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INTERNAL AUDIT

Internal audit is a process to provide independent assurance that an organisation’s risk management, internal control processes and governance are operating effectively. Since it is regular process is has a signification role in optimizing the management control over the processes and standardizing the same.

We connect you with expert chartered accountants/ team of internal audit, who are specialized in this field, thus helping you to implement effecting internal audit system in your organization.

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By Submitting you agree to Terms & Conditions

VAT/SERVICE TAX/EXCISE/IEC or any other registration applicable and selected by the user.
Courier charges of sending the original certificate at your address.
Any Government Fee or charges payable.
Application of PAN and or TAN, if not available.

Inspection fee if any.
Fresh application fee if registration application rejected

Identity and Address Proof of the Applicant.
Copy of PAN card.
Passport size Photographs, if applicable
Any other documents according to selected registration.

2 day process for gathering the necessary details and documents
1 day process for getting documents ready for submission.
2 day process for submitting application to government after signing and verification of all documents
1 day process for providing certificate after approval from respective department and updating its status.

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FAQ

Internal audit is a process to provide independent assurance that an organisation’s risk management, internal control processes and governance are operating effectively. Since it is regular process is has a signification role in optimizing the management control over the processes and standardizing the same.

Internal Audit is required either due to requirement of law or voluntarily to improve risk management, internal control process and operating effectiveness. The companies registered under Companies Act having certain turnover are mandatorily required to have a internal audit/control system.

You just need to fill the form and pay the basic amount, which will be adjusted against total amount after finalization of quotation. After payment of basic amount our representative will contact you and give a brief description of the service. Thereafter, it will be identified whether the audit is required by law or voluntarily required. The internal auditor will be appointed after consultation with client and other formalities will be completed accordingly. Our representative and expert will provide end to end service in regular process of internal audit.

No, only applicable government registrations are mandatory like if sales exceed specified limit of turnover then registration with Value Added Tax (VAT), Service Tax Registration, Excise or shop and establishment as applicable are mandatory. However as per RBI norms government proof of business is mandatory to open a current bank account, in that case registration with either Value Added Tax, Service Tax, Excise, Import Export Code, Shop and Establishment or other local commercial departments are required. To know about registration with government departments click here.

EASE OF FORMATION: Starting a sole proprietorship is much less complicated than starting a formal corporation, the proprietorship can be named after the owner, or a fictitious name can be used to enhance the business’ marketing.

TAX BENEFITS: The owner of a sole proprietorship is not required to file a separate business tax report. Instead, they will list business information and figures within their individual tax return. This can save additional costs on accounting and tax filing. The business will be taxed at the rates applied to personal income, not corporate tax rates.

EMPLOYMENT: Sole proprietorship can hire employees. This can lead to many of the benefits associated with job creation, such as tax breaks. Also, spouses of the business owner can be employed without having to be formally declared as an employee. Married couples can also start a sole proprietorship, though liability can only assumed by one individual.

DECISION MAKING: Control over all business decisions remains in the hands of the owner. The owner can also fully transfer the sole proprietorship at any time as they deem necessary.

LIABILITY: The business owner will be held directly responsible for any losses, debts, or violations coming from the business. For example if the business must pay any debts, these will be satisfied from the owner’s own personal funds. The owner could be sued for nay unlawful acts committed by the employees. This is drastically different from corporations, wherein the members enjoy limited liability (i.e., they cannot be held liable for losses or violations)

TAXES: While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes, while in companies/Partnership firm directors/partners can take salaries.

Lack of “continuity”: The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes.

Difficulty in raising capital: Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Sole proprietorship do not issue shares or other money-generating investments like corporations do

More Risk: So, while sole proprietorship do not necessarily create more liabilities, they do expose the business owner to a risk of being sued. Lawsuits can be filed against the business owner for legal violations, as well as to collect any outstanding debts.

Yes, but only as secured and unsecured loans, proprietor cannot invite equity capital of the investors. Further bank loans can also be brought, however the bank a credit rating give more preferences to Companies and Limited liability partnership.

FAQ

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