Audit & Assurance Services in Chennai
V Viswanathan Associates, Chartered Accountants Chennai (FRN: 013713S), provides professional statutory audit, tax audit under Section 44AB, internal audit, bank audit, and stock audit services conducted in accordance with ICAI Standards on Auditing for companies and organizations in Chennai
Auditors in Chennai: statutory, tax and GST audit, area by area
What are audit and assurance services? Audit and assurance services provide independent examination and verification of financial records, internal controls, and compliance with applicable laws and regulations. These services ensure accuracy, transparency, and regulatory compliance for businesses (Companies Act 2013, Income-tax Act, 1961 / Income-tax Act, 2025).
Chennai Audit & Assurance Market Overview 2026-27
of companies need a statutory audit, whatever their size (Sections 139 and 143, Companies Act 2013)
Turnover threshold for tax audit u/s 44AB (₹10 crore where cash is within 5%)
Statutory due date for the tax audit report (AY 2026-27: extended to 21 Oct 2026 by CBDT)
Source: Ministry of Corporate Affairs (MCA), ICAI, Income Tax Department
Comprehensive Audit Services We Provide
Statutory Audit for Companies
Mandatory audit of financial statements for companies as per Companies Act 2013, ensuring compliance with accounting standards and regulatory requirements.
Tax Audit under Section 44AB
Mandatory tax audit for businesses with turnover exceeding ₹1 crore (goods) or ₹50 lakh (professional services) under Income-tax Act, 1961 / Income-tax Act, 2025.
Internal Audit & Controls
Systematic evaluation of internal controls, risk management, and operational efficiency to strengthen governance and prevent fraud.
Bank Audit Services
Specialized audit services for banks and financial institutions ensuring RBI compliance and risk management standards.
Who Needs Audit Services in Chennai?
| Entity Type | Statutory Audit | Tax Audit | Legal Requirement |
|---|---|---|---|
| Private Limited Company | Mandatory | If turnover > ₹1 crore | Companies Act 2013 |
| LLP | If contribution > ₹25 lakh | If turnover > ₹1 crore | LLP Act 2008, IT Act |
| Partnership Firm | Not mandatory | If turnover > ₹1 crore | Section 44AB |
| Professionals | Not applicable | If receipts > ₹50 lakh | Section 44AB |
| Banks & NBFCs | Mandatory | Mandatory | RBI Act, Companies Act |
*Requirements as per Companies Act 2013, Income-tax Act, 1961 / Income-tax Act, 2025, and RBI guidelines. Consult CA for specific applicability.
How is a Statutory Audit Conducted? - Step by Step Process
Audit Planning & Risk Assessment
Understanding client business, identifying risk areas, and developing audit strategy
- • Business understanding and risk assessment
- • Materiality determination
- • Audit plan preparation
- • Team allocation and timeline setting
Internal Control Evaluation
Assessment of internal controls and design of audit procedures
- • Internal control documentation
- • Control testing procedures
- • Weakness identification
- • Substantive procedure design
Substantive Testing & Verification
Detailed testing of transactions and balances with supporting evidence
- • Account balance verification
- • Transaction testing
- • Third-party confirmations
- • Physical verification of assets
Report Preparation & Issuance
Finalization of audit findings and issuance of audit report
- • Audit findings documentation
- • Management letter preparation
- • Audit report drafting and review
- • Final report submission and filing
Stock & Inventory Audit Services
What does a stock audit cover?
Stock and inventory audit ensures accurate valuation, proper recording, and physical verification of inventory as per accounting standards and company policies.
Physical Verification
Complete physical count and verification of inventory quantities
Valuation Assessment
Verification of inventory valuation methods and cost calculations
Documentation Review
Review of inventory records, movement, and control procedures
Variance Analysis
Identification and analysis of inventory discrepancies
Industries We Serve
Key Benefits
- • Accurate financial reporting
- • Loss prevention and control
- • Insurance claim support
- • Compliance with accounting standards
Audit & Assurance Services Chennai - Frequently Asked Questions
Who needs a statutory audit in India?
All private limited companies, public companies, and certain LLPs (with contribution > ₹25 lakh or turnover > ₹40 lakh, Rule 24 of the LLP Rules, 2009) require statutory audit under the Companies Act, 2013 and the LLP Act, 2008 respectively. Additionally, branches of foreign companies and government companies are mandatorily audited.
