Practice area

Audit & Assurance

Full-spectrum audit services including Statutory Audit, Internal Audit, Tax Audit, Financial Due Diligence, and Forensic Audit for corporate transparency and compliance.

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+91 97115 66000

info@aamaca.com

I. Statutory Audit (Companies Act, 2013)

A statutory audit is the bedrock of corporate transparency. Under the Companies Act, 2013, our approach at Ajay Arun Mehta & Associates is to provide an independent, objective assessment of your financial statements.

Methodology: We utilize a "Top-Down, Risk-Based" approach, focusing on significant accounts and disclosures that impact the "True and Fair" view of the entity.
Internal Financial Controls (IFC): We evaluate the robustness of your IFC, ensuring that the Board of Directors has a clear view of operational risks and mitigation strategies.
Compliance with Accounting Standards: We ensure meticulous adherence to Indian GAAP and Ind AS, providing stakeholders with global-standard reliability.

II. Internal & Operational Audit

Internal audit is a diagnostic tool, not just a compliance requirement. With 37 years of cross-industry experience, we identify leakages and inefficiencies that standard audits might overlook.

Process Walkthroughs: We map your business cycles—from Procurement to Pay and Order to Cash—to identify bottlenecks and fraud risks.
Management Reporting: We provide actionable "Management Letters" that translate complex audit findings into strategic business improvements.

III. Tax Audit (Section 44AB)

Navigating the complexities of the Income Tax Act requires a precise Tax Audit to ensure that the business's taxable income is computed accurately.

3CD Reporting: We provide detailed analysis for the 3CD report, ensuring that all disallowances and tax-saving opportunities are correctly identified to prevent future scrutiny.
Transfer Pricing Integration: Where applicable, we reconcile domestic tax audits with international transfer pricing requirements.

IV. Financial Due Diligence

Whether you are acquiring a competitor or seeking investment, our "Deep-Dive" due diligence provides the clarity needed for high-stakes decision-making.

Quality of Earnings (QoE): We strip away one-time gains to reveal the sustainable profitability of the target entity.
Undisclosed Liabilities: Our forensic-lite approach helps uncover hidden legal or financial obligations that could derail a deal.

V. Investigative & Forensic Audit

In cases of suspected financial irregularity, we provide specialized forensic services to track fund flows and reconstruct financial records.

Fraud Detection: Utilizing data analytics to identify patterns indicative of embezzlement or financial statement manipulation.
Litigation Support: Providing expert testimony and evidence-backed reports for legal proceedings.

VI. Certification & Regulatory Attestation

Beyond traditional audits, businesses frequently require specific certifications and attestations to meet regulatory, banking, and contractual obligations. Our firm provides authoritative certifications that carry the weight of 37 years of professional credibility.

Net Worth Certificates: Certified statements of net worth for visa applications, government tenders, and empanelment purposes.
Turnover Certificates: Attestation of gross and net turnover for pre-qualification in government and private contracts.
RERA & NBFC Compliance: Specialized audit and certification services for entities regulated under the Real Estate (Regulation and Development) Act and Reserve Bank of India (RBI) norms for Non-Banking Financial Companies.
Utilization Certificates: Verification and certification of fund utilization for grants received from government bodies, CSR mandates, and donor agencies.
Bank & Lender Certifications: Stock audit reports, receivable confirmations, and other certifications required by banking and financial institutions for credit facilities.

Practice notes on this

Written on the orders and the statute, by the partner who argues the matters.

When Is Form 15CB Actually Required?Only one of the five routes through Rule 37BB carries an accountant’s certificate. The other four are got wrong in both directions — a certificate commissioned for nothing, or a Part D filed on a sum that was chargeable all along.

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Frequently asked

When is a tax audit mandatory under Section 44AB?

A tax audit under Section 44AB is required when business turnover exceeds Rs. 1 crore (extended to Rs. 10 crore where cash receipts and payments are each 5% or less of the total), or when professional gross receipts exceed Rs. 50 lakh, among other specified cases.

What is the difference between a statutory audit and a tax audit?

A statutory audit is required under the Companies Act, 2013 to give a true-and-fair opinion on a company financial statements, and applies to every company. A tax audit is required under the Income Tax Act to verify compliance for taxpayers crossing the turnover thresholds. Many businesses need both.

Is a statutory audit required for every company?

Yes. Under the Companies Act, 2013, every company - private or public, and regardless of turnover or profit - must have its accounts audited by a Chartered Accountant each financial year. We conduct the audit and report on the true and fair view of the financial statements.

What is a forensic audit and when is it needed?

A forensic audit is an investigative examination of financial records to detect fraud, misappropriation or manipulation, often for litigation, disputes or suspected irregularities. Unlike a routine audit, it focuses on gathering evidence that can withstand legal and regulatory scrutiny.

Why the firm is engaged for audit & assurance

37 years in continuous practice
Argued by the partner who read the record
Scoped and priced before the work starts
Positions cited to the orders they rest on