What is Business Audit?
A business audit is a detailed examination and verification of your company's financial records, accounting books, and business operations by a qualified Chartered Accountant. The audit ensures accuracy, compliance with laws, and proper financial reporting.
Why is Business Audit Important?
- Ensures financial accuracy and transparency
- Identifies fraud and financial irregularities
- Ensures compliance with GST, Income Tax, and other laws
- Builds trust with investors, banks, and clients
- Supports business growth and expansion
- Required for obtaining loans or investments
When is Business Audit Mandatory?
Business audit is compulsory if your business meets any of these criteria:
- Turnover exceeds Rs. 1 crore (for most businesses)
- Turnover exceeds Rs. 5 crore for specific sectors
- Business is structured as a Partnership or LLP
- Listed companies (all must have audits)
- Bank asks for audit as a loan condition
Types of Business Audits
- Statutory Audit – Required by law for companies and LLPs
- Tax Audit – Required if turnover exceeds Rs. 1 crore (under Section 44AB)
- Internal Audit – Optional but recommended for internal control
- Special Audit – Conducted for specific purposes by IT Department
What Does a Business Audit Include?
- Verification of all financial statements (P&L, Balance Sheet)
- Checking bank reconciliation statements
- GST return reconciliation
- TDS compliance review
- Stock audit and inventory verification
- Checking all vouchers, bills, and invoices
Audit Process – Step by Step
- Appointment of auditor (CA)
- Collection and review of documents
- Detailed examination of books
- Identification of discrepancies
- Preparation of audit report
- Submission to relevant authorities
Documents Required for Business Audit
- Financial statements for the year
- Bank statements and passbooks
- GST returns (GSTR-1, GSTR-3B, GSTR-9)
- TDS returns and challans
- Purchase and sale invoices
- Salary records and payroll documents
Expert Audit Services by Sanjay A & Co
At Sanjay A & Co, Chartered Accountants, we provide comprehensive audit services to businesses in Hoshiarpur and across Punjab. With 20+ years of experience, our team ensures complete compliance and accurate financial reporting.
Our Audit Services Include:
- Statutory audit for companies and LLPs
- Tax audit under Section 44AB
- GST audit and reconciliation
- Internal audit and process review
- Bank audit assistance
Contact Us for Audit Services
Phone: 9814814584, 7986782056
Email: ca.gupta.sanjay@gmail.com
Address: First Floor, Opp. District Court, Above DCB Bank, Hoshiarpur, Punjab – 146001
Available: Monday–Saturday, 8:30 AM – 7:30 PM