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Audit & Assurance Services in India – Statutory, Tax, Internal & Specialised Audits | N D Savla & Associates
Audit & Assurance

Audit & Assurance Services in India
Statutory, Tax, Internal & Specialised Audits

An audit, when done properly, is one of the most valuable things a business can invest in — not because it is required, but because of what it reveals. A rigorous audit catches discrepancies before they escalate, strengthens internal controls before they are tested, and builds the financial credibility that lenders, investors, and regulators rely on.

Part of our Audit & Assurance practice: Statutory Audit Tax Audit Internal Audit GST Audit

Overview

What Are Audit and Assurance Services?

An audit is an independent examination of financial records, transactions, processes, and controls to determine whether they are accurate, complete, and compliant with applicable standards and laws. Assurance services extend beyond the audit — they encompass reviews, agreed-upon procedures, and other engagements where a professional provides a level of confidence about the subject matter to the users of the report.

Done poorly — quickly, without depth, or simply to fulfil a filing requirement — an audit becomes a liability. It creates a false sense of assurance while exposing the business to scrutiny risk.

In India, several types of audit are mandatory under different laws. Companies registered under the Companies Act, 2013 must undergo a statutory audit every year. Businesses and professionals with turnover or receipts above prescribed limits must undergo a tax audit under Section 44AB of the Income Tax Act. LLPs, trusts, cooperative societies, and housing societies each have their own audit requirements under their governing legislation. Beyond mandatory audits, businesses also engage chartered accountants for internal audits, concurrent audits, due diligence, and specialised assurance reviews — all of which provide independent verification that management cannot provide about itself.

N D Savla & Associates provides professional Audit & Assurance services with the independence, technical rigour, and practical understanding that meaningful audits require. Our audit practice covers statutory audits under the Companies Act, audits under the Income Tax Act, audits under the Trust Act, audits under the LLP Act, GST audit, internal audit, and a range of specialised audit services — all delivered by qualified chartered accountants who are accountable for every report they sign.

Who We Serve

Audit & Assurance Clients We Work With

Our audit practice serves a wide range of organisations across India — each with its own statutory framework and assurance requirement:

Private Limited & Public Companies

Statutory audit under the Companies Act, IFC reporting, and coordination with ROC filings.

LLPs & Partnership Firms

LLP Act audit, income tax audit, and annual account preparation.

Charitable Trusts & NGOs

Trust Act audit, Form 10B/10BB filing, 12A/80G compliance, and FCRA audit.

NBFCs & Financial Institutions

Internal audit, concurrent audit, RBI compliance review, and statutory audit.

Housing & Cooperative Societies

Society audit under the Maharashtra Cooperative Societies Act and equivalent state laws.

Startups Preparing for Funding

Pre-funding due diligence audits, IFC framework, and audit-ready financial statement preparation.

Listed Companies

Statutory audit with IFC reporting, SEBI LODR compliance audit support, and quarterly reviews.

Our Services

Our Audit & Assurance Services

Our audit practice is structured around the specific legal and business requirement each client faces. The six service blocks below cover the end-to-end audit and assurance engagement.

01

Statutory Audit Under the Companies Act

Every company incorporated under the Companies Act, 2013 — whether a private limited company, public company, one person company, or producer company — must have its financial statements audited every financial year by an independent chartered accountant. The statutory audit under the Companies Act involves verification of the balance sheet, profit and loss account, and cash flow statement against the company's books of accounts; examination of compliance with accounting standards and Companies Act disclosure requirements; review of internal controls over financial reporting; and issuance of the auditor's report to shareholders. For companies required to report on Internal Financial Controls (IFC) under Section 143(3)(i), we also assess and report on the adequacy and operating effectiveness of the IFC framework.
Companies Act 2013 – Section 143(3)(i)
02

Tax Audit Under the Income Tax Act

A tax audit under Section 44AB is mandatory for businesses whose annual turnover exceeds Rs. 1 crore (Rs. 10 crore if cash transactions are below 5% of total receipts and payments) and for professionals whose gross receipts exceed Rs. 50 lakhs in a financial year. The income tax audit requires submission of Form 3CA/3CB (auditor's report) and Form 3CD (detailed statement of particulars) by the due date — typically September 30 of the assessment year. Our tax audit team ensures the audit report is consistent with the financial statements and the income tax return, minimising the risk of mismatches that trigger assessment notices. We also assist businesses where the income tax return itself is filed by us, ensuring the audit and return are fully coordinated.
Income Tax Act – Section 44AB
03

Audit Under the Trust Act and for Charitable Institutions

Charitable trusts, religious trusts, educational institutions, and public charitable bodies registered under the Indian Trust Act or under state-specific trust laws have annual audit requirements. Additionally, trusts registered under Sections 12A and 80G of the Income Tax Act must file audited accounts and specific forms — Form 10B or Form 10BB — with their income tax returns. Our audit services under the Trust Act cover preparation of trust accounts, independent audit, and filing of the required forms. We also provide Trust Audit Services for FCRA-registered organisations and organisations filing with the Charity Commissioner.
Income Tax Act – Section 12A & 80G | Form 10B / 10BB
04

