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Taxation, Audit and Assurance

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This audit is conducted as per guidelines of the Income-tax Act, 1961 and on basis of an increase in turnover from a certain threshold. Here, the auditor needs to disclose relevant information in a prescribed format. It becomes applicable when total turnover increases Rs 1 crore or Total receipts from profession exceeds Rs 25 lakh.

Jilian India assists in conducting a tax audit, an issue of the audit report, and its filing with the tax department.

This audit is conducted as per guidelines of the Indian Companies Act, 2013, and on basis of applicable Indian Accounting and Auditing Standards and in accordance with the guidelines issued by the Institute of Chartered of India. Here, an auditor provides a report to the shareholder of the company. On basis of auditor’s report, many informed decisions are taken by management, investors, and outsiders.

Ezibiz India assists in conducting a statutory audit, an issue of the audit report, and its filing with the tax department.

This audit is also called a Management audit because it is conducted at the behest of management of the company. Here, the focus is completely different than that of a Tax audit or statutory audit

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In every company, either internal management or outside agencies or both do physical verification of stock to determine whether there is any discrepancy between items shown in books and those actually present in stores. This is called a stock audit.

Therefore, in general terms, the stock audit means physical verification of inventory. However, depending upon terms of engagement, it may also involve determining the value of stocks as per applicable accounting standards. Therefore, it is also called an inventory audit.

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