Explore the history of the classic Lorem Ipsum passage and generate your own text using any number of characters, words, sentences or paragraphs.
If you’re planning to run a business in India, then whether you like it or not, you should also know about all the boring tasks that come with it. Audit reporting is one of them. What is auditing? It’s the official financial inspection of a business. That business can be anything from company to sole proprietorship to partnerships.
There are different types of audits in India. For foreign directors, knowing about them is important if they want to establish a foothold in the Indian market. In this post, we are going to discuss about these audit types in a ‘non- boring way’, if it’s possible.
There are many audit types in India, and all of them can be categorized into the following:
There are two common types of statutory audits that a company has to conduct each financial (fiscal year). They are as follows:
Tax audit report has to be filed in the prescribed format by September 30 after the end of the previous financial year. If the required person or the business fails to file that report, they have to face a penalty equal to 0.5 percent of turnover.
As per the company laws, you can appoint an auditor for the duration of 6 annual general meetings. If you are a partnership/sole proprietorship, you can’t have the same auditor for more than two terms.
There are several types of internal audits. So many in fact, that picking the most important among them is difficult. Therefore, let us give a brief introduction of some of the most common audit types of internal audit:
Auditing is a process to check the financial and legal health of the business. At hindsight, it’s a boring task. Nevertheless, it’s necessary to ensure that your company stays afloat, both in the eyes of the Indian government, and the people.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.