Statutory & Tax Audits

About this Service

Statutory audit is the annual independent examination of financial statements required of every company, LLP above turnover threshold, and certain other entities. Tax audit under Section 44AB applies once business turnover exceeds ₹1 crore (₹10 crore with digital transactions) or professional receipts exceed ₹50 lakh.

Our independent auditors conduct full audit programmes — vouching, internal control review, ledger scrutiny, statutory dues verification, related party transactions, and final report with management letter.

What are Statutory and Tax Audits?

Statutory Audit is the annual audit required under the Companies Act, 2013 (for companies) and the LLP Act (for LLPs above threshold). The auditor expresses an opinion on whether the financial statements give a true and fair view.

Tax Audit under Section 44AB of the Income Tax Act applies to businesses with turnover above ₹1 crore (₹10 crore where 95%+ digital), professionals with receipts above ₹50 lakh, and certain presumptive taxation cases. The auditor reports in Form 3CA/3CB and Form 3CD.

Special Purpose Audits include internal audit, GST audit reconciliation, stock audit, fixed asset verification, due diligence audit, and forensic audit.

Who Should Avail This Service?

• Every private and public limited company (statutory audit mandatory)
• LLPs with turnover above ₹40 lakh or contribution above ₹25 lakh
• Businesses with turnover above ₹1 crore (₹10 cr if digital) — tax audit
• Professionals (CA, doctor, architect, etc.) with receipts above ₹50 lakh
• Trusts and societies with statutory audit requirements
• Companies preparing for funding, due diligence or M&A activity

Key Benefits

• Independent assurance on financial statements for stakeholders
• Detection of errors, frauds and weak internal controls
• Compliance with Companies Act and Income Tax Act requirements
• Easier credit and bank borrowing with audited financials
• Avoidance of penalty under Section 271B (0.5% of turnover, max ₹1.5 lakh)
• Strengthened systems through management letter recommendations
• Investor-ready financials for funding or IPO preparation

Documents Required

• Trial balance, ledgers and journal entries for the financial year
• Bank statements with reconciliation
• Sales and purchase invoices with supporting agreements
• Fixed asset register with depreciation workings
• Statutory dues register (TDS, GST, PF, ESI, etc.)
• Loan agreements and bank confirmations
• Stock records and physical verification reports
• Previous year's audit report and audit workpapers

Why Choose EXPORTAS for Statutory & Tax Audits?

• Two-decade combined expertise across DGFT, Customs, GST and corporate compliance.
• End-to-end ownership — application, documentation, follow-up, closure.
• Best Turnaround Time (TAT) with proactive milestone updates.
• Transparent, error-free, risk-free processing under defined SOPs.
• Affordable transaction cost with no hidden charges.