CA | Ghanshyam Suresh Gupta & Associates

AUDITING SERVICES

When faced with a swiftly changing economic and regulatory landscape, the need for timely, high-quality audits is critical. We approach client’s audit with a deep understanding of their business, the industry in which they operate, the risks that client faces and the latest regulatory laws. Our commitment to delivering high-quality assurance services is at the heart of what we do. We provide comprehensive audit and assurance services designed to deliver real value and underpin investor confidence. Explore the services we offer :

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

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Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

Ghanshyam Suresh Gupta & Associates assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems