Comprehensive audit and assurance services covering statutory audit, tax audit, internal audit, risk assurance, information systems audit, forensic audit, financial due diligence, and agreed-upon procedures for businesses across all sectors and sizes.
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An audit is far more than a regulatory requirement. In today's business environment, where investor scrutiny, regulatory oversight, and stakeholder accountability have intensified significantly, the quality of your audit and assurance engagement directly determines the credibility of your financial statements and the confidence that lenders, investors, regulators, and partners place in your organisation.
Under the Companies Act, 2013, every company is required to appoint a statutory auditor and get its financial statements audited annually. The Income Tax Act, 1961 mandates tax audit under Section 44AB for businesses and professionals exceeding prescribed turnover thresholds. Beyond these statutory obligations, internal audits, risk assurance engagements, and forensic investigations have become essential tools for boards and management teams that want genuine visibility into how their organisation is functioning, where controls are failing, and where risks are building up before they become crises.
At KDP (Kamdar Desai and Patel LLP), our audit and assurance team brings 70 years of professional practice to every engagement. We have audited corporates, MSMEs, manufacturing businesses, trading companies, service sector firms, banks, NBFCs, educational institutions, charitable trusts, and foreign company subsidiaries. Our audit approach is built on technical rigour, independence, and a commitment to adding genuine value, not just completing a compliance checklist.
Our auditors understand the downstream implications of every audit finding. We do not just identify what is wrong. We help management understand why it is wrong, what the regulatory and tax consequences are, and what practical steps will fix it. That combination of assurance competence and advisory depth is what makes KDP a preferred audit partner for organisations that take governance seriously.
Get StartedFull financial statement audits for companies of all sizes under the Companies Act, 2013 with CARO compliance.
Mandatory tax audits for businesses exceeding turnover thresholds with Form 3CD certification.
Risk-based internal audits assessing controls, governance, and operational effectiveness.
IT governance, data security, and system controls evaluation for technology-dependent businesses.
Fraud investigation and financial irregularity detection with legally admissible evidence gathering.
Comprehensive financial analysis for M&A, investments, and strategic partnerships.
KDP provides comprehensive audit and assurance services covering all major categories of financial and operational audits required by businesses in India.
Every company incorporated under the Companies Act, 2013 is required to have its annual financial statements audited by a practising Chartered Accountant. The statutory auditor examines the books of accounts, verifies assets and liabilities, tests internal controls, and reports on whether the financial statements present a true and fair view. KDP conducts statutory audits for private limited companies, public limited companies, LLPs, section 8 companies, and foreign company subsidiaries.
The Income Tax Act requires businesses with turnover exceeding Rs 1 crore (Rs 10 crore if cash transactions are below 5% of total) and professionals with gross receipts exceeding Rs 50 lakh to get their accounts audited. The tax auditor certifies specific financial particulars in Form 3CA/3CB and Form 3CD. Errors in tax audit reporting attract penalties under Section 271B. KDP manages tax audits accurately and within statutory deadlines.
An internal audit provides management and the board with an independent, objective assessment of whether the organisation's risk management, internal controls, and governance processes are functioning effectively. Unlike a statutory audit focused on financial statements, an internal audit drills into operational processes, system controls, and compliance adherence. For listed companies and larger unlisted companies, the Companies Act mandates internal audit. KDP's internal audits are risk-based and benchmarked against industry best practices.
As businesses become increasingly dependent on technology, the reliability, security, and integrity of IT systems has become an audit priority. An Information Systems (IS) Audit evaluates whether a company's IT infrastructure, data management systems, software applications, and access controls are adequate and secure. KDP's IS audit services are based on established frameworks and cover IT governance, data security, system access controls, and business continuity.
A forensic audit is deployed when fraud, misappropriation of funds, financial manipulation, or other financial irregularities are suspected. The forensic auditor gathers and analyses evidence, reconstructs financial transactions, identifies perpetrators, quantifies losses, and prepares reports suitable for legal proceedings. KDP's forensic audit team handles investigations for corporates, banks, regulatory bodies, and boards that need thorough, confidential, and legally robust investigations.
