Audits are often seen as burdensome, but they offer immense value to a growing business.

“Types of Audits:”

  • Tax Audit (Sec 44AB):Mandatory above turnover limits (₹1cr/₹10cr depending on cash transactions)
  • Statutory Audit:Required under the Companies Act for companies
  • Internal Audit:Ensures internal controls and risk management
  • Charitable Institution Audit:Ensures fund utilization and compliance for NGOs
  • Information System Audit:Focuses on data security and IT controls

Benefits of Regular Audits:

  • Improves transparency and financial health
  • Helps detect fraud and leakages
  • Boosts investor and lender confidence
  • Prepares the business for due diligence