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Audit & Assurance

1. Statutory and Corporate Audits

These audits are mandatory under various Indian legislations and can only be executed by a practicing Chartered Accountant holding a valid Certificate of Practice (COP).

Statutory Financial Audits: Mandated under Section 139 of the Companies Act, 2013 for all private limited, public limited, and one-person companies. The auditor examines financial books to issue an independent opinion on whether the financial statements present a "true and fair view."
LLP Audits: Conducted under the LLP Act, 2008. It is mandatory for Limited Liability Partnerships.
Tax Audits: Carried out under Section 44AB of the Income Tax Act, 1961. CAs audit the books of accounts of business entities and professionals crossing the prescribed turnover thresholds, providing detailed reporting disclosures via Form 3CA/3CB and Form 3CD.
Transfer Pricing Audits: Conducted under Section 92E of the Income Tax Act for entities engaged in international transactions or specified domestic transactions with associated enterprises, reported in Form 3CEB.

2. Public Sector, Banking, and Institutional Audits

CAs are regularly paneled by regulators like the Reserve Bank of India (RBI), the Comptroller and Auditor General (CAG), and individual commercial banks to handle high-risk institutional verifications.

Statutory Bank Branch Audits: Conducted annually at the close of the financial year to audit the balance sheet, profit and loss account, and compliance parameters (such as NPA classification) of individual commercial bank branches.
Concurrent Audits: Continuous, real-time transaction tracking audits conducted month-after-month inside bank branches to ensure daily adherence to RBI guidelines, operational safety, and early risk detection.
Stock and Receivables Audits: Specialized audits commissioned by commercial banks to physically verify the stock inventory and book debts of corporate borrowers against whom working capital credit limits have been sanctioned.
PSU and Government Audits: Allotted by the CAG to empanelled CA firms under Section 139(5) or 139(7) of the Companies Act to audit the accounts of Public Sector Undertakings (PSUs) and government departments.

3. Management, Risk, and Operational Audits

Unlike statutory audits, these reviews are customized to support corporate internal management teams in improving efficiency, managing risks, and refining business processes.

Internal Audits: Conducted under Section 138 of the Companies Act, 2013 (mandatory for listed and specified unlisted companies) or voluntarily by management. It focuses on evaluating governance, risk management frameworks, and internal transactional controls.
Internal Financial Controls (IFC) Audits: A focused audit analyzing the structural design and operational effectiveness of a company’s Internal Controls Over Financial Reporting (ICFR) to prevent errors, leaks, or financial manipulation.
Operational and Management Audits: Comprehensive evaluations that go beyond accounting entries to review process efficiencies, resource utilization, and whether functional departments are achieving their targeted operational goals.
Management-Nominated GST Audits: Though statutory GST audits were removed in favor of self-certification, CAs are heavily engaged by businesses to perform proactive regular compliance reviews and financial-to-GSTR-9C reconciliations.

4. Specialized, Forensic, and Transaction Advisory Audits

These niche assurance services are executed during legal disputes, corporate acquisitions, structural investigations, or technological upgrades.

Due Diligence Audits: Conducted on behalf of prospective buyers, private equity investors, or merging entities before corporate takeovers. The CA deep-dives into the target firm's historic financial health, tax exposures, and undisclosed liabilities.
Special Audits under Tax Laws: Directed by top regulatory authorities when complex valuation or classification disputes arise. This includes Section 142(2A) audits directed by the Income Tax Department or Section 66 special audits initiated by GST Commissioners.