Audit & Assurance Services
in Mohali
Professional statutory, tax, GST, and internal audit services — CA Ankush Garg is one of the trusted audit firms in Mohali for businesses of all sizes.
An audit is far more than a legal requirement — it is a structured examination of your business’s financial health, internal controls, and compliance posture. A well-conducted audit identifies weaknesses before they become crises, provides credibility to your financial statements for banks and investors, and ensures your business is operating within the boundaries of applicable law.
CA Ankush Garg provides comprehensive audit and assurance services in Mohali — covering statutory audit, income tax audit, GST audit, internal audit, bank audit, and compliance audit for businesses across manufacturing, trading, services, real estate, and food & hospitality sectors.
Our Audit Services
1. Statutory audit
A statutory audit is a mandatory independent examination of a company’s financial statements — required under the Companies Act, 2013 for all companies, and under applicable laws for LLPs above specified thresholds. The statutory auditor opines on whether the financial statements present a true and fair view of the company’s financial position.
- Examination of books of accounts and supporting documents
- Verification of income, expenses, assets, and liabilities
- CARO (Companies Auditors' Report Order) - reporting for applicable companies
- Internal Financial Controls (IFC) - assessment and reporting
- Management representation letter
- Auditor's report with opinion - (unqualified, qualified, adverse, or disclaimer)
- Long Form Audit Report (LFAR) - for bank branches
2. Tax audit (Section 44AB)
A tax audit under Section 44AB of the Income Tax Act is mandatory for businesses with turnover above Rs. 1 crore (or Rs. 10 crore if 95% transactions are digital) and professionals with gross receipts above Rs. 50 lakh. The tax auditor certifies the correctness of income declared and deductions claimed in the ITR.
- 1. Form 3CA / 3CB – tax audit report preparation (for companies and other cases respectively)
- 2. Form 3CD – detailed statement of particulars with 44 clauses
- 3. Verification of books of accounts – depreciation, loans, related party transactions, MSME
- 4. TDS compliance verification - Section 40(a)(ia) disallowances
- 4. Section 44AD / 44ADA - applicability assessment
3. GST audit
A GST audit verifies the correctness of turnover declared, taxes paid, input tax credit claimed, and refunds availed under GST. It may be conducted by a CA (under Section 35(5) of CGST Act) or by GST authorities (under Sections 65 and 66).
3. Capital gains tax — property, shares, and mutual funds
- Reconciliation of GST returns - with books of accounts
- GSTR-9C preparation - annual reconciliation statement (GST audit certificate)
- ITC verification - ensuring input tax credit is correctly availed and reversed
- Turnover reconciliation - GST turnover vs income tax turnover vs books
- GST audit representation - before departmental audit teams
- Auditor's report with opinion - (unqualified, qualified, adverse, or disclaimer)
- Long Form Audit Report (LFAR) - for bank branches
4. Internal audit
Internal audit evaluates the effectiveness of your internal controls, risk management, and governance processes — identifying operational inefficiencies, fraud risks, and compliance gaps before they cause serious harm. Unlike statutory audit (which is backward-looking), internal audit is continuous and forward-looking.
- Systems and process review - identifying control weaknesses and gaps
- Financial transaction testing - sample-based vouching and verification
- Inventory and asset verification
- Payroll audit - salary structure, TDS deductions, attendance records
- Vendor and procurement audit - verifying purchase processes and vendor due diligence
- Internal audit report - with findings, risk rating, and management recommendations
5. Concurrent audit
Concurrent audit is real-time or near-real-time audit — typically conducted for banks, NBFCs, insurance companies, and large businesses requiring continuous transaction monitoring. We conduct concurrent audits on a monthly or quarterly basis.
6. Bank audit
Bank audits include branch statutory audit, long form audit report (LFAR), revenue audit, stock audit, and concurrent audit — all conducted under the guidelines of the Reserve Bank of India and the Institute of Chartered Accountants of India.
- Branch statutory audit - for nationalized and private sector banks
- Long Form Audit Report (LFAR) - detailed review of credit, deposits, and operations
- Revenue audit - verification of interest, fee, and charge calculations
- Stock audit - for bank collateral verification
7. Stock audit
Stock audit involves physical verification of inventory to reconcile physical stock with book records — critical for banks as part of working capital loan monitoring, and for businesses with large inventory holdings.
8. Special purpose audits
- Compliance audit - verifying adherence to specific laws, regulations, or contracts
- Fraud investigation - forensic examination of suspect transactions
- Due diligence audit - for business acquisitions and investments
- IBC compliance audit - for Insolvency Professionals during CIRP and liquidation
International and NRI Taxation
- Manufacturing - Factory accounts, raw material consumption, production records, stock audit
- Trading and distribution - Purchase-sales reconciliation, stock verification, GST audit
- Real estate and construction - Project-wise accounting, WIP valuation, customer advance reconciliation
- Food and hospitality - FSSAI compliance, revenue audit, inventory, GST on restaurant services
- IT companies - Revenue recognition, ESOP accounting, R&D cost classification, transfer pricing
- Import-export - Foreign exchange reconciliation, customs duty, IGST refund verification
- Banks and NBFCs - Branch audit, concurrent audit, LFAR, stock audit for loan monitoring
Our Audit Process
- 1. Engagement letter – scope, timelines, fee, and audit team signed between firm and client
- 2. Pre-audit planning – understanding the business, identifying risk areas, designing audit procedures
- 3. Fieldwork – examination of books, vouching, physical verification, and management interviews
- 4. Audit findings - all significant findings shared with management for clarification
- 5. shared with management for review before finalization - shared with management for review before finalization
- 6. Final report - issued with UDIN (Unique Document Identification Number) as required
- 7. Follow-up - we track management action on audit recommendations
Frequently Asked Questions
Is statutory audit mandatory for my company?
All companies registered under the Companies Act must undergo a statutory audit, regardless of turnover. LLPs with turnover above Rs. 40 lakh or capital above Rs. 25 lakh must also be audited. Proprietorships and partnerships are not required to have a statutory audit but may require a tax audit under Section 44AB.
What is the difference between a statutory audit and a tax audit?
A statutory audit is conducted under the Companies Act to verify that financial statements are true and fair. A tax audit is conducted under the Income Tax Act to verify that books of accounts are correctly maintained and income is correctly declared. Both may be required for a company.
What is UDIN and why is it required?
UDIN (Unique Document Identification Number) is a unique number generated by the ICAI for every certificate, audit report, and attestation issued by a Chartered Accountant. It allows banks, government authorities, and regulators to verify the authenticity of CA-certified documents online.
How long does an audit take?
Statutory audits of small companies typically take 3–7 working days of fieldwork. Tax audits take 2–5 working days. Timeline depends on the size of the business, complexity of transactions, and readiness of books.
Can you conduct an audit if you are also our accountant?
Under ICAI independence standards, the same CA should not conduct both statutory audit and bookkeeping for the same entity. We maintain clear independence — our audit team is separate from our accounting team.
What is a qualified audit opinion and should I be worried?
A qualified opinion means the auditor found a specific exception or limitation that prevents issuing a clean (unqualified) opinion. It is not the same as saying your accounts are wrong — but banks, investors, and regulators may ask for explanations. We work to resolve all qualifications before finalizing the audit report.