Audit Firms in Mohali —CA Ankush Garg
Statutory audit, tax audit, GST audit, internal audit, and bank audit services in Mohali — independent, thorough, and delivered on time by a qualified CA firm.
An audit is far more than an annual legal requirement. A well-conducted audit identifies financial weaknesses before they escalate, provides credibility to your financial statements for banks and investors, ensures you are tax-compliant, and gives management an independent view of your business’s financial health.
CA Ankush Garg is one of the established audit firms in Mohali — providing statutory audit, income tax audit, GST audit, internal audit, bank audit, and stock audit services across manufacturing, trading, real estate, food & hospitality, IT, and IBC/insolvency matters. Our audit team is independent of our bookkeeping practice — ensuring the objectivity and reliability that audited financial statements require.
Our Audit Services
1. Statutory audit
A statutory audit under the Companies Act, 2013 is mandatory for all companies. It is an independent examination of the company’s financial statements — providing an opinion on whether they present a true and fair view of the company’s financial position.
- Examination of books of accounts - and supporting vouchers
- Verification of assets, liabilities, income, and expenses
- CARO 2020 (Companies Auditors' Report Order) - reporting for applicable companies
- Internal Financial Controls (IFC) - assessment — design and operating effectiveness
- Related party transaction review - under Section 188 and AS-18
- Going concern assessment
- Auditor's report - with opinion — unqualified, qualified, adverse, or disclaimer
- Management Letter - highlighting operational improvements
2. Tax audit (Section 44AB)
A tax audit is mandatory for businesses with turnover above Rs. 1 crore (Rs. 10 crore if 95%+ transactions are digital) and professionals with gross receipts above Rs. 50 lakh. We prepare and certify:
- Form 3CA - for businesses whose accounts are already subject to statutory audit
- Form 3CB - for other businesses and professionals
- Form 3CD - detailed statement with 44 clauses covering every aspect of tax compliance
- 1. Clause 4 – ICDS adjustments — Income Computation and Disclosure Standards
- 2. Clause 16 – Amounts not credited to P&L — dividend, capital receipts, etc.
- 3. Clause 18 – Depreciation — as per Companies Act vs Income Tax Act
- 4. Clause 26 - Section 43B payments — PF, ESIC, GST, tax paid after year end
- 5. Clause 40a(ia) - TDS defaults — disallowable expenses due to TDS non-deduction
- 6. Clause 44 - GST reconciliation — aggregate value of GST transactions
3. GST audit and GSTR-9C
For businesses with turnover above Rs. 5 crore, a CA-certified GSTR-9C reconciliation statement is mandatory alongside the annual GSTR-9 return. We prepare:
- GSTR-9 - annual GST return reconciliation with books of accounts
- GSTR-9C - reconciliation of GSTR-9 turnover with audited financial statements
- ITC reconciliation - total ITC claimed vs eligible ITC per books
- Tax liability reconciliation - tax paid via GSTR-3B vs tax as per books
- Departmental GST audit support - Section 65 and 66 audit representation
4. Internal audit
Internal audit provides an independent, forward-looking review of your business’s processes, controls, and risk management — identifying weaknesses before they cause financial or reputational harm.
- Financial controls review - segregation of duties, authorization levels, payment processes
- Procurement and vendor audit - purchase process integrity, vendor due diligence
- Inventory verification - physical count vs book records, obsolete stock identification
- Payroll audit - salary structure, TDS, attendance, ghost employee check
- Revenue and billing audit - billing accuracy, collections, revenue leakage
- Compliance audit - statutory compliance across GST, TDS, ROC, and labour laws
- Internal audit report - with findings, risk rating (high/medium/low), and management recommendations
5. Bank audit
- Branch statutory audit - for nationalized and private sector banks
- Long Form Audit Report (LFAR) - RBI-mandated detailed review of branch operations
- Revenue audit - interest calculation, fee income, and service charge verification
- Concurrent audit - ongoing transaction-level verification for designated branches
- Stock audit - collateral verification for working capital loan monitoring
6. Stock audit
Stock audit involves physical verification of inventory holdings to reconcile physical stock with book records — required by banks as part of working capital loan monitoring (typically quarterly or annually). We conduct stock audits at the borrower’s premises and submit the stock audit report in the bank’s prescribed format.
