Audit & Assurance Services

At Shiromani Associates, we provide comprehensive Audit and Assurance Services designed to enhance the credibility and transparency of your financial reporting. Our services are aimed at ensuring compliance with statutory requirements, identifying operational efficiencies, and fostering stakeholder confidence.

Our Core Audit Services Include:

1. Statutory Audit
   Mandated under the Companies Act, 2013, a statutory audit involves an independent examination of a company's financial statements to ensure they present a true and fair view. This audit is essential for all companies to comply with legal obligations and to provide assurance to shareholders and regulators.

2. Internal Audit
   Conducted to assess the effectiveness of internal controls, risk management processes, and governance structures. Internal audits help organizations improve operational efficiency and ensure compliance with policies and regulations.

3. Management Audit
   A comprehensive evaluation of management practices and organizational effectiveness. This audit focuses on assessing the performance of management in achieving organizational goals and objectives.

4. Bank Audits
   Including concurrent audits, statutory branch audits, and other specialized audits, these services ensure that banking operations comply with regulatory standards and internal policies.

5. GST Audit
   Required for businesses with a turnover exceeding ₹2 crore, GST audits verify compliance with Goods and Services Tax laws, ensuring accurate reporting and payment of taxes.

6. VAT Audit
   Applicable to businesses under the Value Added Tax regime, this audit ensures that VAT returns are accurately filed and that the business complies with state-specific VAT laws.

7. Stock Audit
   Involves the physical verification of inventory to assess its accuracy and value. Stock audits help in identifying discrepancies between recorded and actual stock, ensuring proper inventory management.

8. Information Systems Audit
   Evaluates the effectiveness and security of information systems, ensuring that data management practices comply with legal and regulatory standards.

9. Transfer Pricing Audit
   Conducted under Section 92E of the Income Tax Act, this audit ensures that transactions between related parties are conducted at arm's length, in compliance with transfer pricing regulations.

10. Tax Audit
    As per Section 44AB of the Income Tax Act, businesses with a turnover exceeding ₹1 crore (or ₹50 lakh for professionals) are required to undergo a tax audit. This audit assesses the accuracy of income and expenditure declarations and ensures compliance with tax laws.

Why Choose Shiromani Associates?

• Expertise Across Domains: Our team comprises qualified professionals with extensive experience in various audit disciplines.

• Tailored Solutions: We understand that each business is unique; hence, we offer customized audit services to meet your specific needs.

• Regulatory Compliance: We ensure that your business adheres to all applicable laws and regulations, minimizing the risk of non-compliance.IRIS GST

• Enhanced Stakeholder Confidence: Our audits provide assurance to investors, lenders, and other stakeholders about the reliability of your financial information.

• Value Addition: Beyond compliance, we identify areas for operational improvements and cost efficiencies.