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Audit & Assurance

At N. C. Kumbhat & Co, we are committed to consistently delivering quality audits, enabled by the power of technology and the expertise of our team.

Our Goals

Drive More Customers Through Digital

“They treated me like family. If I could I would give them 100 Stars!”
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Statutory Audit

The firm is conducting the Statutory Audit of various
Private and Public Limited Companies.

Our partners has varied & expertise knowledge of Company Law, Income Tax Act & other Direct Taxes upto Tribunal Level, Banking Regulation Act etc. and conducted Statutory Audits of Companies, Bank Audit (since last 24 Years), Tax Audit, Physical verification of Stock/Stores, Inventory of Manufacturing concerns/Tea Gardens, Private Limited Companies, Internal Audits of Export Houses & Corporate Sectors having turnover over Rs. 600 Crores, assisted by our well equipped & qualified partners, qualified assistants as well as experienced staff to undertake assignment in a professional manner with entities in Public & Private Sector engaged in multifarious business and professions.

Internal Audit

The firm is conducting Internal and Management Audit on regular basis.

The Audit includes :

  • System Evaluation
  • System Development
  • In-depth checking of Internal control measures
  • Checking of transactions at generation points
  • Scrutiny and verification of various data incorporated in the Management Information System
  • Verification of adherence of the various Law applicable to the Entity

The firm is engaged in conducting Internal Audits extensively so as to highlight the weaknesses / strength of the Internal Control system, adherence to compliance and substantive procedures of control, checking and verification of transactions at generation points and various data linked with it, compliance of applicable laws to the entity, implementation of Audit techniques for audit of Computer generated accounts and development of reports through MIS techniques in the interest and benefit of the entity.

Management Audit

This specialised field helps the Management to review the management decision and take corrective measures to arrest any loophole in the system in the interst of the entity. This field takes care of sensitive areas which are outside the purview of the internal audit as decision are taken confidentially at the highest level necessarily having great
financial implications. The firm specialises in imparting this service so as to keep the entities viable and competitive in the respective business.

Inventory & Stores Audit

Inventory audit involves the process of checking a company’s actual inventory levels against their financial records to ensure accurate inventory accounting. Inventory audits are performed to identify any problems with the inventory storage and accounting methods a company is using. It includes:

  • Physical Verification of Stores and
    Inventory
  • Valuation of the Inventory
  • Sorting out fast /
    slow moving spares
  • Store Ledger updating
  • Deriving minimum/maximum order level
  • Compilation of Accounts & Stores records.

Tax Audit

Audit under the Income Tax Act or simply tax audit is one of the core functions which we perform and hence, we are highly specialized in it.

Section 44AB of the Income Tax Act, 1961 mandates every person to get his accounts audited if his turnover or gross receipts exceed the specified limit. In cases of assessees carrying on business, the threshold limit is Rs.1 crore and the threshold limit has been increased to Rs.10 crore if 95% of aggregate payments including expenditure is other than in cash, during the previous year. Similarly, in case of assessees carrying on profession, the threshold limit is Rs.50 lakhs.

Those assesses to whom provisions of section 44AD(4) is applicable and their income exceeds basic exemption limit are also required to get their books of accounts audited. Similarly, those assessees who have opted for section 44 ADA and declares income less than the profit/income prescribed under the section is also required to get their books audited.

The tax auditor is required to file the report in Form 3CA or Form 3CB with audit observations and qualifications of tax audit and also an annexure in Form 3CD detailing various particulars relating to compliance of provisions of Income Tax Act.