FBS Advisory

Audit & Risk

Audit & Assurance: Internal, Compliance & Stock Audits

One team for every kind of audit your business needs: internal and compliance audits, stock audits, due diligence, and statutory and tax audit support with our partner CA firm.

Overview

Clarity at every step

Different questions need different audits. If you want to know whether your processes and controls are working, you need an internal audit. If you want to know whether you are meeting your GST, TDS, PF/ESI and ROC obligations, you need a compliance audit. Banks and lenders often ask for a stock audit, investors ask for due diligence, and the law requires a statutory audit for every company and a tax audit above certain turnover limits. We help you choose the right review, run it with a clear scope and timeline, and report findings in plain language. Statutory and tax audit reports are signed by our partner Chartered Accountant firm, while our team prepares the records, schedules and reconciliations.

What you gain

  • Internal audits of processes and controls
  • Compliance audits for GST, TDS, PF/ESI and ROC
  • Stock audits and physical verification
  • Due diligence reviews for investors and lenders
  • Statutory and tax audit support with our partner CA firm

What's included

Five types of audit, one team

Internal audit

  • Reviews of purchasing, sales, inventory, payroll and expenses
  • Testing whether approvals and controls actually work
  • Checks for revenue leakage, duplicate payments and fraud risk
  • Findings ranked by risk, with a named owner and a due date

Compliance audit

  • GST returns, input tax credit and e-invoicing reviewed
  • TDS deductions, deposits and returns checked
  • PF, ESI and professional tax compliance
  • ROC filings, registers and board records

Stock audit

  • Physical verification of inventory at your locations
  • Stock reconciled with your books and the statements given to your bank
  • Valuation checked and slow-moving stock identified
  • Report in the format lenders expect

Due diligence and statutory audit support

  • Financial, tax and compliance review before an investment, loan or acquisition
  • Pre-diligence checks so you can fix issues first
  • Schedules, reconciliations and tax audit data prepared for year end
  • Statutory and tax audit reports signed by our partner CA firm

Who this is for

  • Owners who want to know whether their controls are working as the business grows
  • Businesses with bank limits that need stock audits
  • Companies preparing for their annual statutory or tax audit
  • Businesses raising investment, taking a loan or preparing for a sale
  • Groups with operations in India and Saudi Arabia or the UAE

Choose the right audit

Which audit answers your question?

Your questionThe audit you need
Are our controls working, and is money leaking anywhere?Internal audit
Are we meeting our GST, TDS, PF/ESI and ROC obligations?Compliance audit
Does our stock match what we have reported to the bank?Stock audit
Can an investor, lender or buyer rely on our numbers?Due diligence
Do our annual accounts give a true and fair view?Statutory audit, signed by our partner CA firm
Has our turnover crossed the income tax audit limit?Tax audit under section 63 (formerly 44AB), signed by our partner CA firm

Our process

A practical path forward

01

Understand

Clarify what you, your bank or your investors need to know, and pick the right type of audit.

02

Scope

Agree the period, locations, records and timeline so there are no surprises.

03

Deliver

Carry out the review and share a clear report with findings and next steps.

Common questions

Good to know

It depends on the question. For controls and leakage, an internal audit; for legal obligations such as GST, TDS and ROC filings, a compliance audit; for a bank's stock statement, a stock audit; before an investment or acquisition, due diligence. Every company also needs an annual statutory audit, and a tax audit applies above certain turnover limits. We help you decide in a free consultation.

Yes, together with our partner Chartered Accountant firm. Statutory audits and tax audits must be signed by a practising Chartered Accountant, so our partner CA firm issues the audit report while our team handles the preparation, schedules and coordination.

Yes. We physically verify inventory, reconcile it with your books and the stock statements submitted to the bank, check valuation, and report differences in the format lenders expect.

A review of your financial statements, tax and compliance position, key contracts and liabilities, so an investor, lender or buyer can rely on the numbers. We can also run a pre-diligence check so you can fix issues before an investor looks.

Under section 63 of the Income-tax Act, 2025 (section 44AB under the old Act), a business needs a tax audit when turnover exceeds ₹1 crore, or ₹10 crore if cash receipts and cash payments are each within 5% of the total. For professionals, the limit is ₹50 lakh of gross receipts. Other cases apply under the presumptive tax schemes, and we check your position each year.

A short summary for the owner, followed by each finding with the risk it creates, the evidence, a practical fix, and who should act by when. We walk you through it on a call rather than just emailing a file.

Yes. Much of the work is done online from our Kochi office, with site visits across India where physical checks are needed, such as stock counts. We also carry out internal audits for businesses in the UAE.
More answers on GST, income tax, payroll and audit in our FAQs →

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