Audit & Assurance Services in India
Cred Books: trusted audit and assurance services in India
Cred Books is a professional accounting and financial services firm based in Indore, Madhya Pradesh. With a team of over 100 in-house ICAI-qualified accounting professionals and more than a decade of experience since 2011, we provide audit and assurance services to businesses across India. Our work spans statutory audit, internal audit, financial statement audit, risk advisory, financial due diligence, fixed asset audit and compliance audit services across multiple sectors and geographies.
We work with manufacturing companies, retail chains, healthcare organisations, real estate developers, educational institutions, BPO firms and nonprofits throughout India. Our outsourced accounting services and audit support are trusted by both Indian businesses and foreign companies with Indian subsidiaries.
Our approach combines accounting expertise, structured audit procedures and technology-driven financial analysis to give your stakeholders a clear, independent view of your finances. Whether you need a mandatory statutory audit in India, an internal controls review, or financial due diligence before a transaction, Cred Books provides an engagement designed around your specific requirements.
What are audit and assurance services?
Audit and assurance services in India involve the independent examination of a company's financial statements, internal controls and business processes to increase stakeholder confidence in the information being reviewed. In India, audit and assurance is governed by ICAI Standards on Auditing, the Companies Act 2013 and sector-specific regulators such as SEBI, IRDAI and RBI.
An audit examines financial records, transactions and supporting documentation to form an opinion on whether financial statements present a true and fair view. Assurance services are broader and cover risk reviews, compliance assessments, internal control evaluations and special-purpose financial engagements beyond the standard annual audit.
The difference between statutory audit and internal audit is a question businesses often ask. A statutory audit is legally mandated under the Companies Act and is conducted by an independent ICAI-registered auditor for shareholders and regulators. An internal audit is commissioned by management to evaluate controls and processes. Both are types of audit services in India that Cred Books provides.
Types of audit services in India
There are several types of audit and assurance services in India, each serving a different purpose. Here is a plain-English breakdown so you can identify which engagement your business needs.
| Type of Audit | Purpose | Who Needs It | Mandatory? |
|---|---|---|---|
| Statutory Audit | Verify accuracy of annual financial statements | All companies registered under Companies Act 2013 | Yes, annually |
| Internal Audit | Evaluate internal controls and operational efficiency | Listed companies; unlisted companies above prescribed turnover | Yes, for certain classes |
| Tax Audit | Verify income declared in tax return is correct | Businesses with turnover above ₹1 crore (₹10 crore if 95%+ transactions are digital) | Yes, under Income Tax Act |
| Due Diligence | Assess financial risks before a merger, acquisition or investment | Buyers, investors and lenders evaluating a transaction | No, but strongly advised |
| Forensic Audit | Detect fraud, misappropriation or financial irregularities | Companies facing suspected fraud or regulatory investigation | No, triggered by specific events |
| Compliance Audit | Check adherence to GST, RERA, FCRA, STPI and other regulations | Businesses in regulated sectors or grant-receiving organisations | Depends on sector |
Why audit and assurance services matter for Indian businesses
A signed audit report is not just a regulatory checkbox. It directly affects how banks lend to you, how investors value your business and how regulators treat you.
Credibility with lenders and investors
A clean audit report from an ICAI-registered auditor makes banks more willing to extend credit and investors more willing to put money in. Independent audit services in India give your stakeholders a verified financial record they can rely on, which is particularly important when seeking loans, raising equity or reporting to a parent company.
Fraud detection and risk control
Most business fraud in India is discovered through internal audit, not external complaints. A regular audit cycle spots irregularities in vendor payments, employee reimbursements and inventory records before they become major losses. Internal audit services India businesses rely on are designed to strengthen controls before problems become material.
Regulatory compliance and penalty avoidance
The Companies Act 2013 prescribes penalties up to ₹25 lakh for non-compliance with audit requirements. Tax audit services India businesses use under Section 44AB are triggered when turnover crosses ₹1 crore. GST authorities, SEBI and sector regulators have their own audit mandates. Our GST compliance services work alongside our audit practice to keep you fully covered.
Our audit and assurance services
Statutory audit services in India
We conduct annual statutory audits of financial statements in line with the Companies Act 2013 and ICAI Standards on Auditing. You get an independent auditor's report that satisfies ROC requirements and gives your board a verified financial record. Every company registered in India must complete this annually.
