Accounting & Audit Services in Chennai

Bank reconciliation matches your books of accounts with the bank statement to identify errors, missing entries, and fraudulent transactions. It should be done monthly — by the 10th of the following month — to ensure GST data accuracy, audit readiness, and early detection of discrepancies. FilingPro delivers the BRS with every monthly account package.

Internal audit is mandatory under Section 138 of the Companies Act 2013 for: all listed companies; unlisted public companies with paid-up capital above ₹50 crore or turnover above ₹200 crore; and OPC/private companies with turnover above ₹200 crore or outstanding loans above ₹100 crore. For other companies, it is a best practice for fraud prevention.

Stock audit is a physical verification of inventory comparing actual stock with book records. Banks require a stock audit certificate (from a CA or empanelled auditor) for annual CC/OD limit renewal to verify that the drawing power matches actual stock levels. Most banks require it quarterly or half-yearly for limits above ₹5 crore.

Banks typically prefer the NAV method for collateral-backed loans. SEBI mandates the DCF method for unlisted company valuations under ICDR regulations. Investors and PE firms use EBITDA multiples benchmarked against comparable listed companies. Our valuation reports include all three methods with sensitivity analysis to satisfy all stakeholders.

Under Schedule II of the Companies Act 2013, depreciation is charged based on the useful life of each asset category — Buildings: 30-60 years, Plant and Machinery: 15-25 years, Computers: 3 years, Furniture: 10 years. The SLM or WDV method may be used. For income tax purposes, WDV rates under Section 32 apply and differ significantly.

A process audit maps all current workflows, identifies gaps vs best practices and SOPs, reviews internal controls, evaluates fraud risks, checks statutory compliance for GST, TDS and labour laws, and assesses KPIs and performance metrics. The written report includes prioritised recommendations with an implementation roadmap and a 3-month follow-up audit.

Comprehensive monthly bookkeeping should include: all journal entries for sales, purchases, expenses; bank reconciliation for all accounts; payroll entries; TDS entries; GST data preparation; accounts receivable and payable ageing; monthly P&L and balance sheet; and MIS report with key business metrics. FilingPro delivers all this by the 10th of each month.

A fixed asset register is a complete record of all tangible assets — land, buildings, machinery, vehicles, computers, furniture — with purchase date, cost, accumulated depreciation, written-down value, and location. It is required for: Companies Act compliance, income tax depreciation computation, insurance coverage, audit support, and bank loan applications.