In today’s global business environment decision-making is dependent on the availability of reliable and relevant information on a timely basis. The financial statements made available by the management are one of the key sources of information for decision-making and analysis.
The ownership and management of a company are rarely the same. Also, various stakeholders are separated from the management of enterprises and the information generated by the latter has to undergo the rigour of an independent audit to ensure that there is assurance that the information provided by management is reliable.
Sharp & Tannan have been rendering assurance services for nine decades to corporate clients, adhering to the auditing and quality standards expected from a Firm of our legacy and experience. We have been complying with the fundamental ethical principles in executing our responsibilities as independent professionals viz. integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Independence is the foundation stone on which we have built our assurance practice and that, we believe, is imperative for demonstrating the ethical principles both in letter and spirit.
Our assurance services are rendered using contemporary audit tools and our audit procedures are benchmarked with the quality standards approved by professional bodies in India and abroad. We undergo rigorous quality control checks both at the individual assignment level for each report and on a periodical basis at the Firm level to ensure that our audit standards stay up to date and the updates to such standards can be applied expeditiously.
Our professionalism, technical skills, and quality control along with our experience provide a well-rounded approach to meet the expectations of stakeholders.
Statutory audit
We provide statutory audit services to various companies operating in diverse sectors. The audit report issued under the Companies Act, 2013 is a statutory requirement for any company registered under the said Act.
We also provide audit services to investment trusts and not-for-profit organisations like charitable organisations, provident funds, gratuity funds, and superannuation funds.
We also provide audit services to investment trusts and not-for-profit organisations like charitable organisations, provident funds, gratuity funds, and superannuation funds.
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Tax audit
A tax audit of an assessee assures the Government about the income earned and the true and fair view of the financial statements. There are various situations under the Income-tax Act, 1961 (‘the Act’) requiring an audit of the assessee’s books of account. Also, the Act requires a chartered accountant / CA firm to certify certain information about the assessee’s business. Special audits are initiated by the Government in case there is a probability of income escaping assessment.
We provide tax audit (including transfer pricing) services and certifications to companies and other entities who are mandatorily required to get their accounts audited on achieving a particular turnover threshold. We issue audit reports and certifications required under the Act.
For advisory services on taxation click here.
We provide tax audit (including transfer pricing) services and certifications to companies and other entities who are mandatorily required to get their accounts audited on achieving a particular turnover threshold. We issue audit reports and certifications required under the Act.
For advisory services on taxation click here.
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Goods and Services Tax (GST) audit
The GST law requires the ‘audited turnover as per the financial statements’ to be reconciled with the ‘turnover’ calculated for GST annual return. Also, a similar reconciliation is required for ‘purchases’ and ‘Input Tax Credit’ (ITC) claimed on purchases. Though the law does now not require an audit, we assist our clients in making such reconciliations and vetting the correctness of the tax positions underlying the transactions before the final self-certification of the GSTR 9C by the client.
A special audit of a registered person under the GST Act can be initiated under the GST commissioner’s instructions. We perform such special audits for our clients.
We also assist in assessment and audit proceedings under erstwhile VAT/service tax laws.
A special audit of a registered person under the GST Act can be initiated under the GST commissioner’s instructions. We perform such special audits for our clients.
We also assist in assessment and audit proceedings under erstwhile VAT/service tax laws.
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