Auditing & Assurance Services are at the core of any Financial Management setup. It ensures proper working of the organisation according to laid down internal controls and also the efficiency and effectiveness of the controls itself. At Damodar Agrawal & Associates, we offer a complete range of Assurance Solutions to help improve your financial efficiency, accuracy and stability.
Our range of Auditing & Assurance Solutions include:-

• Internal audit
• Statutory Audit
• Tax Audit
• GST Audit

Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Today Internal Audit is not just an audit of Financial working of an organisation. It has evolved to become a tool in the hands of management to ensure proper working of any function of the organisation be it production or sales or finance or human resources.

Over the time the role of Internal Auditor has widened from just ensuring the correctness of financial system of any organisation to include consultative processes like advising on better utilisation of organisations resources, better management of financial as well as non-financial functions etc.

Our Internal Audit Department strives to ensure that Internal Audit is conducted with the highest standards & auditing procedures to ensure total compliance of client’s requirements.

Statutory Audit

In simple terms statutory audit in India is equated with Audit under the Companies Act. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.

The complexity of Statutory Audit Function has increased manifolds during recent times. Globalisation, Fast Changing Business and Statutory environment combined with need for synchronisation with various global accounting standards and ever increasing reliance on audited accounts by a variety of interested parties has put ever increasing responsibilities on the shoulders of any statutory auditor.

Our statutory audit team consist of ever improving set of skilled individuals trained extensively for conducting auditing function. Our auditing team is trained and updated on the ever changing compliance requirements to stay ahead of the curve.

Our statutory audit department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure useability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and general public at large.

Tax Audit

Tax Audit is a compulsory audit under the Income Tax Act in India which is conducted if the total turnover of a person exceeds Rs. 25,00,000 for professionals and Rs. 1,00,00,000 for persons other than professionals. Tax Audit has to be conducted by a Chartered Accountant appointed by the person itself. Tax Audit Report is given by the Chartered Accountant to the person in form 3CD prescribed under the Income Tax Act. At the time of filing of the return of income relevant data from the Tax Audit Report has to be filled in the Return of Income.

Our Audit Department provides tax audit services to our clients upholding the highest standards of auditing and provides a comprehensive tax audit report based on the requirements of the Income Tax Act.

GST Audit

GST Audit is the procedure of inspection of records, returns, and other documents retained by a taxable person. The objective is to authenticate the accuracy of turnover declared, taxes paid, refund claimed and input tax credit availed, and to evaluate the compliance with the provisions of GST.

GSTR-9 Annual Return:

• GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST.
• It contains details concerning the outward and inward supplies made/received during the relevant previous year under various tax heads i.e. CGST, SGST & IGST, and HSN codes.
• It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. However complicated, this return assists in the extensive reconciliation of data for 100% transparent disclosures.

What are the details required to be filled in the GSTR-9?

• GSTR-9 is divided into 6 parts and 19 sections. Each part asks for details that are easily accessible from your previously filed returns and books of accounts.
• Generally, this form asks for disclosure of annual sales, splitting it amongst the cases that are subject to tax and not subject to tax.
• On the purchase side, the annual value of inward supplies and ITC availed thereon is to be revealed.
• Also, these purchases have to be categorized as inputs, input services, and capital goods. Details of ITC that require to be reversed due to ineligibility are to be entered.
  Essentials of GST Annual Return & GST Audit
• Every registered person whose turnover exceeds INR 2 crore in a financial year is required to file GSTR-9. If turnover exceeds INR 5 crore in a Financial Year then the registered person is required to file GSTR-9C along with GSTR-9.
• GST annual reconciliation statement is filed in the form GSTR-9C. Statement of reconciliation between GSTR-9 and the audited annual financial statement is analyzed, while GSTR-9A is the annual return to be filed by those who have opted for the Composition Scheme under GST.
• An audit involves an examination of records, returns, and other documents maintained by the registered person. It also ensures the correctness of turnover declared, taxes paid, and refunds claimed. A proprietor, partner, or Board of Directors in the case of a business should engage a GST auditor at the commencement of the financial year.
• GSTR-9C statement of Reconciliation between the annual return in GSTR-9 filed for the financial year and the figures as per the audited annual financial statements of the taxpayer.