7. Special purpose audits
- Forensic audit - investigation of suspected fraud, embezzlement, or financial irregularities
- Due diligence audit - for business acquisitions, investments, and mergers
- Compliance audit - verifying adherence to specific regulations, contracts, or agreements
- IBC compliance audit - backend taxation and compliance verification for Insolvency Professionals during CIRP
Audit Approach — What Sets Us Apart
Independence maintained
Our audit and bookkeeping teams are fully separate — ensuring genuine independence and objective opinions that stand up to scrutiny.
Risk-based methodology
We focus audit effort on high-risk areas — not just ticking boxes. This gives management genuinely useful findings, not just a compliance certificate.
Management communication
All significant findings are discussed with management before the final report — no surprises, and the opportunity to provide context and responses.
UDIN compliance
Every audit report, certificate, and Form 3CD carries a UDIN (Unique Document Identification Number) as required by ICAI — verifiable online by banks and regulators.
IBC specialization
We provide audit support to Insolvency Professionals handling CIRP matters — a specialized area very few audit firms in Mohali have experience in.
Industries We Audit
- 1. Manufacturing – Factory accounts, raw material consumption, production records, stock audit for banks
- 2. Trading & distribution – Purchase-sales reconciliation, stock verification, GST compliance audit
- 3. Real estate – Project-wise accounting, WIP valuation, customer advance reconciliation
- 4. Food & hospitality - FSSAI compliance, revenue audit, food cost analysis, GST on restaurant services
- 5. IT companies - Revenue recognition, ESOP accounting, R&D cost classification
- 6. Import-export - Foreign exchange reconciliation, customs duty, IGST refund verification
- 7. Banks & NBFCs - Branch statutory audit, LFAR, concurrent audit, stock audit
- 8. IBC / CIRP matters - Compliance audit for corporate debtors during insolvency proceedings
Our Audit Process
- Engagement letter - scope, fees, timelines, and audit team agreed and signed
- Pre-audit planning - understanding the business, identifying risk areas, designing procedures
- Fieldwork - vouching physical verification, confirmations, and management interviews
- Audit findings - significant issues discussed with management before report finalization
- Draft report - shared with management for response before final issuance
- Final report - issued with UDIN and auditor's signature
- Follow-up - we track management action on recommendations in subsequent audits
Frequently Asked Questions
Is statutory audit mandatory for all companies?
Yes — all companies registered under the Companies Act must have a statutory audit regardless of turnover or whether the company is operational. LLPs with turnover above Rs. 40 lakh or capital contribution above Rs. 25 lakh must also be audited.
Is tax audit mandatory for my business?
Tax audit under Section 44AB is mandatory if your business turnover exceeds Rs. 1 crore (or Rs. 10 crore if 95%+ of receipts and payments are digital) or if your professional gross receipts exceed Rs. 50 lakh. Presumptive taxation businesses that declare income below the presumptive rate also require a tax audit.
What is UDIN and why is it required?
UDIN (Unique Document Identification Number) is a system-generated identifier from ICAI’s portal for every audit report, certificate, or attestation by a CA. Banks, regulators, and MCA can verify the authenticity of CA-certified documents using UDIN. Since 2019, UDIN is mandatory for all CA-certified documents.
Can you conduct the statutory audit if you are also handling our GST returns?
Under ICAI independence requirements, the statutory auditor should be independent of significant accounting and bookkeeping work for the audit client. Our audit team is separate from our GST and bookkeeping team — allowing us to maintain proper independence.
How soon before year-end should I engage an auditor?
Ideally 2–3 months before your financial year end — allowing the auditor to plan, conduct interim work, and identify issues while there is still time to correct them. Last-minute audit engagements result in rushed audits and often expose problems that could have been resolved earlier.
What is a qualified audit opinion and should I worry about it?
A qualified opinion means the auditor found a specific exception that prevents issuing a clean opinion — e.g., a disagreement on an accounting treatment or inability to verify a material amount. Banks, investors, and regulators will ask for explanations. We work to resolve all audit issues before the report is finalized.