Financial due diligence is conducted for mergers, acquisitions, strategic investments, and funding rounds. The team analyses the target company's financial statements, revenue recognition practices, liability exposures, and working capital trends. KDP also conducts stock audits, fixed asset audits, compliance audits, and agreed-upon procedure engagements as required by regulators and stakeholders.
Each audit service is structured, methodical, and delivered with technical rigour and advisory insight that goes beyond compliance.
KDP conducts statutory audits in accordance with the Standards on Auditing (SAs) issued by ICAI. Our audit approach is risk-based, focusing on areas of highest material misstatement risk rather than applying uniform procedures. We use technology-assisted audit tools for data analytics and transaction testing.
The tax audit report in Form 3CD contains 44 specific clauses covering depreciation to payments to related parties to unrealised foreign exchange gains. A wrong disclosure can trigger notices and penalties. KDP manages the complete tax audit cycle with the same rigour as statutory audit.
KDP's internal audit engagements begin with a risk assessment to identify which business processes carry the highest exposure. We design an audit plan addressing those risk areas, conduct process reviews, test controls, and benchmark practices against applicable standards.
KDP's IS audit team evaluates the adequacy and security of IT systems supporting financial reporting and business operations. Given increasing cyber threats and reliance on cloud and ERP platforms, IS audit has become essential to comprehensive assurance.
When financial irregularities are suspected, the forensic audit engagement must be handled with precision, confidentiality, and legal awareness. KDP's forensic team conducts structured investigations identifying the source, nature, and extent of fraud.
KDP provides financial due diligence for acquisitions, mergers, equity investments, and partnerships. We also conduct stock audits, fixed asset audits, certifications for banks, SEBI, and RBI, and agreed-upon procedure engagements.
Our structured, seven-step audit engagement process ensures comprehensive coverage, clear communication, and actionable outcomes for your organisation.
We begin with a thorough understanding of your business, industry, regulatory environment, and specific risks applicable to your financial reporting. This informs the audit strategy and determines where we focus our resources.
We assess the design and operational effectiveness of your internal controls. Effective controls reduce material misstatement risk and form the basis of recommendations we provide at the engagement end.
We perform substantive procedures on material account balances and transaction classes, including analytical procedures, transaction sampling, confirmations, physical verifications, and third-party evidence gathering.
Throughout the audit, we maintain open communication with your finance team. Audit queries are raised and resolved systematically, with documentation of management responses and supporting evidence.
On completion of fieldwork, we discuss significant findings and control weaknesses with management before finalising the audit report. A detailed management letter provides practical recommendations on control improvements.
We issue the audit report in the prescribed format, sign Form 3CA/3CB and Form 3CD for tax audit, and provide all documentation required for ROC filing and tax return purposes, including CARO compliance.
The end of the audit is not the end of our engagement. We remain available throughout the year to advise on accounting treatment, respond to regulatory notices, assist with IFC remediation, and provide guidance on audit-identified issues.
Audit and assurance services are required across multiple categories of businesses and organisations in India, as mandated by law or recommended by governance best practices.
Every registered company, regardless of size or turnover, must appoint a statutory auditor and get annual financial statements audited.
Businesses and professionals exceeding prescribed turnover and gross receipt thresholds must undergo mandatory tax audit under Section 44AB.
Subject to statutory audit requirements under Banking Regulation Act and RBI guidelines, including concurrent audit and stock audit mandates.
Subject to more rigorous audit requirements including mandatory internal financial control reporting under Section 143(3)(i) of Companies Act.
Required to maintain audited accounts under FCRA if receiving foreign funds, and for income tax exemption under Sections 11 and 12 of Income Tax Act.
Required to file audited financials with ROC and comply with additional FEMA and RBI reporting obligations.
While not always statutorily mandated early on, audited financials are typically required for fundraising, venture capital investments, and government scheme applications.
Many companies voluntarily commission internal audits, compliance audits, and risk assurance engagements for governance and operational improvement.
KDP brings seven decades of institutional audit expertise, technical depth, and a client-centric approach that sets us apart from generic audit providers.
