Auditing & Assurance Services
Audit and assurance services — statutory, tax, internal, forensic, IT, Ind AS and ESG audits by independent, verified Chartered and Cost Accountants.
Auditing & Assurance gives owners, boards, lenders, regulators and investors independent confidence in a business's numbers, controls and disclosures. Statutory and tax audits are required by law; internal, operational, forensic, IT and ESG audits help management find risks, leakages and fraud before they become losses.
Statutory and tax audits must be carried out by a practising Chartered Accountant, and cost audits by a practising Cost Accountant; WCP lists verified professionals with the right qualification for each engagement.
What is covered:
- Statutory audit under the Companies Act, 2013 and tax audit under the Income-tax Act
- Internal, risk-based, operational and management audits
- Forensic audit and special-purpose investigations
- Information system, compliance and IFRS / Ind AS audits
- Sustainability reporting assurance and agreed-upon procedures
An auditor must be independent: the professional who keeps the books cannot audit them.
Chartered AccountantCost & Works Accountant
13 services under Auditing & Assurance
Statutory Audit
Annual statutory audit by verified Chartered Accountants — independent auditor's report, CARO 2020 and internal financial controls under the Companies Act.
Estimated Cost : ₹15,000 – ₹2,00,00020 days typical
Tax Audit
Tax audit under Section 44AB by verified Chartered Accountants — Form 3CA/3CB with 3CD filed on time to avoid the Section 271B penalty of up to ₹1.5 lakh.
Estimated Cost : ₹10,000 – ₹75,00010 days typical
Internal Audit
Internal audit by verified professionals — risk-focused review of processes, controls and compliance with findings and action plans for the board.
Estimated Cost : ₹25,000 – ₹2,00,00015 days typical
Compliance Audit
Compliance audit by verified professionals — corporate, tax, labour and sector-law registers, filings and licences checked, gaps fixed before penalties.
Estimated Cost : ₹15,000 – ₹1,00,00010 days typical
Forensic Audit
Forensic audit by verified professionals — suspected fraud and misappropriation investigated, evidence preserved and findings reported for legal use.
Estimated Cost : ₹1,00,000 – ₹10,00,00030 days typical
Management Audit
Management audit by verified professionals — strategy execution, structure, decision-making and performance reviewed against your business objectives.
Estimated Cost : ₹25,000 – ₹1,50,00015 days typical
Information System Audit
Information system audit by verified professionals — IT general controls, access, data integrity and cybersecurity reviewed with a remediation plan.
Estimated Cost : ₹50,000 – ₹3,00,00014 days typical
Special Purpose Audit
Special-purpose audits and CA certificates — fund utilisation, stock, grant and project audits for lenders, grantors and regulators by verified CAs.
Estimated Cost : ₹15,000 – ₹1,50,00010 days typical
Risk-Based Audit
Risk-based audit by verified professionals — risk assessment, targeted testing of high-risk areas and a prioritised mitigation plan for management.
Estimated Cost : ₹30,000 – ₹2,00,00015 days typical
Operational Audit
Operational audit by verified professionals — processes, resource use, vendors and costs reviewed for efficiency, with practical improvement steps.
Estimated Cost : ₹25,000 – ₹1,50,00014 days typical
Agreed-Upon Procedures (AUP)
Agreed-upon procedures by verified CAs — specific checks agreed with you, lenders or grantors, reported as factual findings without an audit opinion.
Estimated Cost : ₹10,000 – ₹75,0007 days typical
IFRS/IND-AS Audit
Audit of Ind AS and IFRS financial statements by verified CAs — recognition, measurement, fair value and disclosures tested against the standards.
Estimated Cost : ₹1,00,000 – ₹10,00,00020 days typical
Sustainability Reporting Assurance
Sustainability reporting assurance by verified professionals — BRSR Core and ESG data tested, evidence reviewed and an independent assurance report issued.
Estimated Cost : ₹1,00,000 – ₹10,00,00025 days typical
Frequently asked questions
- Is an audit mandatory for every company?
- Yes. Every company registered under the Companies Act, 2013 must have its financial statements audited by a Chartered Accountant every year, regardless of turnover.
- Who needs a tax audit?
- Businesses with turnover above ₹1 crore (₹10 crore where cash transactions are within 5%) and professionals with receipts above ₹50 lakh, among other cases under Section 44AB.
- What is the difference between statutory and internal audit?
- A statutory audit is a legal requirement giving an opinion on the financial statements; an internal audit is commissioned by management to review controls, processes and risks.
- When is a forensic audit needed?
- When fraud, misappropriation or financial irregularities are suspected, or evidence is needed for disputes, lenders or regulators.
- Can my accountant be my auditor?
- No. The auditor must be independent and cannot be the person who maintains the books or provides certain other services to the company.
- What is CARO 2020?
- The Companies (Auditor's Report) Order, 2020, which requires auditors of most companies to report on specified matters such as fixed assets, inventory, loans and statutory dues.