Dhruv Dua & Co. carries out statutory audits under the Companies Act, 2013, tax audits, internal audits and special-purpose assurance work. A large part of the audit practice is Indian subsidiaries of overseas groups, where the Indian audit also has to meet the parent's reporting calendar and group auditor instructions.
What does audit and assurance cover?
- Statutory audit. Audit of financial statements under ss.139 and 143 of the Companies Act, 2013, including reporting under the Companies (Auditor's Report) Order, 2020 where it applies.
- Tax audit. Audit of accounts and the prescribed report under the income-tax law for businesses and professionals above the turnover thresholds.
- Group reporting. Reporting packages and clearance memos for the parent company's auditor, on the group's timetable.
- Internal audit and controls review. Process reviews of purchases, sales, payroll, inventory and statutory compliance, with findings ranked by risk.
- Not-for-profit and FCRA audits. Audits of trusts, societies and section 8 companies, including organisations registered under the Foreign Contribution (Regulation) Act, 2010.
- Certificates. Net worth, turnover, remittance and other certificates required by banks, regulators and counterparties.
How does the work run?
- Planning meeting and a document list issued before the year end.
- Ledger-level analysis of the full year's data, so sample selection is driven by risk.
- Fieldwork, on site or remote.
- Draft observations discussed with management before finalisation.
- Signed report and a management letter.
Who is this for?
- Private limited companies and LLPs
- Indian subsidiaries of foreign companies
- Trusts, societies and section 8 companies
Frequently asked questions
Which companies need a statutory audit in India?
Every company registered under the Companies Act, 2013 must have its financial statements audited each year by a chartered accountant, whatever its turnover. Section 139 of the Act deals with the appointment of auditors.
Can you work to an overseas parent's reporting deadline?
Yes. We plan the Indian audit around the group calendar and issue reporting packages in the format the group auditor asks for.
How does technology change the audit?
We analyse the complete ledger rather than only a sample. Unusual entries, duplicate bills and tax mismatches are picked up by the tools and then examined by the audit team.