Risk & Audit

Summary

Statutory and internal audit obligations under the Companies Act, 2013 and the Income Tax Act, 1961 require independent examination of financial statements, internal controls, and compliance positions. Beyond regulatory requirements, a rigorous audit function provides management with reliable financial information and identifies control deficiencies before they result in material losses or regulatory action. Maniyar Advisory conducts audit engagements with technical independence and in accordance with applicable Standards on Auditing issued by the ICAI.

What you get

• Statutory audit — Independent audit of financial statements under the Companies Act, 2013, with reporting under the Companies (Auditor's Report) Order (CARO) where applicable

• Tax audit — Audit under Section 44AB of the Income Tax Act, 1961, with preparation of Form 3CA/3CB and Form 3CD

• Internal audit — Systematic examination of internal controls, financial processes, and operational risks across business functions

• Process audit — Review of specific business processes — procurement, sales, inventory, payroll — for control adequacy and process efficiency

• Compliance audit — Verification of adherence to applicable statutory requirements under direct tax, indirect tax, company law, and labour legislation

• Audit committee support — Preparation of internal audit reports and presentation of findings to audit committees and boards of directors

Why it matters

The regulatory environment governing statutory audit has become significantly more demanding. NFRA oversight, increased scrutiny under CARO 2020, and the MCA's data analytics capabilities have raised the standard expected of both auditors and auditees. Companies with robust internal controls and clean audit trails are better positioned in regulatory examinations, due diligence exercises, and fundraising processes.

How it works

• Audit planning — Assessment of the business, identification of material risk areas, and preparation of the audit program in accordance with SA 300

• Fieldwork — Examination of books of account, verification of assets and liabilities, confirmation procedures, and testing of internal controls

• Audit observations — Discussion of findings with management prior to finalisation of the audit report

• Reporting — Issue of audit report, management letter, and internal control recommendations

• Subsequent review — Assessment of management's response to audit observations in the following period

Optional add-ons

Forensic accounting and fraud investigation support

• Revenue assurance reviews for businesses with high transaction volumes

• Concurrent audit for NBFCs and regulated financial entities

• Financial due diligence for acquisitions and business combinations