When is Section 44AB audit compulsory?
Tax audit under Section 44AB of the Income-tax Act, 1961 (Section 63 of the Income-tax Act, 2025) is mandatory when business turnover exceeds ₹1 crore (₹10 crore where cash receipts and payments are each within 5%), or ₹50 lakh for professional services, in the previous year. The audit report is due one month before the return due date — ordinarily September 30 of the assessment year (extended to October 21, 2026 for AY 2026-27).
What are the steps in an internal audit process?
Internal audit process includes: 1) Risk assessment and scope definition, 2) Planning and resource allocation, 3) Fieldwork and testing, 4) Findings documentation, 5) Report preparation and presentation, 6) Follow-up on management actions. The process ensures operational efficiency and control effectiveness.
How much does statutory audit cost for SME in Chennai?
Statutory audit fees vary based on company size, complexity, and turnover. Factors affecting cost include number of transactions, locations, and compliance requirements. Contact us for customized quotation.
What documents are required for tax audit?
Tax audit documents include: Books of accounts, vouchers and supporting documents, bank statements, purchase and sales registers, stock records, contracts and agreements, income tax returns, TDS certificates, and any other relevant financial records for the audit period.
Can same CA do both statutory and tax audit?
Yes, the same Chartered Accountant can conduct both statutory audit and tax audit for the same entity, provided there are no specific restrictions or conflicts of interest. Many CAs in Chennai offer combined audit services for cost efficiency and consistency.
What is the difference between statutory and internal audit?
Statutory audit is legally mandated external audit of financial statements for regulatory compliance, while internal audit is voluntary evaluation of internal controls and processes for management purposes. Statutory audit is governed by Companies Act, internal audit by management needs.
How long does bank audit take to complete?
Bank audit duration depends on bank size and scope. Typically, branch audits take 5-10 working days, while head office or comprehensive audits may take 15-30 days. RBI-mandated concurrent audits are ongoing throughout the year with periodic reporting.
Is stock audit mandatory for all companies?
Stock audit is not legally mandatory but highly recommended for companies with significant inventory. It's essential for insurance claims, bank financing, merger & acquisition, and accurate financial reporting. Many companies conduct periodic stock audits for better inventory management.
What qualifications should an auditor have?
Auditors must be qualified Chartered Accountants registered with ICAI and hold Certificate of Practice. For specific audits like bank audit, additional approvals from RBI may be required. Auditors should have relevant experience and maintain independence as per ICAI guidelines.
Chennai Audit Market - Industry Insights
Key Industry Sectors
- • Automobile and auto components
- • Information technology and software
- • Pharmaceuticals and healthcare
- • Textiles and leather exports
- • Engineering and manufacturing
- • Financial services and banking
Regulatory Focus Areas
- • Corporate governance compliance
- • Environmental and social audits
- • Export-import compliance audits
- • Labor law compliance verification
- • Quality management system audits
- • Data protection and cybersecurity audits
Why Choose V Viswanathan Associates for Audit Services?
India's experienced audit firm with comprehensive expertise across industries and regulations
14+ Years Audit Experience
Extensive experience in statutory, tax, and internal audits across diverse industries in Chennai
ICAI Registered Auditors
Qualified Chartered Accountants with valid Certificate of Practice and professional indemnity
100% Regulatory Compliance
Ensuring complete adherence to Companies Act 2013, Income Tax Act, and ICAI standards
Timely Report Delivery
Commitment to meeting statutory deadlines with quality audit reports and recommendations
Multi-Industry Expertise
Specialized knowledge across manufacturing, IT, healthcare, financial services, and trading sectors
Value-Added Services
Management letters, process improvement recommendations, and ongoing advisory support
Need Professional Audit Services in Chennai?
Get comprehensive audit and assurance services from experienced Chartered Accountants ensuring regulatory compliance and business excellence
Professional Disclaimer
Information provided is for general guidance purposes only and does not constitute professional advice. Audit requirements and compliance standards may vary based on specific business circumstances, industry regulations, and statutory changes. Please consult with qualified Chartered Accountant for case-specific audit advice. All audit services are provided in accordance with Standards on Auditing (SA), Companies Act 2013, Income-tax Act, 1961 / Income-tax Act, 2025, and ICAI Code of Ethics. This information should not be relied upon for making business decisions without proper professional consultation.