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Internal Audit

Applicability

Internal Audit provisions in Companies (Accounts) Rules 2014 - 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:-
(a) Every listed company;
(b) 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
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
Outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and

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.

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.
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
1. Revenue Audit - Income Leakage Audit
2. Compliance Audit - Taxation and other regulatory
3. Payroll Audit
4. Reimbursement Audit
5. Procurement Audit
6. Systems Audit - EDP Audit

Audit under GST

As per section 35(5) of CGST Act, 2017, Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of audited annual accounts, reconciliation statement under section 44(2) and other documents in such form and manner as may be prescribed before 31st of December of subsequent year.
We at G R Mehta & Associates conduct the audit of books of account under GST provisions covering the following aspects:

Review of classification of goods and services as per HSN system
Review of outward liability on monthly basis to match the GST returns filed
Review of eligible Input tax credit claimed during the audit period
Review of tax return filed during the year as per the due dates prescribed
Review of reconciliation report and annual return filed
Review of exemptions and concessions availed during the period We ensure to add value to our service rather than merely a certification activity.

Tax Audit under 44AB Income Tax Act

Applicability: to persons (individuals, firms or companies) whose turnover during the financial year exceeds limits specified i.e.
1. For persons carrying on business Rs. 2 Crore or 20 Million
2. For persons carrying on profession Rs. 50 Lakhs 5 Million

Purpose: As 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

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