Auditing services encompass a comprehensive review of a company’s financial records, systems, and controls to ensure their accuracy, integrity, and compliance with regulatory requirements. This includes conducting statutory audits, which are required by law, as well as internal audits, which help businesses assess and improve their internal controls, risk management, and operational efficiency. Assurance services involve providing independent and objective evaluations of various aspects of a company’s operations, such as financial reporting, risk management, and corporate governance.
Types of Advisory Services:
Auditing involves the examination of financial records and statements to provide an independent assessment of their accuracy, fairness, and compliance with applicable laws and regulations.
- Statutory Audit:
A statutory audit is a legally required review of the correctness and accuracy of a company’s financial statements and related records. The sole objective of a statutory audit is to assess whether an organization provides a fair and correct representation of its financial position by examining data such as accounting records, bank balances, and commercial transactions.
- Internal Audit:
Internal auditing is an objective assurance and consulting activity intended to add value and improve an organization’s business transactions. It can help an organization fulfill its strategic objectives by taking a systematic, well-organized approach to assessing and enhancing the effectiveness of risk management, control, and governance processes.
- Tax Audit:
Tax Audit involves an audit of financial records of a business in compliance with provisions of the Income-tax Act in India and providing disclosures in the prescribed formats. We have a team of experts who work with different taxes like Income tax, GST, service tax, sales tax, etc. Our satisfied clients have rated us as the best Income tax audit firm in Delhi.
4. Fixed Assets Audit:
Auditing fixed assets is vital to ensure that accounting for capital assets and depreciation complies with the objectives of management. Fixed asset audit helps to prepare the accurate balance sheet. Hence it ensures regulatory compliance. Also, fixed asset audits provide better internal control.
- Stock Audit:
Stock or inventory audit means physical verification of stock of a company or institution. There are many stock audits, depending on the purpose, and every stock audit requires a different approach. Every business organization at least needs to conduct a stock audit once a year to update and ensure that the physical stock count and the computed stock in the books match. A stock audit helps in analyzing the correct discrepancies between the actual physical inventory and stock register maintained by the management.
- Management Audit:
This involves an audit of functions of operations management department of an organization for acquisitions and company mergers. In this case, our auditing firm, MAG, closely works with a specific department to help them improve their overall efficiency.
- Revenue Audit:
This is a two-step process which scrutinizes the data and information as provided in tax returns against the ones found in actual business records.
8. Due Diligence:
Due diligence is an examination, audit, investigation, or review performed to establish the facts of a matter or transaction under consideration. In this world of finance, due diligence requires an extensive analysis of financial information and records before entering into a proposed deal with another person or business house.
- Physical Verification of Assets:
Physical verification of assets involves conducting audits or inspections to verify the existence, condition, and valuation of a company’s physical assets, such as inventory, equipment, and property. This service helps businesses ensure that their accounting records accurately reflect the assets they possess and can be useful in detecting discrepancies or potential fraud.
- International Bookkeeping, Tax, and Regulatory:
This service caters to businesses operating internationally or dealing with cross-border transactions. It involves handling international accounting standards, managing financial records across multiple jurisdictions, ensuring compliance with tax regulations in different countries, and providing advisory services on international tax planning and regulatory requirements.
- Payroll Processing Services:
Payroll processing services involve managing and administering employee compensation, including salary calculation, deductions, and tax withholdings. Your firm can help businesses ensure accurate and timely payroll processing, compliance with labor laws, and generating necessary reports and payslips for employees.
Direct Taxes:
It is very crucial to understand the overview of Direct and Indirect Tax. While direct taxes are levied on incomes earned by individuals and corporate entities, the burden to pay taxes is on the taxpayers themselves. On the other hand, indirect taxes are imposed on the sale of goods and provision of services where the burden to collect and deposit taxes is on the sellers instead of the taxpayer directly. However, indirect taxes are borne by the ultimate consumers of goods or services.
- Direct Taxes:
Direct taxes refer to taxes levied directly on individuals or businesses, such as income tax. Your firm can provide services related to direct taxes, including tax planning, preparation, and filing of income tax returns, tax compliance, representation before tax authorities, and assistance in tax audits or assessments.
Our service bag includes the following advisory and compliance services w.r.t. direct taxes:
– Income Tax Return Filings
– Preparation for Income Tax Scrutiny Assessments and various other Tax Proceedings
– Filing and submission of Income Tax Appeals before CIT(A) and ITAT
– Representations before Income Tax Authorities
– Payments of Advance Tax, TDS, and reconciliations
– E-Filing of TDS returns & Form 16/16A preparations
– Filing of Tax Audit Reports
– Applications for Lower Tax Deduction Certificates
– Capital Gain Calculations
– Assistance in Tax Litigations & related Controversies
- TDS (Tax Deducted at Source):
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest, etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made by you. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf.
- TCS (Tax Collected at Source):
The tax collected at source, abbreviated as TCS, is another means of collecting tax at the very source of income by the Government. Under the TCS provisions, certain specified transactions require the seller to collect an additional amount as tax at the time of sale over and above the sale price and remit the same to the Central Government.
– As per the TCS provisions of the Income Tax Act 1961, certain persons, being the sellers, must collect a specified percentage of tax at the time of debiting the amount payable by the purchaser to the account of the purchaser or at the time of receipt of the amount from the purchaser, whichever is earlier.
– The person collecting tax has to obtain a Tax Collection Account Number and quote it in all challans, certificates and returns, and other documents pertaining to the transactions.
