Statutory, Internal & Tax Audit Service

Independent verification of your financial statements and processes building confidence among investors and stakeholders, ensuring compliance, and surfacing risks before they turn costly. Delivered by qualified Chartered Accountants in line with applicable professional standards.

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Explore our audit services

What Are Audit & Assurance Services?

In plain terms, an audit is a formal examination of your financial statements to confirm they are accurate and free from material misstatement. Assurance is broader it builds confidence in your processes, data integrity, and compliance, even beyond the formal financial statements.

Think of it this way: an audit answers "Are these numbers correct?" while assurance answers "Can we trust how these numbers were produced?"

Accurate, Verified Reporting

Financial reporting you can stand behind - numbers that hold up under scrutiny.

Reduced
Risk

Lower exposure to fraud and error across your day-to-day
operations.

Enhanced
Credibility

Greater trust and confidence with investors, lenders,
and boards.

Types of Audit & Assurance Services We Offer

Gopal Shah & Co. provides a range of audit and assurance services across various engagement types, including:

Service
01
01

Statutory Audit

Our statutory audit services ensure full compliance with applicable laws and regulatory requirements. We provide independent assurance on financial statements, strengthen stakeholder confidence, identify reporting risks, and support sound corporate governance practices.

Service
02
02

Internal Audit

 

Our internal audit services deliver an independent review of your internal controls, processes, and governance.
We assess operational effectiveness, evaluate
risk management, and provide practical recommendations that strengthen accountability and efficiency.

Service
03
03

Tax Audit

 

Our tax audit services involve a thorough examination of your books of account and records to assess compliance with applicable tax regulations.
We help identify reporting gaps and ensure
accurate, timely fulfilment of your statutory tax obligations.

Service
04
04

Management & Operational Audit

Our management and operational audit services assess the efficiency and performance of your business functions. We review processes, identify operational gaps, and recommend improvements that enhance productivity and decision-making.

Service
05
05

Bank & Financial Institution Audit

Our specialised audits for banks, NBFCs, and financial institutions address sector-specific regulatory and reporting requirements. We help ensure compliance, accuracy, and confidence across your financial operations.

Service
06
06

Information Systems (IS) Audit

 

Our IS audit services evaluate your information technology systems, cybersecurity controls, and data management practices.
We assess IT governance and help safeguard the integrity and security of your data.

Service
07
07

Due Diligence & Special Purpose Audits

Our due diligence and special purpose audits deliver targeted reviews focused on a specific decision or requirement. We provide clear, reliable findings that support transactions, compliance, and strategic choices.

Service
08
08

Risk Assessment & Assurance Reviews

Our risk assessment and assurance reviews proactively identify exposures across your operations. We evaluate key risk areas and provide assurance that supports stronger controls and informed decision-making.

Service
09
09

Forensic Accounting & Fraud Investigations

Our forensic accounting and fraud investigation services detect and analyse financial irregularities. We examine records, uncover discrepancies, and provide findings that can support legal or regulatory proceedings.

Service
10
10

Due Diligence & Transaction Support

Our transaction support services provide financial clarity for deals, fundraising, and mergers and acquisitions. We deliver thorough due diligence that helps you negotiate and decide with confidence.

Service
11
11

Agreed-Upon Procedures (AUP) Engagements

Our agreed-upon procedures engagements apply specific, defined procedures to the areas you nominate. We report factual findings, giving you focused insight without a full audit opinion.

Service
12
12

Review Engagements

 

Our review engagements provide limited assurance on your financial information through analytical and inquiry-based procedures.
They offer a cost-effective level of confidence where a full audit is not required.

Service
13
13

Compilation Engagements

 

Our compilation engagements prepare financial statements from the records and information you provide. We organise and present your
financials clearly, in line with the applicable reporting framework.

Service
14
14

Audit Preparation & Readiness Services

Our audit readiness services prepare your organisation fully before fieldwork begins. We help reconcile records, organise documentation, and strengthen controls for a smooth, efficient audit process.

Our Approach

Four Decades of Audit Experience, Across Every Sector

We work with CEOs, CFOs, CTOs, founders, and established businesses in today's fast-paced landscape from technology, SaaS, healthcare and fintech to AI/ML, blockchain, manufacturing and hospitality. Every engagement is tailored to your operations, reporting requirements, and regulatory obligations.

Our work is governed by the professional and ethical standards of the ICAI - independence, objectivity, and confidentiality guide every engagement and report.

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01

Experience at Every Growth Stage

Serving startups, private companies, and established businesses through their distinct stages of growth.

02

Clearly Defined Scope & Fees

Engagement scope, deliverables, and fee arrangements defined clearly from the outset.

03

Transparent Timelines

Defined timelines and open communication maintained throughout the engagement.

