{"id":927,"date":"2022-02-28T09:02:19","date_gmt":"2022-02-28T09:02:19","guid":{"rendered":"https:\/\/ssmglobal.co.in\/?page_id=927"},"modified":"2022-03-29T17:36:35","modified_gmt":"2022-03-29T17:36:35","slug":"assurance","status":"publish","type":"page","link":"https:\/\/ssmglobal.co.in\/?page_id=927","title":{"rendered":"Assurance"},"content":{"rendered":"\t\t
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Assurance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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STATUTORY AUDIT<\/strong><\/h5>

Statutory Audit<\/strong>\u00a0under Companies Act, 2013 and Limited Liability Partnerships<\/p>

Applicability<\/strong>: Applicable to all Companies registered in India under the erstwhile Companies Act 1956 and Companies Act 2013 and Limited Liability Partnerships having turnover exceeding Rs 40 Lakhs or Contribution Rs. 25 Lakhs.<\/p>

We have in place, a systems which enables us to work in a highly efficient manner and will help us in producing Quality service, thereby increasing the quality of the Statutory Audit provided by our firm.<\/p>

The Audit Job is allotted to our Qualified and Experienced Chartered Accountants and their assistants, who will be allotted standard time to work on the Statutory Audit, with a checklist and tailor made steps to perform audit of each client.<\/p>

The working papers will also be uploaded from time to time which is reviewed by the team head. This will not only make sure that Statutory Audit will be completed on a timely basis, but will also ensure that the Checklists and Steps will not let the quality to compromise.<\/p>

Apart from this, we will be providing our clients a separate confidential Online Login Portal, where all the documents, work papers, status updates will be uploaded to the cloud and the client can easily track the status of the Audit work. This assures the Confidentiality and timely process of the Statutory Audit.<\/p>

Purpose:<\/strong>\u00a0As companies be it Private Limited or Public Limited are viewed as highest level of organized business structure in India, they are considered to be governed strict rules to ensure that stake holders interests are protected. Statutory Audit is required to assess whether company is compliant with applicable laws, rules and standards and its financial statements reflect true and fair view of financial position of the company.<\/p>

CO-OPERATIVE SOCIETY AUDIT<\/strong><\/h5>

Applicability:<\/strong>– As per the Maharashtra Cooperative Societies Act, 1960 every co operative society has to undergo audit and file its annual returns on the web portal.<\/p>

We are specialized into carrying out Cooperative society audits and ensure timely filing of returns by the Society.<\/p>

TAX AUDIT UNDER 44AB INCOME TAX ACT, 1961<\/strong><\/p>

Applicability :To persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified i.e.<\/p>

  1. For persons carrying on business Rs. 1 Crore or 10 Million<\/li>
  2. For persons carrying on profession Rs. 25 Lakhs 2.5 Million<\/li><\/ol>

    Purpose:<\/strong>\u00a0As India follows self-assessment method to assess income and taxes payable by a person, it is the responsibility of the person to follow all the rules prescribed under the Act. Tax Audit Service is a mechanism by which the Income Tax department would enforce the law effectively through an independent agency by ensuring that income declared in the return is accurate.<\/p>

    TRANSFER PRICING AUDIT UNDER SECTION 92E OF INCOME-TAX ACT, 1961<\/strong><\/p>

    Applicability: To persons (individuals, firms or companies) who during the financial year carries out<\/p>

    1. International transaction<\/li>
    2. With an Associated enterprise (AE)<\/li><\/ol>

      Purpose:<\/strong>\u00a0To verify and ascertain that all the transactions carried out by the Person with its associated enterprise is at Arms length (i.e. at a price which is fair and reasonable) which doesnot result into Profit shifting or cost accumulation. The report requires the accountant to give an opinion on the proper maintenance of prescribed documents and information by the taxpayer. Furthermore, the accountant is required to certify the correctness of an extensive list of prescribed particulars.<\/p>

      INTERNAL, CONCURRENT, RISK AND MANAGEMENT AUDIT<\/strong><\/p>

      Applicability<\/strong>: Internal Audit provisions in Companies (Accounts) Rules 2014 \u2013 Rule 13: Applicability (Rule 13(1)): The following class of companies shall be required to appoint an internal auditor or a firm of internal auditors, namely:-<\/p>

      1. Every listed company;<\/li>
      2. Every unlisted public company having- Paid up share capital of fifty crore rupees or more during the preceding financial year; or
        • Turnover of two hundred crore rupees or more during the preceding financial year; or<\/li>
        • Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or<\/li>
        • Outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and<\/li><\/ul><\/li>
        • Every private company having- Turnover of two hundred crore rupees or more during the preceding financial year; or
          • Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year.<\/li><\/ul><\/li><\/ol>

            For an existing company covered under any of the above criteria shall, comply with the requirements of section 138 and this rule within six months from 1st April, 2014.<\/p>

            Purpose: As Companies grow risks and its impact increase, Statutory Auditors due to their limited review may not cover all the aspects. Internal Audit will help company in monitoring its activities having financial impact on the company by conducting timely review. The objectives of Internal Audit are<\/p>

            • Revenue Audit \u2013 Income Leakage Audit<\/li>
            • Compliance Audit \u2013 Taxation and other regulatory<\/li>
            • Payroll Audit<\/li>
            • Reimbursement Audit<\/li>
            • Procurement Audit<\/li>
            • Systems Audit \u2013 EDP Audit<\/li>
            • Bank Concurrent Audit<\/li><\/ul>
              TRUST AUDIT<\/strong><\/h5>

              Applicability:<\/strong><\/p>

              • Charitable and Religious Trusts registered under section 12 of Income Tax Act, 1961 and enjoying exemption under section 11 are liable to audit<\/li>
              • Companies registered in India under Section 25 of the erstwhile Companies Act 1956 and section 8 of the Companies Act 2013<\/li><\/ul>

                Purpose:<\/strong>\u00a0The main purpose of this audit is to check propriety of utilization of funds towards approved activities and whether in accordance with rules specified in this regard. Also includes checking whether exemptions enjoyed by the trust are in line with Income Tax.<\/p>

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                Assurance STATUTORY AUDIT Statutory Audit\u00a0under Companies Act, 2013 and Limited Liability Partnerships Applicability: Applicable to all Companies registered in India under the erstwhile Companies Act 1956 and Companies Act 2013 and Limited Liability Partnerships having turnover exceeding Rs 40 Lakhs or Contribution Rs. 25 Lakhs. We have in place, a systems which enables us to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-927","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t