In India according to the industry standards, auditing is categorized into mainly two types, the first being statutory audits and the second being internal audits.

Statutory Audits

It is responsible for reporting the current state of the company to the government of India. These are mandatory to ensure that the accounts are managed to abide by the rules and regulations of the nation. These are usually done by external professional Chartered Accountants. From April 1 to March 31, statutory audits are carried out. The two types of statutory auditing in India are tax auditing and company auditing.

Tax audits: These are a must for companies as per Income Tax Act 1961, Section 44B. The organizations which have an annual turnover of more than one core and individuals whose turnover exceeds 50 lakhs should get their tax auditing done by chartered accountants.

Company Audits: According to the Companies Act 2013, it is a must for corporations in India. Professionally, handled by an auditor, firms conduct audits during every financial year.

Internal Audits

It is conducted by the corporations directly for getting an idea regarding the financial efficiency of a company. These are usually done with the help of the staff itself or with the aid of independent professionals. It is a method to analyze any mistakes in a company's financial handling and will help the company to tackle the issue before statutory audits.

Accounting and auditing are one of the important tasks for an emerging or already established business entity as it helps to properly acknowledge the financial functioning of the firm. It is a task to be performed with utmost professionalism. If needed for any accounting & auditing services, our team of experts can help you with clean work.

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