We are committed to delivering independent, efficient, effective and comprehensive audit and quality assurance service
An audit service is more than a formality; it is a necessity to protect your business and encourage it to thrive. Early warnings, open communication and pragmatic resolution of issues are the essential features of the approach adopted by reacts.
By taking the time to gain a thorough understand of their client’s businesses and by providing a risk-focused service integrating rigorous risk assessment with diagnostic processes and audit testing procedures tailored to the specific audit, our firms maintain excellent relationships with their clients. This quality-led approach means members provide an intelligent, constructive and challenging audit to every one of their clients.
Through robust audit tools, resources and procedures, reacts delivers high quality audit services, adhering to the highest standards of independence, ethics, and professional objectivity while applying technical excellence. As part of our strategy, continuous audit quality improvement, service performance and delivery to clients is continuously assessed.
- Statutory Audits : We believe the statutory audit should be viewed as an opportunity, not an overhead. It is a legally required review of the accuracy of a company’s or governments financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, book keeping records and financial transactions of both Public and Private Companies, Banks, Financial Institutions, PSU’s, firms and Sole-Proprietors.
- Internal Audit : Focus is to ensure strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas.
- Service Tax Audit : We provide our esteemed services for Service Tax Audit in India by fulfilling the demands of different sectors and we are capable of undertake our clients with Service Tax Audit under section 44AB. Such audits assure that the evaluated Tax Service according to the law complies with the provisions of the Finance Act, 1994 Chapter V and the rules made thereunder with. It is an indirect tax run by the Central Excise Department.
- Tax Audit :To prepare report in Form 3CA/3CB including annexure in Form 3CD as per div 44AB of the Income-Tax Act. We’ll help with your IRS tax audit by:
- Reviewing the tax authority notice or inquiry and explain what it means
- Researching issues involved
- Assisting you in assembling documents and records for the tax audit
- Reviewing the tax audit findings and explaining them to you
- Explaining the appeal process and other options available to you in the event you disagree with the tax authority’s findings
Audit under GST means the examination of records, returns and other documents maintained by the taxpayer to check the accuracy of turnover declared, taxes paid and to assess the compliance with the provisions of GST.
- No audit is required for businesses with turnover less than INR 2 crore.
- Audit by a CA: Every taxpayer with revenue exceeding the prescribed limit of INR 2 crore during a financial year shall get his accounts audited by a Chartered Accountant or a Cost Accountant.
- Audit by tax authorities: As per Section 65 of the CGST / SGST Act, the Commissioner or any officer of CGST or SGST or UT GST authorized by him by a general or specific order, may conduct audit of any registered / enlisted individual.
- Special audits: If at any stage of investigations or any other proceedings, department is of the opinion that the value has not been correctly declared or credit availed is not within the normal limits, department may order special audit by Chartered Accountant or Cost Accountant, nominated by department.