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. 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.

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.

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.

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.

Our Audit & Assurance Services

Our audit practice is structured around the specific legal and business requirement each client faces:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

Who We Serve – Audit & Assurance Clients

Our audit practice serves a wide range of organisations across India:

• Private Limited Companies and Public Companies: Statutory audit under Companies Act, IFC reporting, and coordination with ROC filings.
• LLPs and Partnership Firms: LLP Act audit, income tax audit, and annual account preparation.
• Charitable Trusts and NGOs: Trust Act audit, Form 10B/10BB filing, 12A/80G compliance, and FCRA audit.
• NBFCs and Financial Institutions: Internal audit, concurrent audit, RBI compliance review, and statutory audit.
• Housing Societies and Cooperative Societies: Society audit under 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.