Audit and Assurance
Audit and assurance are the foundation of every professional accounting firm. In today’s highly regulated and dynamic business environment, compliance requirements have become increasingly complex. Organizations need experienced professionals who stay updated with regulatory changes and apply effective methodologies to ensure accuracy, transparency, and compliance.
At Shubhanga, we provide comprehensive audit and assurance services designed to strengthen financial reporting, improve internal controls, and support informed decision-making.
Our Key Audit & Assurance Services
Statutory Audits
Tax Audits
Internal Audits
Limited Reviews
Due Diligence Services
Management, Operational & Concurrent Audits
Certifications required under various laws and regulations
Statutory & Tax Audits
Statutory and Tax Audits are essential compliance requirements under various regulatory frameworks applicable to businesses.
Statutory Audit is mandated under the Companies Act for all companies.
Tax Audit is required for businesses exceeding prescribed turnover thresholds under the Income Tax Act.
At Shubhanga, we design and execute audit procedures based on a thorough understanding of each client’s business model, operations, and risk environment. Our methodologies comply with the Standards of Quality Control issued by the Institute of Chartered Accountants of India (ICAI).
Our Audit Approach Includes
Well-structured audit programs with sampling techniques tailored to client needs
Application of materiality concepts and evaluation of internal controls
Detailed verification and cross-checking of financial records
Compliance with applicable laws, Indian Accounting Standards (I-GAAP / IND-AS), and auditing standards
Tax audit procedures aligned with Income Tax Act provisions
Use of advanced audit tools, analytics, and software solutions
Internal Audit & Performance Review
In a rapidly evolving business landscape, organizations face multiple risks — regulatory compliance challenges, operational inefficiencies, technological disruptions, governance concerns, and competitive pressures.
Shubhanga supports organizations in managing these risks through comprehensive internal audit and risk advisory services that enhance operational efficiency and strengthen governance frameworks.
Our Internal Audit Services Help Clients
Improve internal control systems
Strengthen corporate governance practices
Identify operational inefficiencies and cost leakages
Enhance compliance with policies and regulations
Mitigate financial and business risks
Our services are customized to align with each client’s business objectives, ensuring practical recommendations and measurable value addition.
Additional Assurance Services
Beyond core audits, we also provide specialized assurance services including:
Concurrent Audits
Due Diligence Reviews
Management Audits
Operational Audits
Compliance Certifications
These services help organizations gain deeper insights into business performance, risks, and compliance status while supporting strategic decision-making.
A statutory audit is a legally required examination of a company’s financial statements to ensure compliance with applicable laws and accounting standards. An internal audit, on the other hand, is conducted to evaluate internal controls, operational efficiency, risk management, and governance processes within an organization.
Statutory audits are mandatory for companies registered under the Companies Act. Certain entities such as LLPs, trusts, and organizations may also require audits depending on their legal structure and regulatory requirements.
A tax audit is conducted under the Income Tax Act for businesses or professionals whose turnover or gross receipts exceed the prescribed limits. It ensures proper maintenance of books of accounts and compliance with tax laws.
Internal audit helps organizations identify risks, strengthen internal controls, prevent fraud, improve operational efficiency, and ensure compliance with regulations. It also supports management in better decision-making.
The required documents typically include financial statements, accounting records, invoices, bank statements, statutory registers, tax filings, and supporting documents related to business transactions. The exact requirements may vary depending on the nature of the audit.
The frequency of internal audits depends on the size, nature, and risk profile of the organization. Many companies conduct internal audits quarterly, half-yearly, or annually based on their operational needs and compliance requirements.