Compliance Audit Services

We offer Compliance Audit services to all types of Companies in the Manufacturing, IT, Real Estate and Services Sectors.

As part of Compliance Audit, we undertake a complete review of all tax and statutory compliance related to income tax, indirect taxes such as GST, central excise, customs, service tax and VAT, profession tax, entry tax and other applicable levies and taxes and provides a comprehensive report to the clients on the status of the compliance and suggests the corrective action.

Apart from compliance with the substantive law, we also look at the procedural aspects including filing of the periodical returns, assessments, re-assessments, audits from the Departments, appeals, etc. We also look into the availment of and utilization of the cenvat and input tax credits by the Clients.

Apart from pointing out the non-compliance, we also provide solutions aimed at minimizing the risks arising out of non-compliance. The Client could immensely benefit out of this study… he could change his systems, if there is non-compliance and could  re-assure himself that his systems are working well, if there are no major non-compliances.

Apart from ensuring compliance, corporates can also avail of the benefits and advantages that  are available under the various schemes of the Central and State Governments and its agencies.

Compliance Audit Services:

Every business with a strict regulatory management in place should attach an utmost importance to compliance audit services. 

  • Compliance auditing is a process that reviews and checks whether a business is performing in accordance with the correct regulations.
  • Whether it is in terms of income tax, GST, service tax, central excise or other financial rules and regulations, a foolproof compliance auditing renders robust business relationships through lawful enforcement. 

Over the years, S3 Solutions has been a pioneer in offering compliance auditing in relation to Indian audit and accounts services for several Indian businesses and helping them prosper and grow objectively to beat their nearest industry rivals.

Why Do You Need Premium Compliance Audit Services?

Compliance management in India is a complex affair.

  • Every mid-level to large-sized business in India has to deal with hundreds of acts and thousands of compliances regarding financial and tax regulations. 
  • These regulations come in the form of licenses, registrations, remittances, challans, payments, consent orders, permissions, renewals and more. Since businesses are dynamic and are constantly changing, the applicability of acts and compliances are constantly changing.

All these changes affect the compliance obligations of an organization. 

In addition, there have been regulatory restrictions brought into place by the Government of India and SEBI.

  • According to the Companies Act – 2013, there can be criminal proceedings and jail terms for Directors/KMPs if they do not implement a system that is in adherence with all applicable and evolving compliance measures to ensure seamless operation of the processes. 
  • SEBI alongside has a Listing Regulation that requires the board of the company in concern to periodically review the compliance report reviewing all applicable laws and regulatory measures to identify and eliminate non-compliance.

What are the Key Challenges Pertaining to Compliance?

The key challenges regarding compliance that organizations are facing constantly can be listed as follows.

  • Complexities:

There are several acts and compliance regulations for the organizations and their vendors. This creates several complications and might hinder the normal flow of operations. 

  • Resources:

Organizations as well as the respective industries lack dedicated resources regarding planning, management and execution. Scarcity of such resources leads to organizations facing compliance issues now and then.

  • Expertise:

A lot of expertise is needed to handle the nuanced details and intricacies of various applicable compliances. Without such expertise, one might land the organization amidst challenging situations. 

  • Fluidity:

The frequency of regulatory changes and compliance regulations causes an increased pressure on organizations to keep up with them. 

As a result, Indian organizations are struggling to provide assurance regarding compliance issues of their operations while working in an ad-hoc, people and paper-based environment. There is an abject need to plan, manage, measure and report compliance assurance. 

How is S3 Solutions Building Accountability in Relation to Audit Services?

S3 Solutions understands the pain of organizations when it comes to compliance audit services. Collaborating with multiple organizations belonging to different industries and sectors, we have developed a profound knowledge and understanding of the compliance framework. 

As a result, we can help organizations monitor and implement their operations in accordance with the compliance programs in order to institutionalize accountability, transparency and timelines.

  • We have a superb team comprising young and talented professionals who bring the ideal tools, templates, processes and access to the best-in-class knowledge repository to your forefront to help you deal with compliance issues successfully.
  • When it comes to smart contract audit services, S3 Solutions has effectively developed a whole-company, whole-industry approach.
  • Our in-depth compliance practices correlate company data with our profound knowledge and understanding of financial issues and experiences.
  • We talk extensively with clients who represent different industry verticals.
  • We inquire about risk exposure, pinpoint weaknesses, and also look for patterns of abuse of regulatory measures.

If the compliance audit services uncover suspicious activity, we are ready to help you deal with the subsequent documentation, legal preparation and support in the courtroom.

Our in-depth Indian audit and accounts service asks the following relevant questions –

  • Does the company possess the suitable licenses, permissions, consent orders and registrations? Are these regulatory documents renewed periodically?
  • Is the company or the entity complying with the relevant acts and compliance measures?
  • Are all the statutory documents like returns, registers, challans and others prepared and filed accurately?

At S3 Solutions, we possess the deep knowledge and critical thinking to ensure that the company processes are following every statutory requirement and complying with the law of the land. 

Our premium audit services provides periodic assessment under the following categories –

  • Qualitative review of statutory documents 
  • Applicability assessment and gap reporting.

The independent assessment conducted by our team of compliance auditors helps organizations avoid missed filings, delays, data inconsistencies, non-maintenance of critical documents, and others. 

As a result, regulatory prosecutions, legal notices, penalties and fines are substantially reduced. 

Some of the Services that S3 Solutions is Known for:

At S3 Solutions, we regularly handle compliance auditing services by tapping into the expertise of our team of dynamic professionals consisting of –

  • Certified internal auditor (CIA)
  • Certified public auditor (CPA)
  • Certified in financial forensics (CFF)
  • Accredited senior appraiser (ASA)
  • Certified fraud examiner (CFE)
  • Accredited in business valuation (ABV)

There are several areas in Indian audit and accounts service that we have been operating with finesse for some time, and helping multiple organizations from sectors like manufacturing, IT, real estates and services to leverage our expertise and gain a solid ground in their industries. 

  • Our compliance audit services include a complete qualitative review of all tax and statutory compliance related to direct and indirect taxes and levies, including but not limited to, income tax, GST, service tax and VAT, customs duty, central excise, entry tax, profession tax, etc. After our qualitative review, we prepare an in-depth and holistic report for our clients on the status of the compliance and suggest the corrective action. 
  • Apart from helping organizations deal with issues related to compliance with substantive laws, we help them in dealing with the procedural aspects. These include the periodic filing of returns, assessments and reassessments, handling appeals and audits from higher regulatory departments and functionaries of the Indian judiciary, etc. 
  • The professionals at S3 Solutions are well-versed in helping companies deal with the availability of and utilization of cenvat and input tax credits by the clients. 
  • Although we pinpoint areas related to non-compliance and identify shortfalls on the parts of companies while dealing with compliance issues, we are also quite adept at providing solutions to minimize such risks. Our studies benefit the clients in changing their systems if there is non-compliance and provide him reassurance that his operations are performing impeccably if there are no identifiable issues of non-compliance. 
  • Apart from ensuring compliance, we help corporates and clients to take the benefits that are available under the several schemes and policies laid out by the Central and State Governments and their functionaries.

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