Auditing & Assurance

Statutory, Internal, and Specialist Auditing Services

Overview

Auditing is not just a regulatory compliance check; it is a vital tool to ensure corporate governance, mitigate operational risks, and improve financial health. Dhalkari & Bhawalkar provides objective, independent, and high-quality Auditing & Assurance services that enhance business credibility.

We conduct statutory, internal, tax, and specialty concurrent bank audits in strict compliance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI) and relevant statutes.

Core Auditing Specializations
  • Bank Audit Services: Statutory branch audits, concurrent audits, and revenue audits.
  • Statutory Audits: Verification of financial records as mandated by the Companies Act, 2013.
  • Internal Audits: Evaluating corporate internal controls, risk management, and process efficiency.
  • Tax Audits: Annual tax audits mandated under Section 44AB of the Income-tax Act, 1961.

Benefits

A robust auditing process delivers numerous advantages to organizations:

  • Regulatory Compliance: Avoid penalties and legal complications by ensuring compliance with the Income Tax Act, Companies Act, and banking regulations.
  • Risk Management: Early detection of fraud, financial leaks, and operational inefficiencies through deep internal testing.
  • Stakeholder Credibility: Attract investors, secure bank financing, and build goodwill through verified financial statements.
  • Process Improvement: Receive expert recommendations to optimize business systems and workflow controls.

Auditing Process

We follow a systematic, risk-based audit framework:

  1. Audit Planning & Risk Assessment: We understand your business structure, evaluate internal controls, and outline the audit scope and schedule.
  2. Fieldwork & Testing: Our auditors examine transactions, ledgers, vouchers, reconciliations, and physical balances to collect sufficient audit evidence.
  3. Evaluation & Reporting: We discuss findings with management, issue recommendations, and release our formal Independent Auditor's Report.

Required Documents for Audit

  • Trial Balance and general ledger details.
  • Signed financial statements (Balance Sheet, Profit & Loss A/c).
  • Bank statements and bank reconciliation statements (BRS).
  • Purchase and sales registers, along with invoices.
  • Statutory compliance records (GST returns, TDS computations, PF/ESIC payments).
  • Previous year’s audited financials and audit report.

Timelines

  • Statutory corporate audits: Typically conducted within 6 months from the close of the financial year (due by September 30).
  • Tax Audits: Due for submission by September 30 of the assessment year.
  • Concurrent bank audits: Ongoing monthly/quarterly reviews depending on bank allocations.

Frequently Asked Questions

A Statutory Audit is a mandatory audit required by law (such as the Companies Act, 2013) to check the truthfulness of financial statements for external stakeholders. An Internal Audit is voluntary or process-driven, commissioned by management to assess internal controls, identify operational inefficiencies, and strengthen risk management within the company.

Under the Income-tax Act, 1961, individuals and businesses whose sales, turnover, or gross receipts exceed ₹1 crore in a financial year are required to undergo a tax audit. For businesses where cash transactions represent less than 5% of receipts and payments, the turnover threshold is increased to ₹10 crores. Professionals must undergo an audit if gross receipts exceed ₹50 lakhs.

A concurrent bank audit is a systematic and timely examination of bank branch transactions on a daily/regular basis. The goal is to ensure compliance, detect irregularities instantly, prevent revenue leakages, and confirm that all loans, deposits, and banking norms adhere to RBI regulations and bank policy instructions.
Initiate an Audit Check

Speak with our audit partners at Nashik or Pune offices to structure your internal controls review, statutory company audit, or bank verification checks.

Contact Our CAs