Audits required by law for companies, LLPs, co-operatives, trusts and businesses. Audits are conducted in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.
Services
- Statutory audit under the Companies Act, 2013, including reporting under CARO 2020
- Tax audit under Section 63 of the Income-tax Act, 2025 (earlier Section 44AB)
- Bank audits: statutory branch audit, concurrent audit and stock audit
- Internal audit
- Audit of co-operative societies under the Karnataka Co-operative Societies Act, 1959
- Audit of trusts and institutions (report earlier in Form 10B or 10BB, now Form 112)
- Audit of LLPs and partnership firms
- Certificates such as net worth, turnover and shareholding
Questions
Who must get a tax audit done?
A business whose turnover exceeds Rs 1 crore, or Rs 10 crore where at least 95% of receipts and payments are through banking or online modes, and a profession whose gross receipts exceed Rs 50 lakh.
To whom does statutory audit apply?
Every company must have its accounts audited each year under the Companies Act, 2013, whatever its turnover. An LLP must be audited only if its turnover exceeds Rs 40 lakh or its contribution exceeds Rs 25 lakh. A proprietorship has no statutory audit under company law, though a tax audit may apply.