Statutory Audit Services

At J M A & Co., we specialize in conducting statutory audits for corporate and non-corporate entities in compliance with the applicable legal framework.

What is a Statutory Audit?

A statutory audit is a legally mandated examination of an entity’s financial statements and records to ensure accuracy, transparency, and adherence to the laws and regulations in force. The scope and objectives of a statutory audit are determined by the specific statutes governing the entity, ensuring that stakeholders, regulators, and other interested parties receive reliable and compliant financial information.

Key Features of Statutory Audits

• Legal Framework: Statutory audits are performed under the provisions of laws applicable to the entity, such as the Companies Act, 2013, for corporate entities, or other applicable statutes for non-corporate entities like trusts, partnerships, or sole proprietorships.
• Compliance with Indian Accounting Standards (Ind-AS): These audits adhere to the Indian Accounting Standards (Ind-AS) and other pronouncements issued by the Institute of Chartered Accountants of India (ICAI), aligning financial statements with globally recognized standards.
• Qualified Professionals: Only a Chartered Accountant (CA) holding a valid Certificate of Practice (COP) is qualified to conduct a statutory audit in India.

Our Approach

• Risk-Based Audit Methodology: We adopt a risk-based approach to identify and address material misstatements in financial statements, ensuring comprehensive coverage and compliance.
• Thorough Documentation: We maintain meticulous audit documentation to provide a clear audit trail and facilitate transparent reporting.
• Stakeholder Assurance: Our audits provide assurance to stakeholders about the reliability and accuracy of financial statements.

Who Requires a Statutory Audit?

Statutory audits are mandatory for:

• Corporate entities as per the Companies Act, 2013.
• Certain non-corporate entities such as partnerships, trusts, or societies, as mandated by respective statutes.
• Entities exceeding turnover or revenue thresholds specified under tax laws.

At J M A & Co., we are committed to delivering high-quality statutory audit services tailored to meet the unique requirements of your organization. Our goal is to ensure compliance, mitigate risks, and enhance stakeholder confidence through precise and transparent auditing practices.

Internal Audit & Internal Controls

At J M A & Co., we provide comprehensive internal audit services designed to support management and the board of directors (or equivalent oversight bodies) in fulfilling their responsibilities effectively.

What is Internal Audit?

Internal audit is an independent, objective assurance and consulting activity that adds value to and improves an organization’s operations. It helps an organization achieve its objectives by systematically and strategically assessing the effectiveness of risk management, control, and governance processes.

Our Internal Audit Services

• Objective Evaluation: We provide an unbiased assessment of internal processes to ensure efficiency, effectiveness, and alignment with strategic goals, while identifying opportunities for improvement.
• Risk Management: We evaluate existing risk management frameworks, identify vulnerabilities, and suggest enhancements to manage risks effectively.
• Internal Controls Assessment: We test the design and operational effectiveness of internal controls, recommending practical solutions to address deficiencies.
• Governance and Compliance: We review governance structures and processes to ensure alignment with best practices and regulatory requirements.
• Customized Reporting: We deliver clear, actionable reports tailored to management and board-level audiences, highlighting critical areas for attention and improvement.

Why Choose Us?

• Systematic and Disciplined Approach: Our methodology integrates global best practices and industry standards, ensuring thorough audits aligned with organizational priorities.
• Value-Added Insights: We focus on uncovering opportunities for enhanced efficiency and governance, beyond identifying weaknesses.
• Proactive Risk Mitigation: By addressing risks proactively, we help minimize disruptions and safeguard your organization’s reputation.

Benefits of Internal Audit

• Strengthened risk management and internal controls.
• Enhanced compliance with laws, regulations, and internal policies.
• Improved operational efficiency and resource utilization.
• Increased stakeholder confidence in governance processes.

At J M A & Co., we are committed to helping your organization achieve its goals by building a strong foundation of internal controls and governance. Let us partner with you to drive operational excellence and long-term success.

Information Systems Audit

An Information Systems Audit involves evaluating the effectiveness of the controls and processes within an organization’s information systems. These systems ensure traceability of every financial transaction, safeguard corporate assets, maintain data integrity, and effectively support the organization’s strategic objectives.

The rise of electronic commerce has increased the importance of reliable information systems. However, a lack of confidence in their reliability has hindered growth. Our services evaluate whether the systems and tools used in electronic commerce provide the following critical elements:

• Data Integrity: Ensuring that data is accurate, complete, and unaltered across all systems.
• Security: Protecting the systems and data from unauthorized access, cyber threats, and breaches.
• Privacy: Safeguarding sensitive and confidential information, both personal and corporate.
• Reliability: Ensuring consistent system performance to support business operations without interruptions.

As businesses become more dependent on real-time data for decision-making, the reliability and accuracy of the internal information systems—both financial and non-financial—are paramount. Our audit services evaluate whether these systems are capable of delivering the accurate, reliable, and timely information necessary for sound operational and financial decision-making.

Why Choose Our Information Systems Audit Services?

• Comprehensive Evaluation: We conduct thorough assessments of your information systems to ensure they meet the highest standards for data integrity, security, privacy, and reliability.
• Support for Decision-Making: Our audits help ensure that your systems are providing the accurate and real-time data required for effective decision-making.
• Mitigation of Risks: We identify any weaknesses in your current systems and provide actionable recommendations to address potential risks, improving both security and system reliability.
• Regulatory Compliance: Our audits ensure that your systems comply with relevant industry standards, regulatory requirements, and best practices, safeguarding your organization’s reputation and operations.

