Company Audit Services in India
Statutory, internal and special purpose audits planned, executed and reported by a practising CA firm.
An Audit That Tells You Something You Did Not Already Know
Every company registered under the Companies Act, 2013 must have its accounts audited each financial year, whatever its turnover and whether or not it has traded. For many companies that requirement is met as cheaply as possible and the report is filed away unread.
A properly conducted audit is worth more than that. It tells you where controls are leaking, where your tax exposure sits, and whether the numbers will stand up to a lender, an investor or an acquirer looking at them closely for the first time.
MPVD & Associates conducts audits in accordance with the Standards on Auditing, satisfying the statutory requirement while producing a management letter your board can act on.
Audits We Conduct for Companies
Engagements are scoped to the company’s size, sector and what the audit is for.
- Statutory audit – required under the Companies Act, 2013 for every company from its first financial year, regardless of turnover, profit or trading activity. The auditor reports on whether the financial statements give a true and fair view.
- Internal audit – mandatory for companies crossing the thresholds prescribed under the Act, and adopted voluntarily by many others. A risk-based review of processes and controls.
- Tax audit – conducted under the Income Tax Act where turnover crosses the applicable limits, and often carried out alongside the statutory audit. See our tax audit firm services.
- Stock and fixed asset audit – physical verification and valuation, including stock audits commissioned by lenders against working capital facilities.
- Due diligence and special purpose reviews – transaction-driven work covering quality of earnings, contingent liabilities and compliance history.
- Certifications – special purpose reports and certificates required by banks, regulators and counterparties.
Reporting under the Companies (Auditor’s Report) Order applies to companies within its scope and adds specific matters the auditor must comment on.
What a Company Audit Engagement Covers
Planning & Risk Assessment
Engagement scoping, materiality, an understanding of the business and its environment, and identification of where material misstatement is most likely.
Controls Review
Walkthroughs of the cycles that matter – procurement, revenue, payroll and inventory – to establish whether the controls described actually operate.
Substantive Verification
Vouching, ledger scrutiny, sample testing, third-party balance confirmations and physical verification of stock and assets where relevant.
Statutory Compliance Checks
Statutory dues, TDS and TCS compliance, related-party transactions and the disclosures the Companies Act requires in the financial statements.
Reporting
The independent auditor’s report with our opinion, CARO reporting where applicable, and a management letter setting out control weaknesses with practical fixes.
Post-Audit Filings
Support with adoption of accounts, the annual ROC filings that follow and the corporate income tax return.
Key Steps in a Company Audit
Step 1 – Appointment and Engagement
The auditor is appointed in accordance with the Companies Act and the prescribed intimation is filed with the Registrar. We confirm independence, agree scope in an engagement letter and set a reporting calendar against your statutory deadlines.
Step 2 – Planning and Risk Assessment
We map your transaction cycles, assess where misstatement is most likely and set materiality. This determines the depth of testing in each area, so effort goes where risk actually sits rather than being spread evenly.
Step 3 – Fieldwork
Controls testing and substantive testing against your books and supporting records – invoices, contracts, bank statements, statutory returns and third-party confirmations. Queries are raised and cleared as we go rather than delivered in bulk at the end.
Step 4 – Completion and Opinion
Going concern and subsequent events are assessed, findings are discussed with management, and the auditor’s report is issued with our opinion and CARO reporting where applicable.
Step 5 – Management Letter and Follow-Up
Control weaknesses are set out with recommended remediation, and we support the ROC filings and tax return that follow adoption of the accounts.
Which Companies Need Which Audit
- Every company – statutory audit under the Companies Act, from the first financial year, including dormant companies and those with no revenue.
- Companies crossing prescribed thresholds – internal audit becomes mandatory once the turnover, borrowing or other limits set out in the Act and rules are exceeded.
- Businesses above the Section 44AB limits – tax audit under the Income Tax Act, frequently combined with the statutory audit.
- Companies with bank facilities – stock and receivable audits are often required by lenders as a condition of working capital limits.
- Companies raising funds or being acquired – due diligence and special purpose reviews commissioned by the investor or acquirer.
If you are unsure which apply to you, we will assess it against your latest figures and tell you plainly.
Why Choose MPVD & Associates for Company Audit
Our audit practice combines adherence to the Standards on Auditing with a commercial understanding of how businesses actually operate. The aim is a report that satisfies the regulator and a management letter that is worth reading.
- Risk-based approach. Testing concentrated where misstatement is likely rather than distributed evenly for appearance.
- Queries raised as we go. Issues are cleared through the engagement instead of arriving as a list after fieldwork ends.
- Findings you can act on. Specific, practical remediation rather than generic observations.
- Coordinated with tax. Statutory and tax audits are run together where both apply, reducing duplication and cost.
- Nationwide coverage. Kolkata based, with scheduled on-site fieldwork and physical verification wherever the engagement requires it.
Frequently Asked Questions
Our experienced company audit and taxation professionals help you navigate complex tax laws and regulatory requirements. Contact us today to schedule a consultation.
Discuss Your Company Audit Requirement
Tell us your entity type, turnover and which audits you think apply. We will confirm the position, scope the engagement and give you a fixed quote before any work begins.