PRACTICE DETAILS
- Lawyer Mr. Shaman Jain
- Skills Accounting
- CATEGORY Accounting, Compliances
ABOUT THIS PRACTICE
Pondering why you need chartered accountant services? For an individual it becomes truly complex to understand and solve all the tax laws and other related financial legislation’s. The chartered accountant services at Legal Nestors is a process that can efficiently provide imperative help, assistance, and counselling in discerning all these matters to the companies and individuals in making the correct decisions.
We do understand the agony of the business owners and therefore ,provide the best chartered accountant services that you can utilize while developing a new enterprise or planning expansion for the current organisation.
The task of an accounting audit is to execute the necessary functions and make sure that the company is being honest while reporting the financial statements and also that all the operations of the company are running under control. The auditors can offer services from both inside and outside of the company by regulating an internal audit or an external audit in an organisation.
The accounting audits bind accounting and auditing both in a single concept and convey the countless benefits to the small and large businesses. An accounting audit is a systematic investigation and review of the laws and policies along with the procedures and systems that are all gathered at one place recorded, stored, and then showcase the financial data inside the company.
You need to conduct an Audit, If you wish to be assured of the faithfulness your book of account and provide an actual picture of financial position of your company . If seek investment, VC always desires audited financial balance sheet. It is majorly ignored by early stage startups and puts them in troubles when they are going for fund raising or during acquisition .
Types of Audits
- Statutory Audit: Each and every private limited company must get its accounts audited so as to ensure accurate and actual view of the accounts. All LLPs whose contributions exceed Rs. 25 Lakh or whose turnover exceed Rs.40 Lakh must have their accounts audited annually.
- Internal Audit: The main motive of Internal Audit is to assist the management in evaluating internal controls and refine the effectiveness of risk management. Some companies have to mandatorily conduct an internal audit.
- Tax Audit: Any individual carrying on business whose Total Sales or Turnover year exceeds Rs. 1 Crore and by a person carrying on profession and his Gross Receipts from profession exceed Rs. 25 Lakhs in the previous year must conduct a Tax audit.