Internal audit services
Our team reviews your financial controls, procurement, payroll, inventory and expense processes on a periodic basis. Internal audit services for Indian businesses cover fraud risk indicators, compliance gaps and process inefficiencies. Reports go to your audit committee with specific, prioritised recommendations.
Risk advisory services
We help you build a risk register, assess the financial impact of each risk and put controls in place. Our risk advisory services in India cover financial reporting risks, operational process gaps, compliance exposures and transaction-related risks. Useful for businesses preparing for fundraising or entering new markets.
Financial due diligence services in India
We carry out financial, tax and compliance due diligence for mergers, acquisitions and investment decisions. Our reports cover historical financials, tax liabilities, contingent obligations, related-party transactions and regulatory compliance. Works alongside our income tax filing services for complete transaction support.
Fixed asset audit
We verify physical assets against your fixed asset register, identify ghost assets, confirm depreciation calculations and reconcile disposal and addition entries with financial statements. Particularly useful for manufacturing, construction and real estate businesses with significant property, plant and equipment.
Compliance audit services
We audit compliance with GST, FCRA, RERA, STPI and sector-specific regulations. Useful for NGOs receiving grants, developers with RERA obligations and IT/BPO companies under SEZ or STPI frameworks. We also support project accounting reviews as part of compliance audit engagements.
Software expertise
Sectors we cover
Each industry in India carries its own audit requirements. Cred Books brings sector-specific audit knowledge to every engagement.
Why choose Cred Books for audit and assurance services?
1. ICAI-qualified auditors with sector knowledge
Our auditors hold CA qualifications from ICAI and have worked across manufacturing, retail, healthcare and BPO sectors. You get ICAI-registered auditors in India who understand your industry's specific compliance requirements, not just generic accounting rules.
2. 100+ certified accounting professionals
Cred Books operates with more than 100 in-house certified accounting professionals since 2011. This depth of in-house expertise means engagements are handled by qualified team members. Our outsourced accounting and audit practices work together under one roof.
3. Technology-driven audit process
We use data analytics tools to test 100% of transaction populations rather than sampling. This means we catch more exceptions and give you insights that a traditional sample-based audit would miss, reducing both time on-site and audit risk.
4. Fixed timelines, no surprises
We agree the audit schedule at the start of the engagement and stick to it. If your ROC filing deadline is approaching, we plan backwards from that date. Draft reports are delivered within the agreed window, with no delays that push you past compliance deadlines.
5. Transparent pricing
Our fee structure is discussed upfront before work begins. No surprise charges for additional testing or extended hours. Smaller businesses and startups can access professional statutory audit services in India without the pricing model of a large metro firm.
6. Outsourced audit support for foreign subsidiaries
International companies with Indian subsidiaries use Cred Books as their local outsourced audit firm in India. We coordinate with parent company auditors, prepare IFRS-to-Ind AS reconciliations and handle FEMA and RBI compliance reporting. We also support Global Capability Centers with their India audit and compliance requirements.
Our audit and assurance process
Planning and scoping
We start with a detailed discussion to understand your business, review prior year reports and identify high-risk areas. The audit scope, timeline, document checklist and key contacts are agreed before any work begins. For businesses using payroll processing services or multi-location setups, we plan the scope around your specific structure.
Evidence gathering
We request and review financial records, bank statements, invoices, contracts and board minutes. Internal controls are tested, analytical procedures are applied and substantive testing is conducted on material balances. Documents can be shared securely through cloud platforms.
Evaluation and draft report
Findings are evaluated against applicable accounting standards and regulatory requirements under the Companies Act 2013 and ICAI guidelines. A draft audit report and management letter are prepared for your review before finalisation. No surprises at sign-off.
Final report and follow-up
The final audit report and recommendations are presented to your board or audit committee. We assist with ROC filing documentation and remain available for regulator queries for 90 days after delivery.
Frequently asked questions
What is the difference between audit and assurance?
Audit is a specific type of assurance service. An audit examines financial statements and issues an opinion on whether they show a true and fair view. Assurance is a broader term covering any professional service where an accountant evaluates a subject matter and expresses a conclusion. All audits are assurance services, but not all assurance services are audits.
Is statutory audit mandatory for private limited companies in India?
