Audit & Assurance Services
Comprehensive audit and assurance services to enhance credibility, ensure compliance, and provide stakeholders with reliable financial information.
1,000+
Audits Completed
Comprehensive Audit & Assurance Solutions
We offer a wide range of audit and assurance services tailored to your specific needs
Statutory Audit
Comprehensive statutory audits for companies as required under the Companies Act, 2013.
- Financial statement audit
- Compliance with Companies Act
- Reporting to shareholders
- Regulatory compliance verification
- CARO 2020 reporting
Tax Audit
Specialized tax audits under Section 44AB of the Income Tax Act for businesses.
- Form 3CA/3CB and 3CD preparation
- Verification of books of accounts
- Tax compliance review
- Disallowance risk assessment
- Tax optimization recommendations
Internal Audit
Comprehensive internal audit services to improve operational efficiency and risk management.
- Process evaluation and improvement
- Risk assessment and mitigation
- Internal control evaluation
- Fraud detection and prevention
- Operational efficiency recommendations
GST Audit
Specialized GST audits to ensure compliance with GST laws and regulations.
- Reconciliation of GST returns
- Input tax credit verification
- Compliance with GST provisions
- GST assessment assistance
- GST optimization strategies
Due Diligence
Comprehensive financial and tax due diligence for mergers, acquisitions, and investments.
- Financial position assessment
- Risk identification and evaluation
- Tax liability assessment
- Compliance status verification
- Transaction structuring advice
Management Audit
Evaluation of management effectiveness and organizational performance.
- Management effectiveness assessment
- Organizational structure review
- Decision-making process evaluation
- Resource utilization analysis
- Performance improvement recommendations
Our Audit Approach
A systematic and comprehensive approach to deliver high-quality audit services
Engagement & Planning
We begin by understanding your business, industry, and specific requirements to develop a tailored audit plan.
Risk Assessment
We identify and assess risks of material misstatement in financial statements and determine audit procedures accordingly.
Execution
We perform substantive procedures, tests of controls, and analytical procedures to gather sufficient audit evidence.
Review & Evaluation
We thoroughly review the audit evidence, evaluate findings, and ensure all audit objectives have been met.
Reporting
We prepare comprehensive audit reports with clear opinions, findings, and recommendations for improvement.
Benefits of Our Audit Services
Our audit and assurance services provide numerous benefits that go beyond mere compliance, adding real value to your business.
Enhanced Credibility
Audited financial statements enhance credibility with stakeholders, investors, and lenders.
Regulatory Compliance
Ensure compliance with statutory requirements and avoid penalties or legal issues.
Business Insights
Gain valuable insights into financial performance, controls, and operational efficiency.
Cost Savings
Identify inefficiencies, leakages, and opportunities for cost optimization.
Fraud Prevention
Strengthen internal controls to prevent and detect fraud and financial irregularities.
Industries We Serve
Manufacturing
Specialized audits for manufacturing companies with inventory valuation expertise.
Retail & E-commerce
Tailored audit services for retail businesses with revenue recognition focus.
Real Estate
Specialized audits for real estate developers, property managers, and REITs.
IT & Software
Audit services for technology companies with expertise in revenue recognition.
Healthcare
Specialized audits for hospitals, clinics, and healthcare service providers.
Financial Services
Comprehensive audits for NBFCs, investment firms, and financial institutions.
Frequently Asked Questions
Find answers to common questions about audit and assurance services
Statutory Audit: Required under the Companies Act, 2013 for all registered companies regardless of size or profit. It focuses on providing an opinion on whether financial statements give a true and fair view of the company's affairs.
Tax Audit: Required under Section 44AB of the Income Tax Act for businesses with turnover exceeding specified limits (currently ₹1 crore for businesses, ₹50 lakhs for professionals). It focuses on verifying compliance with tax laws and proper maintenance of books of accounts.
While statutory audit is primarily for shareholders and stakeholders, tax audit is specifically for income tax authorities.
In India, the following entities require mandatory audits:
- All companies registered under the Companies Act, 2013 (statutory audit)
- Businesses with turnover exceeding ₹1 crore (₹10 million) or ₹50 lakhs for professionals (tax audit)
- Banking companies and insurance companies
- Cooperative societies above certain thresholds
- Trusts and NGOs receiving donations or grants above specified limits
- Entities registered under GST with turnover above ₹2 crore (GST audit was mandatory until FY 2019-20)
- Limited Liability Partnerships (LLPs) with contribution exceeding ₹25 lakhs or turnover exceeding ₹40 lakhs
The thresholds and requirements may change with amendments to relevant laws.
To prepare for an audit, businesses should:
- Organize financial records: Ensure all financial statements, ledgers, bank statements, and supporting documents are complete and organized
- Reconcile accounts: Reconcile bank statements, accounts receivable, accounts payable, and inventory
- Review previous audit reports: Address any issues raised in previous audits
- Prepare schedules: Create detailed schedules for fixed assets, investments, loans, and other significant accounts
- Document internal controls: Have documentation ready for internal control processes
- Prepare legal documents: Gather minutes of board meetings, contracts, agreements, and legal correspondence
- Assign a point person: Designate someone to coordinate with auditors and respond to queries
At VPP Associates, we provide a detailed pre-audit checklist to help clients prepare efficiently.
The penalties for not conducting mandatory audits in India can be severe:
- For Statutory Audit (Companies Act): The company and every officer in default may be punishable with imprisonment up to one year or fine ranging from ₹1 lakh to ₹25 lakhs, or both
- For Tax Audit (Income Tax Act): Penalty of 0.5% of total turnover or gross receipts, subject to a maximum of ₹1.5 lakhs
- Additional consequences: Disallowance of certain expenses, detailed scrutiny by tax authorities, difficulty in obtaining loans or investment
Beyond penalties, non-compliance can damage business reputation and credibility with stakeholders.
The duration of an audit depends on several factors:
- Size and complexity of the business: Larger businesses with multiple locations or complex transactions require more time
- Quality of records: Well-organized records expedite the process
- Type of audit: Statutory audits typically take longer than tax audits
- Industry: Some industries with specialized regulations require additional procedures
Typically, audits can take anywhere from 1-2 weeks for small businesses to 4-8 weeks for larger organizations. At VPP Associates, we provide a timeline estimate at the beginning of the engagement based on your specific circumstances.
Ready to Enhance Your Financial Credibility?
Partner with VPP Associates for comprehensive audit and assurance services that add real value to your business.