📊 Professional Auditing Services

Comprehensive audit solutions for financial transparency and compliance

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Expert Auditing & Assurance Services

Claim & Aim Logicare Solution provides professional auditing services to ensure your business maintains accurate financial records, complies with regulatory requirements, and operates with transparency. Our experienced team delivers thorough audits that add value to your organization.

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Account Auditing

Comprehensive examination of your financial statements to ensure accuracy, completeness, and compliance with accounting standards.

What We Cover:

  • Books of Accounts Verification
  • Bank Reconciliation Review
  • Asset & Liability Verification
  • Revenue & Expense Analysis
  • Inventory Management Audit
  • Payroll & Compliance Check
  • Detailed financial statement analysis
  • Internal control evaluation
  • Risk assessment and mitigation
  • Regulatory compliance verification
  • Management recommendations report
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Financial Auditing

Independent examination of financial records to provide assurance on the fairness and accuracy of financial statements.

Audit Coverage:

  • Balance Sheet Audit
  • Profit & Loss Statement Review
  • Cash Flow Analysis
  • Capital Structure Examination
  • Debt & Equity Verification
  • Financial Ratio Analysis
  • GAAP/Ind AS compliance review
  • Going concern assessment
  • Related party transaction review
  • Fraud detection procedures
  • Audit opinion and certification
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Income Tax Audit Report

Statutory tax audit as per Section 44AB of Income Tax Act for businesses exceeding prescribed turnover limits.

Tax Audit Includes:

  • Form 3CA/3CB Preparation
  • Form 3CD Report (Tax Audit)
  • Book Profit Computation
  • Disallowance Verification
  • TDS Compliance Check
  • Transfer Pricing Review
  • Mandatory for turnover > ₹1 Crore
  • Section 44AB compliance
  • Tax saving recommendations
  • ITR filing support
  • Assessment proceedings assistance

Why Regular Audits Matter

Professional auditing is crucial for business growth and sustainability

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Fraud Prevention

Detect and prevent financial irregularities and fraudulent activities

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Compliance

Ensure adherence to tax laws and regulatory requirements

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Investor Confidence

Build trust with stakeholders through transparent financial reporting

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Business Insights

Gain valuable insights for better financial decision-making

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Loan Approval

Audited statements improve chances of bank loan approval

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Legal Protection

Protect against legal disputes and tax notices

Our Audit Process

Systematic approach to deliver quality audit services

1

Planning & Engagement

Understanding your business, objectives, and audit scope. Engagement letter signing and timeline finalization.

2

Document Collection

Gathering financial statements, books of accounts, bank statements, invoices, and supporting documents.

3

Examination & Testing

Detailed verification of transactions, internal controls testing, and compliance checks.

4

Analysis & Review

Financial ratio analysis, risk assessment, and identification of discrepancies or concerns.

5

Report Preparation

Drafting audit report with findings, observations, and recommendations for improvement.

6

Delivery & Consultation

Final report delivery with detailed discussion and guidance on implementing recommendations.

Who Needs Statutory Audit?

Mandatory audit requirements for different business entities

Companies

  • All Private Limited Companies
  • Public Limited Companies
  • One Person Companies (turnover > ₹2 Cr)
  • Section 8 Companies (NGOs)

Partnerships

  • LLPs (turnover > ₹40 Lakh or capital > ₹25 Lakh)
  • Partnership Firms (turnover > ₹1 Cr)
  • Registered Firms as per requirement

Trusts & Societies

  • Charitable Trusts (80G/12A)
  • Registered Societies
  • Educational Institutions
  • Religious Organizations

Tax Audit (Section 44AB)

  • Business turnover > ₹1 Crore
  • Professional income > ₹50 Lakh
  • Presumptive taxation scheme users

Frequently Asked Questions

Common queries about auditing services

What is the difference between Account Audit and Tax Audit?

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Account Audit examines overall financial records for accuracy and compliance with accounting standards. Tax Audit (Section 44AB) is specifically mandated by Income Tax Act for businesses with turnover exceeding prescribed limits, focusing on tax compliance and proper income computation.

How long does an audit take to complete?

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Audit duration depends on business size and complexity. Typically, a small business audit takes 7-15 days, while larger organizations may require 3-6 weeks. Tax audits usually take 10-20 days if all documents are readily available.

What documents are required for audit?

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Basic requirements include: Books of Accounts (ledgers, journals), Bank Statements, Purchase & Sales Invoices, Balance Sheet, Profit & Loss Statement, GST Returns, TDS Certificates, Fixed Asset Register, and Stock Records. We'll provide a detailed checklist based on your business type.

Is Tax Audit mandatory for my business?

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Tax Audit under Section 44AB is mandatory if: (1) Business turnover exceeds ₹1 Crore in a financial year, (2) Professional receipts exceed ₹50 Lakh, or (3) You've opted for presumptive taxation but declare profit less than prescribed rates. All companies also require statutory audit regardless of turnover.

What happens if I don't get my accounts audited?

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Failure to conduct mandatory audit can result in: Penalties up to 0.5% of turnover under Income Tax Act, disallowance of expenses, company strike-off proceedings, difficulty in obtaining loans, and potential legal proceedings. It's crucial to comply with audit requirements on time.

Can you help with audit notice from Income Tax Department?

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Yes! We provide complete support during assessment proceedings including responding to queries, preparing submissions, attending hearings, and ensuring proper documentation. Our team has experience handling various types of IT notices and assessments.

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