Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Audit & Assurance · Panaji, Goa
Statutory, tax, trust, LLP, stock, internal audit and ICAI peer review for businesses, LLPs, trusts and individuals across Goa — from Calangute to Canacona, from small proprietorships to multi-crore hotel chains.
Overview
Audit and assurance is at the core of what a Chartered Accountant does. Whether it is signing the statutory audit report of a Goa-based hotel group, certifying the tax audit of a pharmaceutical exporter in Vasco, auditing the accounts of a charitable trust running schools across the Konkan, or physically verifying stock hypothecated to a bank by a Margao trading firm, every engagement carries the same fundamental responsibility: to provide an independent, evidence-based opinion on whether the financial information presented is accurate, complete and compliant with the applicable accounting standards and legal requirements.
Our audit team combines technical competence in ICAI Standards on Auditing and Indian Accounting Standards (Ind AS / AS) with deep sector knowledge of Goa's dominant industries: hospitality and tourism, real estate and construction, pharmaceutical exports, mining, logistics, retail, and the growing IT and services sector. That sector depth matters — auditing a hotel means understanding GST on accommodation tariffs, advance booking liabilities, banquet and food service accounting and casino compliance, while auditing a pharmaceutical exporter requires familiarity with transfer pricing, export FEMA compliance, DGFT incentives and multi-jurisdictional accounting.
This page is the hub for our complete audit and assurance range in Goa, with links to each dedicated service page. For businesses and individuals who need to understand which audits apply to them, what the legal thresholds are and what the filing deadlines are, it provides the structured framework to make those determinations.
Complete overview
| Audit type | Legal basis | Who needs it | Our role |
|---|---|---|---|
| Statutory audit | Sections 139–143, Companies Act 2013 | All registered companies — private, public, OPC — regardless of turnover | Appointment as statutory auditor; full audit, CARO 2020 report, audit opinion |
| Tax audit | Section 44AB, Income Tax Act 1961 | Business turnover > Rs. 1 crore (Rs. 10 crore for digital); profession receipts > Rs. 50 lakh | Form 3CA/3CB and Form 3CD; 61-clause certification; due 30 September |
| Trust audit | Section 12A/12AB IT Act; state Public Trusts Act; FCRA 2010 | Registered charitable and religious trusts and NGOs claiming tax exemption | Form 10B/10BB; Charity Commissioner submission; FCRA audit |
| LLP audit | Section 34, LLP Act 2008 | LLPs with turnover > Rs. 40 lakh OR capital contribution > Rs. 25 lakh | LLP audit report; Form 8 certification; sign as auditor on Form 11 |
| Stock audit | RBI Master Direction; bank credit sanction conditions | Borrowers with CC/OD facilities secured against hypothecation of inventory | Physical stock count; bank stock audit report; valuation certification |
| Internal audit | Management requirement; Section 138 for listed and large companies | All entities wanting an independent internal financial controls review | Process audit; risk identification; internal control recommendations |
Why it matters
Many businesses treat an audit purely as an obligation. A well-conducted audit returns real business value.
Talk to an auditor →Banks, NBFCs and equity investors rely on audited statements for credit and investment decisions. An opinion from a reputable CA firm can influence loan terms, funding-round valuation and the credibility of a contractor bid.
Testing controls, sampling transactions and reconciling accounts routinely surfaces unexplained variances, weak controls, GST reconciliation gaps, undocumented related party transactions, and assets in the books that cannot be located.
The knowledge that an independent auditor will examine the books is itself a deterrent. Surprise stock counts, bank confirmations and payables verification make it significantly harder for fraud to persist undetected.
The questions an auditor asks drive better accounting. Regularly audited businesses typically have better-organised books, more disciplined month-end processes and cleaner records.
In hospitality, real estate and pharmaceuticals — where excise, GST, RERA, FSSAI, DGFT and transfer pricing obligations overlap — audited accounts carry more regulatory credibility than self-certified accounts.
Our services
Every company registered under the Companies Act — private limited, public limited or One Person Company — must have its annual accounts audited by a CA appointed as Statutory Auditor under Section 139. The auditor is appointed at the first AGM and rotates every 5 years for listed and specified companies, or 10 years for others, and issues an opinion under Section 143. Companies above specified thresholds also require the CARO 2020 report, covering title to assets, deposits, loans, internal audit, cost records, statutory dues and frauds. For Goa's hotel industry, the CARO requirements on title to land and buildings, related party transactions and statutory dues are particularly significant. See our Statutory Audit guide.
Section 44AB requires certain taxpayers to have accounts audited by a CA and to submit the report electronically before the due date of 30 September. The report is submitted in Form 3CA or 3CB, depending on whether the accounts are also subject to another mandatory audit, with clause-wise disclosure in Form 3CD — 61 clauses covering every material aspect of the taxpayer's position from a tax compliance perspective. See our Audit under the Income Tax Act guide.
