Audit Under Companies Act

The Firm, based on years of expertise has developed, employs and implements the latest methods of audit, for maximizing audit efficiency through a risk based international audit approach. This enables timely delivery and value, added advisory services to clients.

The Firms delivers international expertise with a domestic approach for a cross section of industries and entities which are professionally managed or family run enterprises. The Firm excels at deep domain expertise to the Board of the Companies for effective Corporate Governance, and reporting.

We are aware that the integrity and reputation of a client’s management could reflect on the reliability of their accounting records and financial representations and, therefore, on the Firm’s reputation. The Firm requires evaluation of all potential new audit and assurance service clients.

In India, various laws and regulatory bodies like Reserve Bank of India, Income Tax, Companies Act etc. establish the requirement and provisions of Statutory audit. Only A Chartered Accountant in practice is authorised to conduct the statutory audit.

Reserve Bank of India has made statutory audits of banks compulsory. For this, RBI appoints the auditors in association with ICAI. Especia Associates adopts a rigorous audit approach to put emphasis on the important areas like cash verification procedure, treatment of tax related aspects and thorough verification of loan accounts.

Companies Act 2013 makes it compulsory for every company to get its accounts audited by a chartered accountant in practice. Provisions of Company Audit Report Order (CARO) have to be taken into consideration while doing the statutory audits. Especia Associates prepares an extensive audit plan and strictly adheres to it during the audit to identify the key observations and advice to enhance productivity and achieve results at the same time.