Concurrent Audit

Concurrent Audit is an ongoing and systematic examination of financial transactions to ensure accuracy, compliance, and operational efficiency. Conducted on a continuous basis, it provides timely insights that help organizations maintain robust governance and risk management practices.

Key Objectives of Concurrent Audit

• Accuracy and Authenticity: Verify that all transactions are accurately recorded and genuinely reflect the organization’s business operations.
• Compliance: Ensure strict adherence to internal procedures, organizational guidelines, and applicable regulatory frameworks.

How Concurrent Audit Adds Value

• Understanding and Enhancing Risk and Control Structures: We analyze the organization’s risk management framework to identify gaps and recommend improvements, ensuring a secure and resilient control environment.
• Adherence to Strategic Plans and SOPs: Evaluate compliance with the organization’s strategic plans and standard operating procedures (SOPs), enhancing operational efficiency and strengthening governance.

Benefits of Concurrent Audit

• Mitigate Risks Effectively: Minimize exposure to financial, operational, and compliance risks.
• Strengthen Governance Practices: Foster a culture of strong corporate governance and ethical practices.
• Drive Operational Excellence: Ensure business processes are optimized for efficiency and sustainability.
• Achieve Long-Term Success: Lay a solid foundation for sustainable growth and stakeholder confidence.

Our approach integrates global best practices and tailored solutions to meet the unique needs of each organization, ensuring comprehensive coverage and meaningful outcomes.

Tax Audit

At J M A & Co., we specialize in conducting audits and certifications mandated under the Income Tax Act, 1961, and the Central Goods and Services Tax (CGST) Act, 2017. Our comprehensive tax audit services ensure compliance with statutory requirements while identifying opportunities for better tax management and risk mitigation.

Key Areas of Focus in Tax Audits

• Income Tax Act, 1961:
  • Examination of accounts to verify compliance with the provisions of the Income Tax Act.
  • Ensuring accurate reporting of income, deductions, and other financial information.
  • Preparation and submission of Form 3CA/3CB and Form 3CD as required.
• CGST Act, 2017:
  • Verification of GST compliance, including accurate reporting of outward and inward supplies.
  • Validation of Input Tax Credit (ITC) claims and reconciliation with GST returns.
  • Assessment of compliance with e-invoicing, GST returns filing, and other regulatory obligations.

Benefits of Our Tax Audit Services

• Regulatory Compliance: Ensure adherence to all applicable provisions of the Income Tax Act and CGST Act.
• Error Detection: Identify discrepancies and errors in financial records before submission to authorities.
• Risk Mitigation: Minimize exposure to penalties and litigations through proactive audits.
• Tax Planning Insights: Highlight potential tax-saving opportunities while ensuring full compliance.
• Enhanced Stakeholder Confidence: Strengthen transparency and credibility with regulatory authorities, investors, and other stakeholders.

Why Choose J M A & Co. for Tax Audits?

• Expertise Across Domains: Our team of experienced professionals ensures accurate and timely audits for both direct and indirect taxes.
• Tailored Approach: We adapt our audit procedures to the specific needs of each client, ensuring thorough and efficient compliance checks.
• Technology-Driven Processes: Leveraging advanced tools for data validation, reconciliation, and reporting, we ensure precision and efficiency.
• Comprehensive Reporting: Our detailed audit reports provide actionable insights and recommendations for improved compliance and tax planning.

At J M A & Co., we are committed to delivering high-quality tax audit services that not only meet statutory requirements but also add strategic value to your business.

External & Investigation Audit

At J M A & Co., we offer comprehensive External and Investigation Audit services designed to provide organizations with independent, objective assessments of their financial records and internal processes. Leveraging our professional expertise, in-depth industry knowledge, and commitment to global best practices, we aim to deliver high-quality audit services that enhance organizational performance and ensure compliance with regulatory and ethical standards.

Our Approach to External Audit

• Transparency and Accuracy: Independent verification of financial statements to provide assurance to stakeholders.
• Compliance with Standards: Adherence to applicable accounting standards, regulatory requirements, and best practices.
• Value-Added Insights: Identification of areas for operational improvement to enhance organizational efficiency and performance.

Industries We Serve

• Hotels & Restaurants: Ensuring compliance with industry-specific regulations, evaluating cost controls, and reviewing revenue recognition practices.
• Schools: Reviewing financial management, grants, and donations; assessing adherence to statutory and operational guidelines.
• Clubs and Welfare Funds: Auditing membership fees, fund utilization, and governance practices.
• Power Generation Companies: Evaluating project costs, operational efficiencies, and compliance with environmental regulations.
• Oil & Gas: Conducting audits for production-sharing agreements, cost recovery mechanisms, and regulatory compliance.
• Trading and Manufacturing Companies: Reviewing supply chain management, inventory controls, and revenue recognition practices.

Investigation Audit

• Identifying discrepancies in financial statements.
• Tracing misappropriated funds or assets.
• Assessing the effectiveness of internal controls to prevent future irregularities.

Why Choose J M A & Co. for External & Investigation Audits?

• Professional Expertise: Our team comprises seasoned professionals with deep knowledge of accounting standards and industry-specific requirements.
• Customized Solutions: We tailor our audit procedures to address the unique challenges of each industry and client.
• Global Best Practices: Our audits are conducted in line with internationally recognized practices, ensuring high-quality and reliable outcomes.
• Actionable Recommendations: Beyond identifying issues, we provide practical suggestions to enhance processes and strengthen governance.

At J M A & Co., we are dedicated to empowering our clients with insights and tools to drive better business decisions, enhance accountability, and achieve sustainable growth.