Statutory and Internal Audits

Home Statutory and Internal Audits

At MAC, audit is not just a review of historical data ; it is a tool that acts as an early warning system to provide information about the impending risks. An auditor is your ‘true’ friend.

Audits require detailed analysis of the financial statements and affairs of the company on an independent basis, to express an informed opinion thereon.

Various statutes place extensive reliance on statutory audits. Even though the primary aim of such audits is to assure the stakeholders about the trueness and fairness of the financial statements, the methodology needs to be customized to suit every client’s needs.

Other than the audits required mandatorily by various statutes, internal audits offer a very important dimension in maintaining an efficient internal control system in a organization. It refers to checking internally within an entity. It helps the management to timely identify the blind spots, and tighten the policies accordingly. Internal audits help the management in ensuring the best use of available resources, and to get an expert’s insight into the various procedures adopted by the company.

We, at MAC, look to provide the best assurance services to our clients. Our audit services extend beyond the conventional financial reporting function. It is our belief that audit must not restrict itself to review of historical data; it must also provide reasonable information about impending risks. Hence, risk assessment is an important aspect of most of our audits.

Statutory Audits

  • Under Companies Act, 2013
  • Under Limited Liability Partnership Act, 2008
  • Under Income Tax Act, 1961
  • Under GST Law

Internal audits

  • System Audit
  • Tax Compliance Audit
  • Stock Audit
  • Internal Controls Audit

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