities.
⭕Scope
▪️Investigative procedures.
▪️Examination of suspicious transactions.
▪️Support in legal proceedings.

9. Due Diligence Audit

⭕Meaning: Detailed financial, legal, and operational review conducted before mergers, acquisitions, or investments.
⭕Scope:
▪️Verification of financial health.
▪️Compliance and liability assessment.
▪️Risk analysis for investors.

Assurance Services by VR Associates LLP

Why Choose VR Associates LLP for Audits & Assurance?

⭕Experienced professionals (CA, CS, tax & legal experts).
⭕Technology-driven audit tools.
⭕Transparent, accurate, and reliable reporting
⭕Tailored solutions for Startups, SMEs, and Corporates.
⭕Focus on compliance + performance improvement.