Audit & Assurance Services

The purpose of statutory audit is to provide independent assurance that management has, in its financial statements, presented a “true and fair” view of a company’s financial performance and position. Businesses today are becoming increasingly complex and are governed by broadening regulatory requirements and shareholder demands. Our audit team consist of ever improving set of skilled individuals trained extensively for conducting auditing function. Our audit team is trained and updated on the ever changing compliance requirements to stay ahead of the curve. JKA is one the top firms for statutory audit function with partners having worked with Big 4 firms globally.

We work with public and private sector companies, closely held businesses, and non-governmental organisations/ not-for-profit sector. We have experience in a wide range of industries, including: Industrial Markets, Automotive & Ancillaries, Consumer Markets, Banking & NBFC, IT / ITES including Tech based Start-ups, Education, Hospitality etc.

JKA has been empanelled with Office of Comptroller & Auditor General of India for audit of Public Sector Enterprises.

Group reporting supports the computation, creation, and disclosure of consolidated reports that provide information on the performance of a corporate group and consists of topics such as consolidation, reporting and analysis, and plan consolidation.

JKA helps multinational companies having subsidiaries overseas in designing the group audit framework based on specific needs and requirements of the management of the group while ensuring the adherence to statutory framework.

Our global outlook & presence beyond the domestic boundaries helps corporates in ensuring same level of quality and consistency in reporting of financial information. JKA not only helps in reporting the numbers on business unit basis but also try to identify new ways and modalities to continuously improve the reporting framework.

JKA is a member firm of SAF Global | A worldwide Alliance of independent professional firms. While performing Group reporting, JKA ensure adherence to local laws while maintaining international quality on reporting.

Every business organisation in India be it a sole proprietorship, partnership firm, Trust, Local authority, LLP, Private Limited Company or public limited Company, Banking Company, Insurance Company or any other legal mode of doing business in India is required to get their accounts audited from a Chartered Accountant or a firm of Chartered Accountants as per the provisions contained in Section 44Ab of the Indian Income Tax Act, 1961.

This audit is applicable when the business organisation crosses a threshold limit of turnover (in case of business revenue) or service receipts (in case of service revenue). These threshold limits are continuously amended as per the status of the economy. These limits can be found by referring to Section 44AB.

The manner & scope of audit can be found in Rule 6G of the Income Tax Rules which has provided FORM 3CA / 3CB as format of the audit report by Chartered Accountant and FORM 3CD which provides a questionnaire of information sought by the income tax department.

In case such audit is not conducted, the department can impose penalty under section 271B which may be a fixed amount or as a percentage of revenue. The limits can be found in Section 271B of the Income Tax Act, 1961.

JKA is one of the top firms for tax audit function for last 3 decades. JKA audit methodology ensures timely identification of issues so that the same may be resolved before the income tax authorities picks up the case for assessments.

Special audits in respect of entities/ projects funded by multilateral lending agencies: The firm partners has experience in conducting special audits entities which are funded by multilateral agencies.

JKA has been a registered member at United Nations Global Market Place vide UNGM No. 563049. This has resulted in JKA being registered with following global organisation as a service provider for Accounting, Risk Based Audits, Internal Audits, Agreed-Upon Procedures, Stock Audits and related services. List of organisation with whom JKA is registered has been provided below:

UNDP: United Nations Development Programme

WHO: World Health Organization

ITC: International Trade Centre

UNFPA: United Nation Population Fund

UNHCR: United Nations High Commissioner for Refugees

UNICEF: The United Nations Children's Fund

WFP: World Food Programme

UNOPS: United Nations Office for Project Services

UNRWA: The United Nations Relief and Works Agency for Palestine Refugees

UNAIDS: The Joint United Nations Programme on HIV and AIDS

CTBTO: Comprehensive Nuclear-Test-Ban Treaty Organization

OPCW : Organisation for the Prohibition of Chemical Weapons

JKA is also in process to get registered with other global organisations like USAID, BRICS, ASEAN, SAARC, OECD and other related organisation for empanelment to provided such services. JKA is also in the process to get registered with domestic government or autonomous bodies for empanelment to provided such services.