Audit Under the LLP Act

Limited Liability Partnerships (LLPs) are required to have their accounts audited if their annual turnover exceeds Rs. 40 lakhs or their capital contribution exceeds Rs. 25 lakhs in a financial year. Even below these thresholds, the LLP agreement may require an audit. Our audit services under the LLP Act cover annual account preparation, independent audit, and coordination with the Statement of Accounts and Solvency filing with the Registrar of Companies. For LLPs with income tax audit requirements (where professional or business receipts exceed prescribed limits), we manage both the LLP Act audit and the income tax audit simultaneously, ensuring consistency across all filings.
LLP Act 2008 – Audit Thresholds
05

Internal Audit

An internal audit is an independent, objective evaluation of a business's internal controls, risk management processes, and operational compliance. Unlike a statutory audit which focuses on financial statement accuracy for external stakeholders, an internal audit is directed at management — providing actionable insights on where controls are weak, where risks are accumulating, and where processes can be improved. Under the Companies Act, certain classes of companies are required to appoint an internal auditor. Even where not mandatory, growing businesses and NBFCs benefit significantly from periodic internal audit reviews that strengthen the control environment before weaknesses are exploited.
Companies Act – Internal Auditor Appointment
06

GST Audit, Concurrent Audit and Specialised Assurance

Beyond the primary audit categories, our practice covers a range of specialised audit and assurance services. Our GST audit service reviews GST compliance, return-book reconciliations, input tax credit verification, and GSTR-9C preparation. Our concurrent audit services provide real-time transaction monitoring for banks, NBFCs, and organisations requiring ongoing oversight. Our society auditor services cover housing societies and cooperative societies. For organisations adopting Ind AS or IFRS, we provide Ind AS implementation and IFRS implementation services alongside assurance on the transition. Our Peer Review Auditor services assist CA firms preparing for ICAI peer review.
GST Law – GSTR-9C | Concurrent & Specialised Assurance

Specialised Practice

Specialised Audit and Assurance Services

Beyond the core mandatory audits, our practice covers a range of specialised audit and assurance engagements:

Trust Audit ServicesAudit for FCRA-registered organisations and bodies filing with the Charity Commissioner.
Concurrent Audit ServicesReal-time transaction monitoring for banks, NBFCs, and financial institutions.
Society Auditor ServicesStatutory audit for housing societies and cooperative societies.
Ind AS ImplementationInd AS adoption support with assurance on the transition.
IFRS Implementation ServicesIFRS transition support with assurance for organisations adopting IFRS.
Peer Review AuditorAssistance for CA firms preparing for ICAI peer review.

Frequently Asked Questions

Common Questions on Audit & Assurance

Which companies are required to conduct a statutory audit in India?
Every company incorporated under the Companies Act, 2013 — regardless of turnover, profit, or activity — must conduct a statutory audit every financial year. This includes private limited companies, one person companies, public companies, Section 8 (non-profit) companies, and government companies. There is no turnover exemption for statutory audit under the Companies Act. LLPs are required to conduct an audit if turnover exceeds Rs. 40 lakhs or capital contribution exceeds Rs. 25 lakhs.
What is the difference between a statutory audit and an internal audit?
A statutory audit is legally mandatory, conducted by an independent external auditor, and results in an auditor's report addressed to the shareholders or members. Its primary purpose is to give stakeholders confidence that the financial statements are accurate and compliant. An internal audit is typically not mandatory for most entities (though certain companies must appoint an internal auditor under the Companies Act), is conducted for management's benefit, and focuses on evaluating the effectiveness of internal controls, risk management, and operational processes.
When is a tax audit under Section 44AB mandatory?
A tax audit under Section 44AB is mandatory for businesses whose total sales, turnover, or gross receipts exceed Rs. 1 crore in a financial year. This limit is Rs. 10 crore if at least 95% of all receipts and payments are through banking channels (digital/account payee). For professionals (doctors, lawyers, architects, etc.), the threshold is Rs. 50 lakhs in gross receipts. The tax audit report — Form 3CA/3CB and Form 3CD — must be filed by September 30 of the relevant assessment year.
Does a charitable trust need to get its accounts audited?
Yes. Charitable trusts and institutions registered under Sections 12A and 80G of the Income Tax Act must get their accounts audited if total income (before the 85% application exemption) exceeds the basic exemption limit. The audit must be conducted by a chartered accountant, and the audited accounts along with Form 10B or Form 10BB must be filed along with the income tax return. Failure to file audited accounts can result in loss of exemption status for that year and a tax demand on the entire income.
What is concurrent audit and which organisations need it?
A concurrent audit is an ongoing, real-time review of transactions as they occur — as opposed to a year-end audit which reviews past transactions. It is primarily required for banks (branches above certain advance limits must have concurrent auditors appointed by the bank), NBFCs, and other financial institutions. Some large corporates also appoint concurrent auditors for high-value procurement or treasury functions. The concurrent auditor identifies deviations, errors, and control failures in near real-time, allowing management to correct them before they compound.

Your Business Deserves an Audit That Actually Protects It.

From statutory audit and tax audit to internal audit and specialised assurance — N D Savla & Associates delivers rigorous, independent, and reliable audit services across India. Every report we sign is one we stand behind.

Get in Touch
📞 +91 98190 00511  |  +91 91670 58000  |  +91 98190 00445
📧 nainitsavla@savlagroup.in  |  natasha@savlagroup.in
🌐 ndsavlaa.com/audit-assurance-services

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