Audit & Assurance
Audit & Assurance
Independent, Rigorous & Value-Adding Assurance to Strengthen Controls & Build Trust
In today's regulatory environment, an audit is far more than a statutory obligation—it is an invaluable corporate health check that protects stakeholders, detects fraud or leakage, and reinforces the credibility of your financial reports with lenders, regulators, shareholders, and potential investors.
At Jolly & Co., our audit practice is built on complete independence, deep sectoral expertise, and uncompromising adherence to the Standards on Auditing (SA) prescribed by the Institute of Chartered Accountants of India (ICAI). We deliver statutory, tax, internal, and management audits that give board members and corporate management absolute peace of mind.
Comprehensive Scope of Work
Our specialized audit and assurance engagements cover:
Statutory audits under the Companies Act, 2013 for private and public companies
Tax audits under Section 44AB of the Income Tax Act, 1961 (Form 3CA/3CB and Form 3CD)
Internal audits, internal financial control (IFC) testing & SOP verification
Physical stock, warehouse inventory & fixed asset verification audits
Due diligence audits for mergers, acquisitions, venture investments, or joint ventures
Special-purpose audits, forensic reviews, and bank loan utilization verification
Management audits & operational efficiency reviews for process optimization
Chartered Accountant certifications (net worth, turnover, remittances) with UDIN
Why Choose Jolly & Co.
ICAI Standard Compliance
Strict adherence to national auditing guidelines, ethical protocols, and UDIN generation.
Actionable Management Letters
We deliver constructive management letters identifying control gaps, risks, and cost savings.
Enhanced Bank Credibility
Audited financial statements backed by Jolly & Co. carry high trust with commercial lenders.
Fraud & Error Prevention
Robust substantive testing uncovers anomalies, revenue leakage, and control bottlenecks early.
Our 4-Step Working Process
STEP 01
Audit Planning & Risk Assessment
Understanding business cycles, evaluating internal control architecture, and scoping sample thresholds.
STEP 02
Substantive Testing & Fieldwork
Detailed voucher auditing, ledger scrutiny, balance confirmations, and regulatory compliance checks.
STEP 03
Management Discussion & Findings
Reviewing audit observations with the finance team, seeking explanations, and adjusting entries.
STEP 04
Report Issuance & UDIN Generation
Signing statutory audit reports, issuing Form 3CD, and generating verifiable UDIN on the ICAI portal.
Frequently Asked Questions
For businesses, a tax audit is mandatory if annual turnover exceeds ₹1 crore (or ₹10 crore if digital transactions exceed 95%). For professionals, it applies when gross receipts exceed ₹50 lakhs (or ₹75 lakhs under Section 44ADA).
A statutory audit checks whether past financial statements are true and fair. An internal audit, in contrast, evaluates day-to-day internal controls, vendor leakage, process efficiency, and fraud prevention throughout the year.
Unique Document Identification Number (UDIN) is a secure 18-digit code generated by the Chartered Accountant on the ICAI portal for every certified document, preventing fake attestations and validating official authenticity.
We provide an Audit Readiness Checklist covering finalized Trial Balance, bank confirmations, depreciation schedules, statutory return copies (GST, TDS, PF/ESI), and debtor/creditor balances.
