Auditor in Chennai

Chennai, Tamil Nadu+91 9176044244 / +91 9962260333

We carry out statutory audits of companies, tax audits, LLP audits and audits of trusts and societies for entities in Chennai. Field work is at your premises or on shared records, and reports are filed online. This page covers the law that applies and links to every Chennai area we serve.

In Chennai we audit subsidiaries of foreign companies, start-ups, trusts and family-owned companies.

Our audit work in Chennai

Statutory audit: companies under the Companies Act, 2013
Tax audit: businesses and professions above the turnover thresholds
LLP audit: turnover above ₹40 lakh or contribution above ₹25 lakh
Bank audits: stock and receivables statements and CMA data for working-capital limits
Internal and forensic reviews: by a Certified Fraud Examiner

Which entities need an audit?

Every company must have its financial statements audited by a chartered accountant (sections 139 and 143 of the Companies Act, 2013), whatever its size, and most also need a report under CARO 2020. An LLP needs an audit if its turnover exceeds ₹40 lakh or its contribution exceeds ₹25 lakh in a year. Trusts and societies claiming income-tax exemption need their accounts audited each year.

When is a tax audit needed?

Under the Income-tax Act, a business needs a tax audit if turnover exceeds ₹1 crore, or ₹10 crore where at least 95% of its receipts and payments are made through banking or digital channels; a profession needs one if gross receipts exceed ₹50 lakh. The report is due one month before the return due date.

How do we run an audit?

We agree a timetable with you, test controls and transactions on a sample basis, confirm balances with banks and parties, and discuss findings with management before signing. The first auditor of a new company is appointed by the board within 30 days of incorporation, and later appointments are filed with the ROC in ADT-1.

What Businesses in Different Parts of Chennai Need

Residential neighbourhoods

Small companies and start-ups here usually need their first statutory audit set up correctly, with books, registers and the auditor's appointment filed on time.

Village areas

For rice mills, agro-processing units and Farmer Producer Companies here, audits focus on procurement records, stock and member transactions.

Colleges and universities

For educational trusts here, audits check fee receipts, scholarship and grant accounting, and that income is applied to the trust's objects.

Factories and industrial estates

In manufacturing audits here we spend most of the time on inventory: physical verification, costing of work in progress and the stock statements given to banks, which must match the books.

Markets and bazaars

For traders here, audits focus on stock records, cash sales, and matching the GST returns with the books.

Hospitals and clinics

In hospital and clinic audits here, we look closely at billing systems, pharmacy stock and the split between exempt healthcare and taxable sales.

Courts, collectorates and offices

For trusts, societies and professional firms here, audits focus on receipts, application of income to objects, and the conditions for keeping the tax exemption.

Airport and port areas

For importers and exporters here, we check foreign-exchange realisation, the customs and GST records for imports, and the export incentives booked.

Technology parks

For technology firms here, audits focus on revenue recognition for contracts, foreign-currency receivables and the related-party transactions with group companies.