Statutory Audit, Tax Audit & Internal Financial Controls (IFC) Services

Building Financial Trust and Operational Integrity

In today's complex regulatory environment, independent audit and assurance services are essential for building trust among shareholders, financial institutions, and regulatory authorities. At Saurabh Vanya Sharma & Co. (SVS), we view the audit process not as a mere compliance burden, but as a strategic tool to evaluate risk, identify system vulnerabilities, and strengthen internal financial controls.

Our audit methodology is risk-based and strictly adheres to the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). By combining deep technical expertise with industry insights, we deliver transparent reports that accurately present your organization's financial position. Our firm's credentials include empanelments with the C&AG and RBI.

Our Core Audit & Assurance Offerings

✓

Statutory Audits

Comprehensive auditing of financial books and records under Section 139 of the Indian Companies Act, 2013 to verify true and fair view presentation.

✓

Tax Audits (Section 44AB)

Verification of tax compliances, allowances, and disallowances under Section 44AB of the Income Tax Act, 1961 to validate tax computations.

✓

Internal & Management Audits

Independent evaluation of operational efficiency, internal financial control (IFC) systems, risk-mitigation measures, and corporate governance.

✓

Concurrent & Stock Audits

Real-time continuous audit verification and physical stock and asset evaluation for banking institutions and credit facilitators.

Evaluating Internal Financial Controls (IFC)

Under Section 134(5)(e) of the Companies Act 2013, directors and statutory auditors must state the adequacy and operational effectiveness of internal financial controls. SVS assists enterprises in documenting, testing, and rectifying control frameworks, ensuring robust protection against reporting errors, asset losses, or compliance slip-ups. Pair this with our Accounting & GAAP Advisory to build audit-proof SOPs and policies, or delegate your routine compliance to our BPO Outsourcing team.

Frequently Asked Questions

Yes. Under Section 139 of the Companies Act, 2013, every registered company in India—whether private limited, public limited, one-person company, or small business—must undergo a statutory audit annually. This audit evaluates whether the financial statements display a true and fair view of the company's financial status.

Under the Indian Income Tax Act 1961, a business must undergo a tax audit if its total sales or turnover exceeds ₹1 Crore (or ₹10 Crore if cash transactions are limited to 5% or less of total transactions). For professionals, the tax audit threshold is a gross receipt exceeding ₹50 Lakhs.

We maintain absolute independence in accordance with the Code of Ethics issued by the ICAI. SVS & Co. employs strict peer-review checks, double-tier partner review policies, and regular professional training programs to keep our audit methodologies in step with evolving accounting standards (AS and Ind-AS).

Need Audit or Assurance Support?

Speak with our senior audit partners to plan your statutory compliance calendar.

Contact Our Team