Statutory, Internal & Specialised Audit Services
Independent audits that satisfy the Companies Act, Income Tax Act, GST law and international frameworks (Ind AS, IFRS) — delivered by a Mumbai-based Chartered Accountant firm that turns audit findings into decisions you can actually act on.
An audit is an independent examination of a company's financial statements, records and internal controls to confirm they present a true and fair view. In India, businesses may need a statutory audit (Companies Act, 2013), tax audit under Section 44AB of the Income Tax Act, a GST audit where applicable, or specialised audits like internal, stock, concurrent, transfer pricing or IFRS/Ind AS reviews. The Classic Partners LLP conducts all of these end-to-end — from planning and fieldwork to the signed report and regulator filings.
Audit that strengthens confidence with regulators, banks and stakeholders
An audit isn't just a compliance line-item — it's the document that lenders, investors, tax officers and boards actually rely on. We conduct audits under Indian and international standards, document our conclusions clearly, and give management a usable list of control gaps and tax exposures alongside the signed report.
Whether you need a first statutory audit after crossing a turnover threshold, a tax audit under Section 44AB, a GST reconciliation audit, or a specialised review like Transfer Pricing or Due Diligence, our audit team follows a defined methodology and a fixed, upfront fee.
- Independent partner review on every engagement
- Standards on Auditing (SA) fully applied — no shortcuts
- Digital audit workpapers, secure cloud archive
- Direct sign-off by a practising ICAI Chartered Accountant
- Management letter with prioritised remediation steps
- Coordination with your bookkeeping and CFO teams
Audits mandated by Indian law
Every audit below is conducted, documented and signed by an ICAI-registered auditor from our Mumbai practice.
Audit under the Companies Act
Statutory audit of Private Limited, Public Limited and OPC entities under the Companies Act, 2013 — reported to shareholders and filed with the ROC.
Companies Act auditAudit under the Income Tax Act
Tax audit under Section 44AB with Form 3CA/3CB and 3CD — for businesses and professionals crossing turnover / presumptive thresholds.
Section 44AB tax auditAudit under the LLP Act
Statutory audit of Limited Liability Partnerships crossing the ₹40 lakh turnover / ₹25 lakh contribution thresholds under the LLP Act, 2008.
LLP Act auditAudit under the Trust Act
Audit of public and private trusts, including compliance with Section 12A/80G reporting requirements and Charity Commissioner submissions.
Trust Act auditAudit under the Sales Tax Act
Legacy sales tax and state-level statutory audits, including reconciliation with GST regime data and closure of open assessments.
Sales Tax auditGST Audit & Reconciliation
Annual GST audit, GSTR-9C reconciliation, ITC verification and defence against departmental scrutiny — coordinated with your GST filings.
GST auditAudits that go beyond the statutory minimum
For lenders, boards, listed groups, listed entities' Indian subsidiaries, PSUs and MSMEs that need targeted assurance.
Internal Audit
Risk-based internal audit for growing companies — process reviews, SOP testing and quarterly management reports.
Internal auditStock & Inventory Audit
Physical stock verification, valuation checks and variance reporting for banks, warehouses and manufacturing floors.
Stock audit overview · Inventory auditFixed Asset Audit & Verification
Physical tagging, register reconciliation and impairment review of your fixed asset base under Ind AS / IGAAP.
Fixed asset auditWarehouse Audit
Warehouse process, security and inventory-flow audit for 3PL operators, e-commerce sellers and FMCG distributors.
Warehouse auditConcurrent Audit
Ongoing concurrent audit of bank branches, NBFCs and treasury operations — with monthly reports to management.
Concurrent auditRevenue Audit
Revenue leakage review — pricing, discounts, collections, contract terms and cut-off testing for services and product businesses.
Revenue auditSociety Auditor Services
Statutory audit of co-operative societies, housing societies and credit societies with Registrar-ready reports.
Society auditPeer Review Auditor
Independent peer review of practising CA firms as required by ICAI's Peer Review Board — end-to-end handling.
Peer reviewRisk Control Matrix (RCM)
Design and testing of Risk & Control Matrices for internal financial controls (IFC) reporting under Section 143(3)(i).
