Audit and Assurance
We carry out statutory, tax, internal and forensic audits. An audit gives owners, investors, lenders and regulators independent assurance that the financial statements are reliable, and it often surfaces control gaps and risks that management can then fix.
We plan each audit around the size and risks of the business, keep the information requests organised, and share findings early rather than at the end.
Who this is for
- Private and public companies, which must have their accounts audited every year under the Companies Act, 2013
- LLPs, partnership firms and proprietors whose turnover crosses the limits for a statutory or tax audit
- Trusts, societies and non-profits that need audited accounts
- Owners and boards that want an independent review of internal controls or a specific concern investigated
What audit and assurance covers
- Statutory audit: audit of companies under the Companies Act, 2013 and of LLPs, with the auditor’s report and the related reporting requirements
- Tax audit: audit of books of account under income tax law for businesses and professionals above the prescribed limits
- Internal audit: risk-based review of processes such as purchase, sales, payroll, inventory and payments, with practical recommendations
- Forensic audit and investigations: examining suspected fraud, misappropriation or irregular transactions, and documenting the findings
- Other assurance: certifications, limited reviews and agreed-upon procedures for banks, investors and regulators
How we work
- We understand the business, its systems and its key risks
- We share a single, organised list of documents needed
- Fieldwork, on-site or remote
- We discuss draft observations with management before finalising
- We issue the report and, for internal audits, follow up on actions
Frequently asked questions
Is an audit compulsory for a private limited company?
Yes. Every company registered in India, including a small private limited company, must have its financial statements audited each year by a Chartered Accountant, whatever its turnover.
What is the difference between a statutory audit and a tax audit?
A statutory audit is required by company or LLP law and gives an opinion on whether the financial statements give a true and fair view. A tax audit is required by income tax law for businesses and professionals above certain limits and reports specific tax-related information to the income tax department.
What is a forensic audit?
A forensic audit examines records in detail to find and document fraud, misappropriation or irregularities, usually when there is a specific concern. The findings can support disciplinary, civil or criminal action.
Related services
Talk to us
NRAM & Co. (ICAI Firm Registration No. 023031S) is a firm of Chartered Accountants based in Madhapur, Hyderabad. To discuss audit and assurance, call +91 91771 74999 or +91 70971 43665, email info@nramco.com, or use the contact form. Office hours are Monday to Saturday, 9 AM to 7:30 PM. Answers to other common questions are on our FAQ page.
This page gives general information only and is not professional advice for any specific situation. Tax and regulatory rules change often; please consult us before acting on any of it.