Tax Audit is required u/s 44AB of the income tax act, 1961.This section mandates that every person whose business turnover exceeds INR 1 crore and every person working in a professional with gross receipts exceeding INR 25 lakh must have their accounts audited by an independent chartered accountant. The Tax audit report is to be obtained by September 30 th after the end of previous fiscal year.
Statutory audits are conducted in order to report the state of a company’s finance and accounts to the government. The audit report of statutory audit is made in the form prescribed by the government agency. This audit is to be conducted by a qualified and independent auditor.
Internal Audit is not just an audit of financial working of an organization. It has evolved to become a tool in the hands of management to ensure accurate working of any functions of the organization be it production or sales or finance or human resources.Over the time the role of Internal Auditor has widened from just ensuring the correctness of financial system of any organization to include consultative processes like advising on better utilization of organizations resources, better management of financial as well as non-financial functions etc.
Stock audits are conducted in order to report the state of a company’s Paid stock and debtors to the financer (Banker). The audit report ofstock audit is made in the form prescribed by the bank including reverse calculation of stock and debtor position as on last stock statement submission. Generally this audit is conducted once or twice in a year.