Risk control matrixInd AS, IFRS, Transfer Pricing & Due Diligence
Cross-border groups, listed entities and companies preparing for funding or M&A rely on these deeper assurance engagements.
Ind AS Implementation
First-time Ind AS adoption, GAAP-to-Ind-AS reconciliation and impact assessment — with support through the first year of Ind AS financials.
Ind AS implementationIFRS Implementation
IFRS conversion for Indian subsidiaries of foreign parents, group reporting packages and IFRS-standard specific advice.
IFRS implementationTransfer Pricing
TP study, benchmarking, Form 3CEB, master file, CbCR and audit — for related-party transactions with overseas group entities.
Transfer pricingDue Diligence & Investigations
Financial, tax and commercial due diligence for buy-side and sell-side deals, plus forensic investigations into red-flagged transactions.
Due diligence & investigationsVAT Annual Audit
State-specific VAT annual audit for liquor, petroleum and other continuing VAT-regime businesses.
VAT annual auditTransfer Pricing Audit
Standalone TP audit (Form 3CEB) — with defence file preparation for future TPO scrutiny and assessment.
TP auditWho is required to get an audit in India?
Quick reference to the thresholds and forms that decide whether an audit is mandatory for your entity.
| Type of audit | Who it applies to | Threshold / trigger | Governing law |
|---|---|---|---|
| Statutory audit | Every company (Pvt Ltd, Public, OPC) | Mandatory regardless of turnover | Companies Act, 2013 – Sec. 139 |
| Tax audit (Sec. 44AB) | Business / profession | Turnover > ₹1 cr (₹10 cr if ≤5% cash) or professional gross receipts > ₹50 lakh | Income Tax Act, 1961 |
| LLP audit | Limited Liability Partnerships | Turnover > ₹40 lakh or contribution > ₹25 lakh | LLP Act, 2008 |
| GST audit (self-certified 9C) | Registered taxpayers | Aggregate turnover > ₹5 cr in a FY | CGST Act, 2017 |
| Transfer pricing audit | Entities with international / specified domestic related-party transactions | Any qualifying related-party transaction — Form 3CEB | Income Tax Act – Sec. 92E |
| Trust audit | Registered trusts & NGOs | Income > basic exemption limit (₹2.5 lakh) before exemption | Income Tax Act – Sec. 12A(b) |
| Stock audit | Borrowers with working-capital limits | As required by lender (usually limits > ₹1 cr) | RBI / bank policy |
Thresholds as per current provisions in FY 2025-26. Not sure which applies to you? Send us your details and we'll confirm in one call.
Our four-stage audit process
Predictable, documented and mapped to Standards on Auditing (SA) issued by ICAI.
Planning & scoping
Kick-off call, engagement letter with fixed fee, risk assessment and audit plan aligned to your reporting deadlines.
Fieldwork & testing
Substantive testing, sampling, third-party confirmations, physical verifications and controls walk-throughs — mostly remote, on-site where needed.
Review & reporting
Partner review, draft observations discussed with management, and issue of the signed audit report with Form 3CA/3CB/3CD or Companies Act annexures.
Filing & follow-through
Uploads to MCA / Income Tax / GSTN portals, management letter with control gaps, and a debrief on findings — plus year-round advisory access.
Audits that don't waste your team's week
Discipline, defined timelines and a partner you can actually reach.
Partner-led engagements
Every audit is signed and reviewed by a practising ICAI-registered CA — not delegated to unsupervised juniors.
Fixed fee, upfront
Scoping call, then a written quote. No open-ended hourly billing and no surprise line items at the end.
Digital-first workflow
Secure document rooms, Tally / Zoho / QuickBooks integration and cloud-signed workpapers — minimal in-person disruption.
Deadline discipline
Filings tracked against MCA, Income Tax and GST deadlines so you never miss a due date or pay a late fee.
Findings you can act on
Management letter prioritises the top control gaps and tax exposures with an owner and a target close date — not just a signed report.
Audit questions people actually ask us
Straight answers to what founders, CFOs and boards search for before hiring an audit firm.
Ready to plan your next audit?
Tell us your entity type, turnover and reporting deadline. You'll get a fixed quote and a partner-level point of contact within one working day.