KDP has been conducting audits since 1955. Our team has audited businesses across manufacturing, trading, services, healthcare, education, banking, financial services, and non-profit sectors. That breadth of experience means our auditors recognise industry-specific risks and can apply informed professional judgement rather than following a generic checklist.
Our audit approach is grounded in the Standards on Auditing (SAs) issued by ICAI and aligned with international audit practices. We apply a risk-based methodology that concentrates audit effort on areas of genuine materiality and risk, rather than spreading resources uniformly. The result is a more efficient audit that produces more meaningful findings.
KDP provides statutory audit, tax audit, internal audit, IS audit, forensic audit, due diligence, and agreed-upon procedures from the same team. Clients with complex assurance requirements do not need to manage multiple firms. Our audit findings across different engagement types inform each other, giving management a more integrated view of risk and control environment.
KDP has extensive experience auditing Indian subsidiaries of foreign companies requiring financial statements acceptable to parent company auditors, group reporting packages under IFRS or US GAAP, and component audit services for multinational group audits. We coordinate effectively with holding company auditors and international accounting firms.
Whether you need a new statutory auditor, a tax audit, an internal audit, or a forensic investigation, KDP provides expert guidance and rigorous execution. Reach out to discuss your audit and assurance needs.
Clear answers to the most common queries about audit and assurance services in India.
Audit and assurance services provide independent verification that a company's financial statements are accurate, complete, and prepared in accordance with applicable accounting standards and legal requirements. Beyond compliance, they give stakeholders confidence that the financial information they rely on is reliable. They also identify internal control weaknesses and operational risks that management may not be aware of.
Every company registered under the Companies Act, 2013 is required to have its annual financial statements audited by a practising Chartered Accountant, regardless of turnover or size. This includes private limited companies, public limited companies, one person companies, LLPs, and section 8 companies. Foreign company subsidiaries and liaison offices in India are also subject to statutory audit requirements.
A tax audit under Section 44AB is a mandatory audit for businesses with annual turnover exceeding Rs 1 crore (Rs 10 crore where cash transactions are below 5% of total) and professionals with gross receipts exceeding Rs 50 lakh. The tax auditor certifies financial and tax-related particulars in Form 3CA/3CB and Form 3CD, submitted with the income tax return. The due date is typically 30 September, though this may be extended by CBDT notification.
A statutory audit is a legal requirement conducted by an independent external Chartered Accountant whose report is addressed to shareholders and regulators. Its primary purpose is to provide an opinion on whether the financial statements present a true and fair view. An internal audit is an operational review conducted by an internal team or outsourced firm to evaluate the effectiveness of internal controls, risk management, and governance. Internal audit findings are reported to management and the audit committee.
The Companies Act, 2013 under Section 138 makes internal audit mandatory for listed companies, unlisted public companies meeting prescribed paid-up capital or turnover thresholds, and private companies with turnover exceeding Rs 200 crore or outstanding loans exceeding Rs 100 crore. However, many companies below the mandatory threshold voluntarily commission internal audits because of the operational and governance value they provide.
A forensic audit is a specialised investigation conducted when fraud, financial irregularity, fund misappropriation, or financial statement manipulation is suspected or alleged. It goes beyond regular audit procedures to gather, preserve, and analyse financial evidence in a manner suitable for legal proceedings. Forensic audits are typically commissioned by company boards, banks, investors, or regulatory authorities.
Yes. KDP audits NGOs, charitable trusts, religious trusts, and societies, including those registered under Sections 11 and 12 of the Income Tax Act and entities registered under FCRA for receiving foreign contributions. Audited accounts are a prerequisite for income tax exemption claims, FCRA annual returns, and grant applications from government bodies and international donors.
Yes. KDP has significant experience auditing wholly owned subsidiaries (WOS), joint ventures, liaison offices, branch offices, and project offices of foreign companies in India. We are familiar with group reporting requirements, IFRS to IND-AS reconciliations, component audit procedures, and the specific FEMA, RBI, and Companies Act compliance reporting applicable to entities with foreign investment. We coordinate directly with parent company auditors in multiple jurisdictions.
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