Goa has a significant number of religious trusts, charitable institutions and NGOs serving education, healthcare and community welfare. Trusts registered under Section 12A or 12AB must have accounts audited and submit Form 10B or 10BB annually. Trusts registered with the Charity Commissioner under the Goa, Daman and Diu Public Trusts Act have separate submission requirements, and trusts receiving foreign contributions must comply with FCRA and have those accounts audited separately. See our Audit under the Trust Act guide.
An LLP must get its accounts audited if annual turnover exceeds Rs. 40 lakh or capital contribution exceeds Rs. 25 lakh. The audit report is certified by the LLP's auditor and submitted as part of Form 8 (Statement of Accounts and Solvency) on the MCA portal. Below the threshold, audit is voluntary but recommended for LLPs with bank credit facilities, multiple partners or significant business activity. See our Audit under the LLP Act guide.
Businesses with Cash Credit, Overdraft or other inventory-backed facilities are typically required by the lending bank to undergo a periodic stock audit verifying that physical inventory hypothecated to the bank matches the book records submitted, and that stock is correctly valued. Businesses also commission internal stock audits for inventory management and loss prevention. See our Stock Audit Services guide, the Inventory Stock Audit guide for cycle counting and management-perspective verification, the Fixed Asset Audit and Verification guide for plant, machinery, furniture, computers and vehicles, and the Warehouse Audit guide for receipts, dispatches and WMS reconciliation.
Peer Review is a mandatory ICAI requirement for CA firms conducting audit and attest functions. The Peer Review Board has implemented a phased mandatory programme requiring all CA firms conducting statutory audits to obtain a Peer Review Certificate before signing statutory audit reports. N D Savla & Associates is available to serve as Peer Reviewer for other CA firms under the ICAI mandate. See our Peer Review Auditor guide.
Sectors we serve
Complex GST on accommodation, food, banquets, spa and recreation; advance booking liabilities; high cash and card volumes; related party transactions between hotel groups and affiliates; foreign exchange receipts; and casino operations where applicable. Our audit assesses GST compliance, internal controls over revenue, and the accuracy of advance collections and deferred income.
Revenue recognition under Ind AS 115, RERA compliance, GST on construction services at varying rates for affordable and non-affordable projects, and significant NRI buyer activity. We address project cost accounting, percentage completion validation, input tax credit on materials, and TDS on subcontractor payments.
Transfer pricing compliance for related party export transactions, DGFT export incentives and duty drawback accounting, FEMA compliance for export proceeds, and multi-currency accounting — at the intersection of statutory audit, tax audit and transfer pricing.
Form 10B/10BB certification for Section 12A/12AB compliance, Charity Commissioner submissions under the Goa, Daman and Diu Public Trusts Act, FCRA audit for trusts receiving foreign contributions, and the specific accounting for corpus, specific grants and restricted funds.
Frequently asked questions
Several categories are mandatorily audited: all registered companies (Pvt Ltd, public limited, OPC) under the Companies Act 2013, regardless of turnover; businesses with turnover exceeding Rs. 1 crore, or Rs. 10 crore where 95%+ of transactions are digital, under Section 44AB; professionals with gross receipts exceeding Rs. 50 lakh under Section 44AB; LLPs with turnover above Rs. 40 lakh or capital contribution above Rs. 25 lakh under the LLP Act; trusts claiming exemption under Section 12A/12AB; and borrowers with CC/OD bank facilities secured by stock hypothecation.
If the hotel or restaurant operates through a Private Limited Company or any other registered company structure, statutory audit under the Companies Act, 2013 is mandatory every financial year regardless of turnover. If it operates as a sole proprietorship or partnership, statutory audit is not required, but tax audit under Section 44AB applies if turnover exceeds Rs. 1 crore. Composition scheme registrants are not required to get a tax audit as they file GSTR-4, but if the proprietor has other income pushing total turnover above the threshold, tax audit still applies.
A statutory audit under the Companies Act verifies that the financial statements give a true and fair view, comply with accounting standards (AS or Ind AS) and comply with the Companies Act. It is signed by the Statutory Auditor and submitted to shareholders and the ROC. A tax audit under Section 44AB verifies the correctness of income and deductions from a tax law perspective and reports them in Form 3CD, submitted electronically to the Income Tax portal. Both may be required simultaneously for a company.
It depends on size and complexity: a small Pvt Ltd company with a single location and straightforward operations takes 2–4 weeks; a medium-sized hotel with multiple revenue streams, GST complexity and related party transactions takes 4–6 weeks; a trust or NGO with FCRA and Charity Commissioner requirements alongside IT compliance takes 3–5 weeks; stock audits take 1–3 days per location depending on inventory volume. We provide a timeline estimate at the start of every engagement.
Yes. For companies, a mid-year change requires the outgoing auditor's resignation in Form ADT-3 on MCA, a board resolution appointing the new auditor, and filing of Form ADT-1 within 15 days of appointment. For tax audit, the taxpayer issues a mandate letter to the new CA, who accepts the engagement — and where the previous CA had already started the audit, the new CA must obtain their No Objection Certificate first. We handle all the MCA and ICAI formalities.
Service pages
Statutory audit, tax audit, trust audit, LLP audit, stock audit and peer review services across Goa. Book a free consultation with a qualified Chartered Accountant.