Home / Revenue Audit

Updated on 29 Sep 2020    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.
MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.


Prakash Verma

Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Prakash Verma Signature


Praveen Chauhan

Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“

Praveen Chauhan Signature


Pradeep Kochhar

Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “

Pradeep Kochhar Signature

Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Section 194IC of Income Tax Act: TDS on Payment under Joint Development
08 Sep, 2020

What is Section 194IC of the Income Tax Act Any person who is paying rent to a land owner (owner of land or building or both) under the... Read More

Section 194IA of Income Tax Act: TDS on Property Purchase of Immovable Property
31 Aug, 2020

Section 194IA of the income tax act As per section 194IA of the income tax act, it is mandatory for a buyer of immovable property (except... Read More

Section 194IB of Income Tax Act: TDS on Rent paid by Individuals or HUF
31 Aug, 2020

What is Section 194IB of the income tax act? As per section 194IB of the income tax act, it is mandatory for individuals/HUF’s who are... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.
World Map

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service