04

Cross-Sector Insight

Experience across technology, SaaS, healthcare, fintech, manufacturing, and hospitality.

05

Business-First Understanding

Focus on the operations, risks, and reporting requirements relevant to each engagement.

A Startup CFO's
Audit Readiness Checklist

Preparing for an audit takes planning, documentation, and
coordination across finance and operations.
Key areas worth reviewing before procedures begin:

Financial Records

Are your books reconciled and up to date?

Cap Table & Equity

Is your ownership structure documented accurately?

Revenue Recognition

Do your policies align with applicable accounting standards?

Internal Controls

Are approval workflows and segregation of duties in place?

Documentation

Are contracts, invoices, and receipts organised and accessible?

Prior Compliance

Are your tax filings and statutory obligations current?

How Our Audit & Assurance Process Works - In 5 Steps

A structured approach designed to understand your business, assess relevant risks, and perform procedures to professional standards.

1

Initial Consultation & Scoping

Understanding your business, risk areas, and reporting requirements to define the engagement scope.

 
2

Planning & Risk Assessment

We identify focus areas and build an engagement plan suited to your size and complexity.

 
3

Fieldwork & Examination

A detailed review of records, controls, and documentation to gather the audit evidence.

 
4

Reporting & Recommendations

We communicate observations, findings, and recommendations in line with the agreed scope.

 
5

Post-Engagement Support

We help address findings, strengthen controls, and prepare you for future compliance.

Frequently Asked Questions

1What are audit and assurance services?
Audit and assurance services involve the independent evaluation of financial information, internal controls, and business processes to enhance confidence in reporting, compliance, and governance.
2What is the difference between an audit and an assurance engagement?
An audit provides an opinion on financial statements, whereas assurance engagements may evaluate other areas such as internal controls, compliance processes, risk management, or operational procedures.
3Why are audit and assurance services important for businesses?
These services help organizations improve the reliability of financial reporting, identify potential risks, strengthen internal controls, and meet regulatory requirements.
4Why do startups require audit and assurance services?
Startups may require audit and assurance services to support fundraising activities, meet investor requirements, strengthen financial reporting processes, and prepare for growth.
5When should a startup prepare for its first audit?
Organizations may benefit from beginning audit readiness activities before a statutory requirement, funding round, acquisition process, or investor review arises.
6What is audit readiness?
Audit readiness refers to the process of maintaining financial records, supporting documentation, internal controls, and compliance records in a manner that facilitates an efficient audit process.
7What documents are commonly required during an audit?
Documents may include financial statements, ledgers, reconciliations, contracts, invoices, bank statements, tax filings, board resolutions, and supporting records for significant transactions.
8How long does an audit typically take?
Audit timelines vary depending on the size of the organization, transaction volume, complexity of operations, and availability of documentation.
9What is a statutory audit?
A statutory audit is an audit required under applicable laws and regulations to evaluate whether financial statements present a true and fair view.
10What is an internal audit?
An internal audit evaluates internal controls, risk management processes, governance practices, and operational effectiveness within an organization.
11What is a tax audit?
A tax audit involves the examination of books of account and records to assess compliance with applicable tax regulations and reporting requirements.
12What is a forensic audit?
A forensic audit examines financial information to investigate suspected fraud, financial irregularities, or disputes and may support legal or regulatory proceedings.
13What is an Information Systems (IS) Audit?
An IS Audit evaluates information technology systems, cybersecurity controls, data management practices, and IT governance frameworks.
14What are the common issues identified during audits?
Common observations may include incomplete documentation, unreconciled balances, revenue recognition concerns, related-party transactions, and internal control deficiencies.
15How can businesses improve audit readiness?
Organizations can improve audit readiness by maintaining reconciled accounts, preserving supporting documentation, documenting internal controls, and addressing compliance requirements on an ongoing basis.
16Why are internal controls important in an audit?
Internal controls help organizations reduce operational risks, improve financial reporting reliability, safeguard assets, and support regulatory compliance.
17What role does revenue recognition play in an audit?
Revenue recognition is often a significant audit area because it directly affects financial reporting and requires compliance with applicable accounting standards and company policies.
18How should related-party transactions be documented?
Organizations should maintain appropriate agreements, approvals, supporting documentation, and disclosures relating to transactions involving related parties.
19Which industries commonly utilize audit and assurance services?
Audit and assurance services are used across industries including technology, SaaS, manufacturing, financial services, healthcare, fintech, real estate, hospitality, retail, education, and nonprofit organizations.
20What factors should organizations consider when selecting a Chartered Accountancy firm for audit and assurance services?
Organizations may consider professional qualifications, industry experience, engagement methodology, communication processes, regulatory knowledge, and adherence to professional and ethical standards.