In the dynamic landscape of rapid digital transformation, evolving technology, and regulatory intricacies, it is imperative for companies, regardless of size, to ensure effective and compliant operations. To guarantee this, a robust examination of internal controls and external compliances is essential, and this is where audit services play a crucial role.

Audit involves a systematic and independent assessment of an entity’s internal controls and financial records to verify process efficiency and ensure accuracy in financial information. This examination can be conducted internally or externally.

For optimal results, organizations often benefit from involving external professionals. K K Baranwal & Associates recognizes the significance of this approach in providing a comprehensive and unbiased perspective. As a professional firm, K K Baranwal & Associates mirrors the commitment to ensuring smooth operations and financial integrity for every client.

Why Audit?

  • K K Baranwal & Associates emphasizes audits to guarantee optimal efficiency and the presence of effective controls within the organization.
  • Audit services by K K Baranwal & Associates aim to ensure transparency in the generation of financial information, fostering a clear and accurate representation of the company’s financial health.
  • Through audits, K K Baranwal & Associates strives to eliminate the possibility of fraud, sending a strong message of adherence to ethical practices among employees at all levels.
  • Audits are essential for K K Baranwal & Associates to prevent interference from governmental and other public authorities, ensuring compliance with regulatory requirements.
  • The audit process undertaken by K K Baranwal & Associates plays a crucial role in instilling trust among shareholders regarding the management of the company. This, in turn, strengthens K K Baranwal & Associates’s position in the market.

Types of Audits

  • Tax Audit (Income Tax Act, 1961): Ensuring compliance with tax regulations and provisions.
  • GST Audits (CGST/ SGST Act, 2017): Thorough examinations of Goods and Services Tax-related processes.
  • Statutory Audit (Companies Act, 2013): Conducting audits to comply with statutory requirements for companies.
  • Internal Audit: Systematic evaluations of internal controls and processes.
  • Stock Audits: Comprehensive assessments of stock and inventory management.
  • Audits of Trust and Non-Charitable Entities: Specialized audits tailored for trusts and non-charitable entities.
  • Forensic Audit: In-depth investigations to uncover financial irregularities and fraud.
  • Peer Review Audits and Certifications (Listed Entities): Ensuring adherence to peer-reviewed standards for listed entities.
  • Management Audits: Evaluations of management processes and decision-making.
  • Cost Audit: Comprehensive reviews of cost-related processes and compliance.

 

Who is required to comply with Auditing compliances?

All entities, irrespective of size or type, must comply with auditing requirements for regulatory adherence and transparency. K K Baranwal & Associates provides tailored audit services to meet unique compliance needs, ensuring trust and operational efficiency.

Statutory Audit

Ensures Companies Act, 2013 compliance. Mandatory for LLPs exceeding specified limits, and for Private and Public Limited Companies.

Tax Audit

Conducted under Income Tax Act, 1961. Threshold raised to Rs. 10 crores from Rs. 5 crores, effective April 1, 2021.

Internal Audit

Mandatory for listed entities; enhances internal controls. Opted voluntarily by many organizations.

GST Audit

Validates GST compliance upon crossing turnover threshold.

Stock Audit

Annual physical verification ensures accurate stock reporting under CARO.

Compliance Audit

Verifies adherence to laws and regulations, crucial for avoiding fines.

Fixed Assets Audit

Ensures proper handling of tangible assets, compliance with accounting principles.

Why K K Baranwal & Associates ?

For K K Baranwal & Associates, the audit process is a critical responsibility that demands trust and confidentiality. Renowned for our steadfast dedication and integrity, K K Baranwal & Associates has been a trusted partner for ages. We prioritize independence and transparency to the highest standards, assuring clients that their financial information is in capable hands. At K K Baranwal & Associates, we commit to streamlining processes with unmatched efficiency, consistently striving for client satisfaction—our enduring vision and mission. Trust us with your processes, and we will surpass expectations.