Home / Revenue Audit

Updated on 11 Apr 2021    9.00 AM IST | 4 min read

What is Revenue Audit?

Revenue audit is the audit conducted to check & verify the accuracy of expenditure incurred and the income/revenue earned by the business. In the revenue audit, an auditor focuses on the areas which affect revenue items of the business.

There are two main stages of revenue audit which are as follows –
  1. Testing of revenue accounts on your income statement
  2. Examination of accounts receivable on the balance sheet

In case of revenue audit, company’s tax returns are matched with the tax records and auditors focus on one or more areas of the business. For ex – Financial statements, tax information, compliances or business operations. The main role of the auditor is to examine the existing system, report or entity. It is a two-part process in which auditor checks & verifies the figures and the information of company’s tax returns by comparing the same with the business records. Generally, auditor checks the income returns over a period of one year. In case auditor notices any discrepancy, they may review your previous records too.

Auditors help in identifying the tax evasion as well as additional liabilities too. They will also collect fines, penalties or interest wherever applicable.


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees


Duties Of Revenue Auditor

The duties of revenue auditor are as follows –
  1. To detect fraud.
  2. To detect tax evasion.
  3. To detect manipulation in financial statements.
  4. To detect unauthorized expenditure.
  5. To check the invoices and ensure that sales occurred against the same or not.
  6. To check the accuracy of the financial data of the business.
  7. To check whether the revenue has been recognized or not.
  8. They may contact clients too to verify certain transactions & sales.
  9. To check and verify the closing stock of the inventory at the end of the year.
  10. To check the internal controls of the company.

Benefits Of Revenue Audit

  • More than 10 years of experience
  • Qualified professionals
  • Excellent customer service
  • Cost efficient
  • Customer delight
  • Time saving
  • Quick turnaround time
  • Continuous support over e-mail and phone (24X7).

How Finacbooks Can Help?

Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping businesses with Revenue audit. To avail the best deals on revenue audit, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

Revenue Audit FAQ’S

Revenue audit is the audit conducted to check and verify the accuracy of the expenditure incurred and the income earned by the business.
The two main stages of revenue audit includes –
  • Testing of revenue accounts on your income statement
  • Examination of accounts receivable on the balance sheet
In case auditor notices any discrepancy while examining any area, he has the full right to review your previous records.
21 days is the standard notice period given by the revenue department before commencement of audit.
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Due Dates

  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Mar 2021

    Apr 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Mar 2021

    Apr 10th ,2021
  • GSTR 1 for Mar 2021 (turnover more than INR. 1.50 Crore)

    Apr 11th ,2021
  • GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Mar 2021

    Apr 13th ,2021
  • Last date of depositing the fifth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayers

    Apr 15th ,2021
  • GSTR 3B for Mar 2021 (Annual Turnover of more than Rs 5 Cr in Previous FY)

    Apr 20th ,2021