Statutory Audits & Financial Audits
Tax Audits
GST Audit s
Provisional Audits
Tax Audit
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Inherent Risks. Inherent risk is the risk that could not be prevented due to uncontrollable factors,
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Control Risks. Control error or misstatement in financial statements
GST Audit
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Proper Control - to keep stringent control over all the activities & work out its risk .
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Perfect Accounting System ...
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Review of Business. check financial and operational aspect
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Asset Protection. In the process valuation & verification of asset.
Small Title
A compliance audit is an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures.
Financial Audits
Tax Audits
Financial Audit
Standing Of Financial position of a Company , Assets Quality , Productivity & return on Investment ..
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& having statutory Tax View on it
GST Audit
Annual GST Audits
aggregate turnover prescribe limit i.e., Rs. 2 Crores is required to get his accounts audited ....
A factual and correct account of— (a) production or manufacture of goods; (b) inward and outward supply of goods or services or both; (c) stock of goods; (d) input tax credit availed; (e) output tax payable and paid; and (f) such other particulars as may be prescribed: Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business:
GST Audit?
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Audited Financial Statements.
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Annual return in Form GSTR-9
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All GST1 and GST3B reconciliations
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Reconciliation statement, reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement in Form GSTR-9C.
Types of GST Audit
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Annual GST audit
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GST audit by tax authorities/department
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Special GST audit
Audit Openion , Comments & Observations
Inventory Audit
Internal Audit
Process Audit
Production Audit
Reports