A statutory audit is a legally required review of the correctness and accuracy of a company’s financial statements and related records. The sole objective of a statutory audit is to assess whether an organisation provides a fair and correct representation of its financial position by examining data such as accounting records, bank balances and commercial transactions.
Internal auditing is an objective assurance and consulting activity intended to add value and improve an organisation’s business transactions. It can help an organisation fulfil its strategic objectives by taking a systematic, well-organised approach to assessing and enhancing the effectiveness of risk management, control, and governance processes.
Tax Audit involves an audit of financial records of a business in compliance with provisions of the Income-tax Act in India and providing disclosures in the prescribed formats. We have a team of experts who work with different taxes like Income tax, GST, service tax, sales tax etc. Our satisfied clients have rated us as the best Income tax audit firm in Delhi.
Auditing fixed assets is vital to ensure that accounting for capital assets and depreciation complies with the objectives of management. Fixed asset audit helps to prepare the accurate balance sheet. Hence it ensures regulatory compliance. Also, fixed asset audits provide better internal control.
Stock or inventory audit means physical verification of stock of a company or institution. There are many stock audits, depending on the purpose, and every stock audit requires a different approach. Every business organisation at least needs to conduct a stock audit once a year to update and ensure that the physical stock count and the computed stock in the books match. A stock audit helps in analysing the correct discrepancies between the actual physical inventory and stock register maintained by the management.
This involves an audit of functions of operations management department of an organisation for acquisitions and company mergers. In this case, our auditing firm, MAG, closely works with a specific department to help them improve their overall efficiency.
This is a two-step process which scrutinises the data and information as provided in tax returns against the ones found in actual business records.
Due diligence is an examination, audit, investigation or review performed to establish the facts of a matter or transaction under consideration. In this world of finance, due diligence requires an extensive analysis of financial information and records before entering into a proposed deal with another person or business house.
Physical Verification of Assets: Physical verification of assets involves conducting audits or inspections to verify the existence, condition, and valuation of a company’s physical assets, such as inventory, equipment, and property. This service helps businesses ensure that their accounting records accurately reflect the assets they possess and can be useful in detecting discrepancies or potential fraud.
International Bookkeeping, Tax, and Regulatory: This service caters to businesses operating internationally or dealing with cross-border transactions. It involves handling international accounting standards, managing financial records across multiple jurisdictions, ensuring compliance with tax regulations in different countries, and providing advisory services on international tax planning and regulatory requirements.
Payroll Processing Services: Payroll processing services involve managing and administering employee compensation, including salary calculation, deductions, and tax withholdings. Your firm can help businesses ensure accurate and timely payroll processing, compliance with labor laws, and generating necessary reports and payslips for employees.
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