Yes. Every company registered under the Companies Act 2013, including private limited companies, must have its accounts audited by a Chartered Accountant every financial year. There is no minimum turnover threshold. Non-compliance can result in penalties of up to ₹25 lakh under Section 147 of the Companies Act.
What is the difference between a statutory audit and an internal audit?
A statutory audit is conducted by an independent external auditor appointed by shareholders. Its purpose is to give an opinion on financial statements for shareholders and regulators. An internal audit is conducted by auditors contracted by management. Its purpose is to help management improve controls, detect fraud and improve operational efficiency. The two serve different stakeholders and answer different questions.
How much do audit services cost in India?
Audit fees in India depend on the size of the company, complexity of transactions, number of locations and type of audit. A small private limited company with straightforward books may pay between ₹25,000 and ₹75,000 for a statutory audit. Mid-size businesses typically pay between ₹1 lakh and ₹5 lakh. Contact Cred Books for a specific quote based on your requirements.
What is financial due diligence?
Financial due diligence is a detailed review of a company's financial information undertaken before an acquisition, investment, merger or restructuring. It examines revenue, earnings, cash flow, working capital, assets, liabilities, accounting policies and financial trends. The findings help buyers and investors understand the actual financial position and risks before they commit to a transaction.
Can I outsource my company's audit to a firm in another city?
Yes. There is no regulatory requirement that a company's auditor must be located in the same city. Cred Books, based in Indore, serves clients across India remotely, with on-site visits where required. Cloud accounting and document-sharing tools have made remote audit engagements fully practical for most company types.
What documents are needed for a statutory audit in India?
A typical statutory audit requires financial statements, trial balance, bank statements and reconciliations, GST returns (GSTR-1, GSTR-3B, GSTR-9), TDS challans and Form 26AS, fixed asset register, purchase and sales invoices, board resolutions, shareholder register and loan agreements. Your auditor will provide a complete checklist during the planning stage.
Frequently asked questions about audit and assurance services in India
What is the difference between audit and assurance?
Audit is a specific type of assurance service. An audit examines financial statements and issues an opinion on whether they show a true and fair view. Assurance is a broader term covering any professional service where an accountant evaluates a subject matter and expresses a conclusion. All audits are assurance services, but not all assurance services are audits. In India, both are governed by ICAI standards and the Companies Act 2013.
Is statutory audit mandatory for private limited companies in India?
Yes. Every company registered under the Companies Act 2013, including private limited companies, must have its accounts audited by a Chartered Accountant every financial year. There is no minimum turnover threshold for companies. Non-compliance can result in penalties of up to ₹25 lakh under Section 147 of the Companies Act.
What is the difference between a statutory audit and an internal audit?
A statutory audit is conducted by an independent ICAI-registered auditor appointed by shareholders. Its purpose is to give an opinion on financial statements for shareholders and regulators. An internal audit is conducted by auditors contracted by management to help improve controls, detect fraud and improve operational efficiency. The two serve different stakeholders and answer different questions.
How much do audit services cost in India?
Audit fees in India depend on the size of the company, complexity of transactions, number of locations and type of audit required. A small private limited company with straightforward books may pay between ₹25,000 and ₹75,000 for a statutory audit. Mid-size businesses typically pay between ₹1 lakh and ₹5 lakh. Contact Cred Books for a specific quote based on your requirements.
What is financial due diligence?
Financial due diligence is a detailed review of a company's financial information undertaken before an acquisition, investment, merger or restructuring. It examines revenue, earnings, cash flow, working capital, assets, liabilities, accounting policies and financial trends. The findings help buyers and investors understand the actual financial position and risks before committing to a transaction.
Can I outsource my company's audit to a firm in another city?
Yes. There is no regulatory requirement that a company's auditor must be in the same city. Cred Books, based in Indore, serves clients across India as an outsourced audit firm. Cloud accounting and document-sharing platforms have made remote audit engagements fully practical. On-site visits can be arranged where required.
What documents are needed for a statutory audit in India?
A typical statutory audit requires financial statements, trial balance, bank statements and reconciliations, GST returns (GSTR-1, GSTR-3B, GSTR-9), TDS challans and Form 26AS, fixed asset register, purchase and sales invoices, board resolutions, shareholder register and loan agreements. Your auditor will provide a complete checklist during the planning stage.
Talk to Cred Books about your audit and assurance requirements.
We'll confirm the right scope for your business and what it will cost, before any commitment.
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