Vanesh Nadar & Co., Chartered Accountants — a member firm of SNK & Alliance Schedule a consultation

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The firm, the people responsible for your file, and where our services apply.

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Not sure which service you need? Describe the situation and we will point you to the right engagement — or tell you if you do not need one.

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Audit & assurance

Audit and assurance

Independent examination carried out to professional standards — and reported in language management can act on.

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Whether an audit is required at all depends on your entity type, turnover, and the law in force for the relevant year. We will tell you what applies to your specific circumstances before an engagement is agreed, rather than assuming.

Where an audit is required, our approach is risk-based: understand the business and its controls, identify where material misstatement is most likely, and test accordingly. Where an engagement is voluntary — an internal audit, a control review, a due diligence — the scope is built around the question you actually need answered.

Independence matters. Assurance work is kept separate from the areas where we act for management, and we will decline an engagement where a conflict cannot be managed.

What you receive

  • An engagement letter defining scope and independence
  • A planned audit calendar with information requests
  • The applicable audit or review report
  • A management letter with control observations
  • A discussion of findings with those charged with governance

Scope of work

What this engagement covers

Statutory audit

  • Planning, risk assessment and materiality setting
  • Testing of controls and substantive procedures
  • Verification of balances and supporting records
  • Review of financial statement presentation and disclosure
  • Audit documentation and working papers
  • Reporting in the prescribed format

Internal audit & controls

  • Review of processes: procurement, sales, payroll, cash
  • Testing of internal controls and approval limits
  • Identification of control gaps and leakage risk
  • Physical verification support for stock and assets
  • Actionable observations with owners and timelines
  • Follow-up review of implemented corrections

Tax audit & limited review

  • Tax audit where applicable under the Income-tax Act
  • Preparation of prescribed particulars and annexures
  • Limited review engagements for interim periods
  • Reconciliation between books, returns and reported figures
  • Documentation of positions taken
  • Coordination with your tax filings

Due diligence & special assurance

  • Financial due diligence for transactions and investments
  • Review of quality of earnings and working capital
  • Verification of liabilities and contingencies
  • Certification and attestation engagements where permitted
  • Agreed-upon procedures for a defined question
  • Findings reported clearly, with limitations stated

Types of engagement

Not every audit is the same thing

“Audit” covers several different engagements with different purposes, different scopes and different people who can sign them. Which one applies to you depends on your entity and the law in force.

Types of audit and assurance engagement Five engagement types: statutory audit, tax audit, internal audit, limited review and due diligence, each with a different purpose and audience. Statutory audit Required by statute for certain entities. An opinion on the financial statements. Tax audit Required under tax law above prescribed thresholds. Reported in the prescribed form. Internal audit Commissioned by management. Examines controls, processes and risk rather than opinion. Limited review A review, not an audit. Lower level of assurance, typically for interim periods. Due diligence Investigative work for a transaction — a buyer, investor or lender is the audience.
  • Statutory auditRequired by statute for certain entities. An opinion on the financial statements.
  • Tax auditRequired under tax law above prescribed thresholds. Reported in the prescribed form.
  • Internal auditCommissioned by management. Examines controls, processes and risk rather than opinion.
  • Limited reviewA review, not an audit. Lower level of assurance, typically for interim periods.
  • Due diligenceInvestigative work for a transaction — a buyer, investor or lender is the audience.
The first two are obligations placed on you by law. The last three are commissioned because someone — management, a board, a buyer or a lender — needs assurance for a decision. Whether any of them applies to your entity is a question of fact and law, and we will tell you plainly rather than assume.

How we work

Working with us on this

How an engagement runs at Vanesh Nadar & Co. Four stages: review of the current position, a written scope and fee, execution to an agreed calendar, then review to stop problems recurring. STEP 1 Review We look at your records, filings, registrations and any open notices, and tell you plainly where things stand. STEP 2 Scope & fees A written scope: deliverables, timelines, what we need from you and the fee — agreed before any work starts. STEP 3 Execute Work carried out to an agreed calendar, with a named point of contact and documented handovers. STEP 4 Review & improve Recurring issues are traced back to the process that caused them, so the same problem does not return next quarter.
  1. ReviewWe look at your records, filings, registrations and any open notices, and tell you plainly where things stand.
  2. Scope & feesA written scope: deliverables, timelines, what we need from you and the fee — agreed before any work starts.
  3. ExecuteWork carried out to an agreed calendar, with a named point of contact and documented handovers.
  4. Review & improveRecurring issues are traced back to the process that caused them, so the same problem does not return next quarter.
Every engagement runs through the same four stages. Nothing begins until the scope and the fee are agreed in writing, and the fourth stage exists so that a problem found this quarter does not simply reappear in the next one.

Related services

Discuss your requirement

General information only. The content on this page is general in nature and is not professional advice. Statutory applicability, thresholds and due dates depend on your specific facts and on the law in force at the time. Please speak to us before acting on anything you read here.

Questions

Frequently asked questions

Does my business need a statutory audit?

It depends on the type of entity, its turnover, and the requirements in force for the year in question. Companies, LLPs above certain thresholds, and businesses crossing prescribed limits under tax law can all be affected differently. Share your entity details and last year's figures and we will tell you what applies.

What is the difference between statutory audit and internal audit?

A statutory audit is an independent examination required by law, resulting in an opinion on the financial statements. An internal audit is commissioned by management or the board to test how well processes and controls actually work, and results in findings and recommendations rather than an opinion.

Can you audit us and also keep our books?

No. Independence requirements prevent a firm from auditing accounts it has prepared. Where we maintain the books, the statutory audit is carried out by another firm, and we support that process with schedules and explanations.

What do you need from us before an audit begins?

Typically: finalised trial balance and ledgers, bank statements and confirmations, statutory filing records, major contracts, fixed asset and inventory records, and details of any litigation or contingencies. We issue a full information request at planning stage.

Speak to a Chartered Accountant

Tell us what you need — accounting, tax, GST, audit, advisory, Zoho Books or a software build. We will come back to you with a clear scope and the next step.

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