Definition as per SA
This process provides valuable feedback on the effectiveness of your company’s internal controls and processes, and can also offer a useful external perspective of the business.
Audited financial statements can enhance confidence in your business if you intend looking for finance or new investors in the future.
We provide seamless audit experience to our clients.
Internal Audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization.
We at BSA help our clients to accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 1 crore] shall get his accounts audited by a chartered accountant or a cost accountant. He shall electronically file:
1. an annual return using the Form GSTR 9B along with the reconciliation statement by 31st December of the next Financial Year,
2. the audited copy of the annual accounts,
3. a reconciliation statement, reconciling the value of supplies declared in the return with the audited annual financial statement,
4. and other particulars as prescribed.
We at BSA & Associates will support our clients to carry out the procedure with ease.
Every assessee with a minimum turnover of Rs. 50 lakhs in the case of professionals, Rs. 1 crores in the case of business concerns not opting presumptive income scheme and Rs. 2 crores for business concerns opting for presumptive income scheme u/s 44AD is compulsorily required to get his accounts audited under the Income-Tax law.
This has considerably helped the revenue authorities in making proper assessments.
We at BSA & Associates provide unique tax audit experience to our clients.
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