Audit & Assurance · Overview

Audit & Assurance Overview built on independence and insight.

Independent audit and assurance across every form mandated by Indian law — Companies Act, Income Tax Act, Trust Act, LLP Act, and Stock Audit — all delivered by ICAI-registered Chartered Accountants from our Mumbai practice.

Audit and assurance is the mechanism through which businesses, regulators, investors, and lenders receive independent confirmation that financial statements present a true and fair view. At NDS Advisors, we handle every statutory audit obligation applicable to Indian entities — from incorporated companies to trusts, LLPs, and partnership firms.

Indian law imposes multiple distinct audit requirements across different statutes. The Companies Act, 2013 mandates statutory audit for all companies. The Income Tax Act mandates tax audit above prescribed turnover thresholds. Trust deeds, the Bombay Public Trusts Act, and the Foreign Contribution Regulation Act impose audit requirements on charitable and religious trusts. The LLP Act mandates audit above prescribed contribution or turnover levels.

Our audit practice is structured to handle all these mandates under one roof — with dedicated teams for each statute, consistent documentation standards, and a single point of accountability for your entire audit cycle. Whether you need one audit or six, we co-ordinate the process so nothing falls through the cracks.

Our Audit & Assurance Overview Services

Statutory Audit — Companies Act

Independent audit of financial statements for all companies under Section 143 of the Companies Act, 2013 — verifying truth and fairness in line with Ind AS and Schedule III.

Tax Audit — Income Tax Act

Audit under Section 44AB for businesses and professionals crossing prescribed turnover or gross receipts thresholds, with Form 3CA/3CB and Form 3CD reporting.

Trust Audit

Statutory audit of charitable, religious, and private trusts — including Bombay Public Trusts Act compliance, FCRA audit, and 12A/80G compliance reporting.

LLP Audit

Statutory audit of Limited Liability Partnerships above prescribed contribution or turnover thresholds, with Form 11 and Form 8 filing support.

Internal Audit

Risk-based internal audit under Section 138 of the Companies Act — covering controls, SOPs, and operational risk for prescribed companies.

Stock Audit

Physical stock verification, inventory reconciliation, and valuation review — typically mandated by banks for working capital and credit limit assessments.

CARO 2020 Reporting

Detailed reporting under the Companies Auditor's Report Order on fixed assets, loans, related party transactions, statutory dues, and going concern.

IFC & ICFR Reporting

Evaluation and audit opinion on Internal Financial Controls over Financial Reporting for listed and prescribed unlisted companies.

Our Process

Audit Type Identification

Determining which audits apply to your entity based on its legal form, turnover, sector, and regulatory obligations.

Appointment & Engagement

Auditor appointment formalities, required filings, and a clear engagement letter covering scope, timeline, and deliverables for each audit.

Planning & Risk Assessment

Walk-through of business processes, evaluation of internal controls, and an audit plan tailored to your sector and risk profile.

Fieldwork & Testing

Substantive testing, ledger scrutiny, third-party confirmations, and statutory compliance verification — fully documented in signed workpapers.

Reporting & Filing Support

Audit opinions, statutory annexures, and post-audit ROC or tax portal filings to close the annual compliance cycle completely.

Why It Matters

✓Covers every statutory audit mandate under one engagement

✓ICAI-registered auditors with multi-statute experience

✓Reduces compliance gaps between overlapping audit requirements

✓On-time filing of all audit reports and related forms

✓Strengthens investor, lender, and regulator confidence

✓Identifies control weaknesses across the full business

✓Supports fundraising, due diligence, and listing readiness

✓Single point of accountability for your entire audit cycle

Frequently Asked Questions

The audits applicable to your entity depend on its legal form and size. All companies need a statutory audit under the Companies Act. Businesses crossing ₹1 crore turnover (₹10 crore with low cash transactions) need a tax audit. Trusts registered under the Bombay Public Trusts Act or receiving FCRA funds need a trust audit. LLPs above prescribed thresholds need an LLP audit. We assess your specific obligations at the start of each engagement.

Yes. Where the same firm is eligible to conduct multiple audits — statutory, tax, internal — we handle all of them under a co-ordinated engagement. This reduces duplication of fieldwork, avoids conflicting findings, and streamlines the documentation and filing process for your team.

Statutory audit is a mandatory external audit conducted by an independent Chartered Accountant to give an opinion on whether financial statements present a true and fair view. Internal audit is an ongoing review of internal controls, processes, and operational risk — it can be conducted by an internal team or an outsourced firm and feeds into management decision-making rather than external reporting.

For companies, the statutory audit report must be finalised before the Annual General Meeting — typically within six months of the financial year end. Tax audit reports are due by 30 September of the assessment year. Trust and LLP audit timelines vary by the applicable statute and registration. We track all your deadlines from the start of engagement.

Yes. We are headquartered in Andheri East, Mumbai and serve clients across India through secure remote workflows and on-site visits where required. We have handled audits for businesses in Pune, Delhi NCR, Bengaluru, Ahmedabad, Surat, and tier-2 cities.

Typically we require trial balance, ledger and books of accounts, bank statements with reconciliations, statutory registers, GST and TDS returns, fixed asset register, and prior year audit reports. A customised checklist is shared at the start of each engagement based on the audit type and your entity structure.

One firm for every audit you need.

Talk to our audit team about a co-ordinated engagement covering every statutory audit obligation applicable to your entity.