A practice anchor at D Somani & Associates
Statutory & Tax Audit.
At a glance
The five things you need to know.
What it is
Audit under the Companies Act, 2013 and tax audit under the Income Tax Act, 2025.
Who it's for
Companies and entities meeting statutory thresholds.
How we run it
Risk-based audit programme, materiality set at planning, electronic working papers throughout.
You walk away with
Audit report, tax audit report, and a management letter highlighting issues identified.
Typical timeline
4-8 weeks depending on company size and complexity.
What we do.
Statutory and tax audits are run inside the same engagement where possible, with a single planning memo and a coordinated calendar. We use a risk-based audit programme aligned to the auditing standards issued by ICAI, with electronic working papers throughout.
The output is the audit report and the tax audit report, plus a management letter that records issues identified during the audit. The management letter is not a marketing document; it's a candid record of what we found, with the recommendation written so management can act.
How we are different.
- One firm runs both audits. No duplication of fieldwork or sample selection.
- Planning is the audit. Materiality, risk identification and walk-throughs happen before substantive testing starts.
- Honest management letter. If there is a finding, it goes in. If there isn't, the letter doesn't pretend there is.
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