Audit — Statutory, Tax & Internal Audit

A forensic audit is not a routine compliance exercise--it is a specialized investigation triggered by suspicion of fraud, misappropriation, or financial crime. Courts, lenders, and regulators deploy forensic auditors when standard audit procedures fail to uncover the truth. Understand when one is mandated, what evidence holds up in law, and what liability your CA faces.

Section 44AB mandates a statutory tax audit for business and professional income above specified thresholds. Get it wrong--miss the deadline or file the wrong form--and you face a Rs.1.5 lakh penalty. Here's what you need to know.

Bank branch audits are a statutory necessity under RBI guidelines, governed by the long-form audit report (LFAR) framework and IRACP norms for asset classification. Understanding the technical requirements, NPA thresholds, and compliance obligations is critical for auditors and bank management.

Section 143 of the Companies Act 2013 mandates statutory audit for all companies above threshold limits. CARO 2020 (Companies Auditor's Report Order) prescribes 49 specific matters auditors must examine and report on. This post breaks down the core verification requirements every CA must follow.

Banks, NBFCs, and regulators frequently demand net worth certificates from CAs. This post clarifies when they're mandatory, which balance-sheet figures to include under Schedule III, and the professional and legal liability you face as the certifying accountant.