Internal Audit / Statutory Audit

“Effortless audits for a compliant and secure business future.”

Our expert consultation ensures smooth audit processes and compliance, tailored to your business needs.

At One Tax Consultant, we provide Internal Audit and Statutory Audit services to ensure your business remains compliant with financial and legal regulations. Our experts analyze your business operations and identify gaps, inefficiencies, or potential risks. We ensure that you meet all regulatory requirements, reduce financial risks, and improve operational effectiveness.

Why You Need Internal and Statutory Audits

Regulatory Compliance: Statutory audits are legally required for certain businesses, and internal audits help maintain day-to-day compliance.
Risk Identification: Audits help uncover any discrepancies, fraud, or inefficiencies in financial statements, internal controls, and business operations.
Improved Financial Management: They provide insights into improving processes, identifying cost-saving opportunities, and strengthening financial health.

Process of Internal Audit/Statutory Audit

Initial Consultation: We understand your business’s specific audit needs and regulatory requirements.
Document Collection: We help gather all relevant financial documents and statements required for audit.
Audit Execution: Our experts perform a thorough audit, ensuring accuracy and compliance with all relevant laws and standards.
Findings and Report: We provide a detailed audit report, highlighting risks, areas of improvement, and actionable recommendations.
Action Plan: We collaborate with you to implement changes or improvements based on audit findings.

Who Should Opt for Internal and Statutory Audits?

Startups and SMEs: Small and medium-sized businesses that need to ensure compliance with financial regulations.
Large Corporations: Businesses that must meet stringent financial compliance standards, both internal and statutory.
Non-profit Organizations (NGOs): Organizations needing to maintain financial transparency and credibility for donors and regulatory bodies.

Required Documents for Internal and Statutory Audits

To get started with internal and statutory audits, you’ll need to provide the following documents:

Financial Statements: Income statement, balance sheet, cash flow statement for the relevant period.
Books of Accounts: General ledger, subsidiary books, journal entries, and trial balance.
Tax Returns: Copies of filed GST, Income Tax, and other relevant tax filings.
Bank Statements: Monthly bank statements and reconciliation details.
Invoices and Receipts: Details of major transactions, sales, and purchases.
Corporate Records: Board minutes, resolutions, and shareholder agreements.
Payroll Records: Details of employee payments and statutory contributions.

Steps Involved in Internal and Statutory Audits

Initial Consultation: We’ll begin by understanding your business, its operations, and any special requirements.
Document Collection: Our team will guide you in gathering all the necessary financial records and supporting documents.
Audit Planning: We plan the audit process, setting timelines and discussing key areas to focus on.
Audit Execution: Our experts will thoroughly review your financial records and assess your internal controls.
Audit Reporting: After completing the audit, we’ll provide a detailed report with our findings, highlighting risks, inefficiencies, and areas for improvement.
Post-Audit Action: We collaborate with you to implement necessary changes or corrective actions based on the audit report.

Benefits of Internal and Statutory Audits

Improved Financial Health: Audits help identify inefficiencies, leading to better cost control and financial management.
Compliance Assurance: Ensures that your business complies with all regulatory and tax requirements, avoiding penalties and legal issues.
Risk Identification: Helps detect potential risks such as fraud, misstatements, or operational inefficiencies.
Better Decision-Making: With clear financial insights, you can make informed business decisions and improve performance.
Enhanced Transparency: Builds trust among investors, stakeholders, and regulatory bodies by showcasing accurate and reliable financial reporting.

Conclusion

Internal and statutory audits are crucial to ensure your business remains financially sound and compliant. By opting for our expert audit services at One Tax Consultant, you can uncover risks, improve financial operations, and stay on top of regulatory requirements.

Contact us today for reliable audit services that help safeguard your business’s future.

FAQs About Internal and Statutory Audits

What is the difference between internal audit and statutory audit?

Internal audits focus on evaluating internal controls and processes, while statutory audits are mandated by law to ensure compliance with financial regulations.

Can you help us with audit preparation?

Yes, we assist you in gathering documents and organizing financial records in preparation for the audit.

What is the outcome of an audit?

Audits provide a comprehensive report on the financial health of the company, highlighting any risks, fraud, or inefficiencies.

Why is audit necessary for my business?

Audits help maintain transparency, improve processes, and avoid penalties by ensuring your business complies with financial regulations.