Category: auditing service in kolkata

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Role Of Auditors In Identifying Frauds And Decreasing Fraud Risks

Post author By sm-gupta
Post date October 25, 2025

Auditor in Kolkata

In today’s business scenario, many companies face severe pressure from management. With these pressures, there are significant chances of fraudulent activities. Hence, it is better to avail of auditing services that have a higher chance of detecting and minimising these risks. The auditors analyse personalised audit approaches and assess fraud risk. An auditor in Kolkata can identify fraud risks and salvage the business.

How can auditors identify frauds and decrease their risks?

These are the approaches made by the auditor to identify frauds and decrease their risks:

Assessing risks

A few assessments are conducted to determine the areas where the company might be associated with fraudulent activities. The assessments can address activities and step them up before any major falter takes place. To pinpoint the necessary risks, the auditors examine the business operations, internal controls and financial reporting process. By prioritising high-risk areas, the auditors draft an audit plan. With this plan, they can easily assess risks.

Testing

To confirm the preciseness and completeness a testing is being conducted. Some audit reports are tested. The reports include account balances and financial transactions. Invoices, bank statements and contracts are used as the supporting documents. This is how it is ensured that the transactions are legal and recorded on the books. Additionally, they observe physical inventory counts at year-end, check for ongoing legal issues, and verify accounts receivable. Finding any anomalies or disparities that might point to fraudulent activity requires the use of these testing techniques.

Recognition of warning signs

Auditors are adept at identifying possible signs of fraud, including anomalous transactions, differences in financial records, and deviations from standard operating procedures. To determine whether any fraudulent activity has occurred, auditors may ask questions, conduct further testing, and thorough investigations. These steps take place only after spotting warnings.

Monitor compliance

Numerous laws and regulations about corporate governance, taxation and financial reporting must be adhered to by businesses. Auditors assess if these regulations are being followed and may find instances of noncompliance, indicating possible fraud.

Auditors role in promoting ethical behaviour within an organisation

The involvement of auditors is crucial for the establishment of ethical standards in organisations. They examine the ethics policies, code of conduct and whistleblower mechanisms of the company to ensure that they are designed effectively and executed correctly. Furthermore, auditors can offer training and consultations about ethical issues. This is how the workers appreciate the significance of trustworthiness and accountable actions in the office.

If you are looking for auditors, consult S.M.Gupta & Co. We take pride in calling ourselves the best auditing service in Kolkata. The experience and expertise of our audit and taxation professionals maintain our standard as one of the best auditing companies. They apply the worldwide auditing standards to maintain integrity and openness in every procedure. You can always ask for the help of our expert advisors. Moreover, we offer live updates on your VAT, income tax, and general accounting status to keep you totally aware. Visit our website to book an appointment with us.

Tags auditor in Kolkata, CA in Kolkata

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Tips To File Your Income Tax Return Before The Last Date

Post author By sm-gupta
Post date September 19, 2025

income tax returns kolkata

To display the gross taxable income for a particular fiscal year, an income tax return form is essential. Taxpayers use these forms to report their income, claim exemptions and deductions, and pay their taxes. However, everyone should file their income tax return before the deadline.

The income tax department of India collects this form and inspects it to ensure there are no errors. Taxpayers filing income tax returns in Kolkata submit the appropriate documents to the department. There are various categories under which your income will fall. These include income through salary, house properties, business, capital gains or other sources.

Important points to consider while filing the income tax return

Depend upon a professional

People think that it’s easy to file taxes on their own, especially if the income source is single. It takes at least 15 minutes to get access to the income tax website. In this situation, the best course of action is to hire experts. Hire a chartered accountant to make the filing process easier.
If you file before the last date, the chartered accountants will ensure that you do not miss any deductions. They examine the whole detail and ensure that there are no problems.

Never bypass the deduction

Section 80C states that you can deduct at least Rs 1.5 lakh from the total taxable income. Hence, you must follow the standards outlined in Section 80C. You can claim this deduction for various expenditures and income. There are life insurance premiums, provident fund
contributions and tuition fees. Coincidentally, if you have any deductions beyond this section, you cannot bypass them. It includes calculating the applicable house rent by not having the house rent allowance. Additionally, including spending a certain amount of money on treating specific diseases.

Filling the appropriate ITR form

You need to fill out the form according to your needs and requirements. It will depend on the your income source or if you’re an entrepreneur running a business. For the salaried employees, ITR-1 is the suitable option. On the other hand, the ITR-2 is required for income generated from a foreign country and capital gains made through investments. ITR 2 is also an option for carrying forward the loss you need to report. The ITR 3 and 4 are for freelancers and
entrepreneurs.

Never forget to refer to Form 26AS

The form states the tax that you need to pay. The income tax department provides this form online. After you log in to the TRACES portal, the form becomes accessible. Here, you’ll find the details of TDS and advance tax paid from various sources of income.

Never forget the verification after completing

If you forget to verify, then the income tax return filing process can be wasted. To complete the process you need to complete the verification. A verification notification appears, helping you complete the entire process.

To file for a tax return, you can hire our chartered accountants at S.M.Gupta & Co. Our experts ensure that your income tax return process in Kolkata gets easier. The services we offer include taxation, advisory services, and law firm & consultants. Visit our website and book an
appointment today. We’re ready to partner with you.

Tags Income Tax Returns

auditing service in kolkata Auditor in Kolkata

Smooth Sailing Through Your Financial Audit: Key Tips You Need

Post author By sm-gupta
Post date August 26, 2025

Auditor in Kolkata

Auditing of the finances is a crucial component in any business for maintaining accuracy and precision. Although the process may sound daunting, with the right preparation, it can be done easily with little or no stress. Your initial audit or a regular visit audit can be the easiest if you are prepared, which could mean saving precious time, minimising mistakes, and establishing confidence in stakeholders. Ensure you rely on a professional auditor in Kolkata for a more effective approach.

What are the Essential Tips for an Efficient Financial Audit?

Here we will offer practical, easy-to-follow tips to help you prepare for your next financial audit with confidence and clarity, making the entire process efficient and hassle-free.

Organise Financial Documents Early

The foremost and most essential factor is to compile all the necessary financial documents well in advance of your appointment at the IRS office. These include bank statements, tax returns, purchasing records, payroll records, invoices, and check receipts. Ensure these documents are filed properly and retrievable. A well-documented record system not only saves time, but also reduces the possibility of missing information.

Review Internal Controls

Internal controls defines the processes and procedures designed to prevent and detect fraud and errors. Before the audit, spend some time surveying and evaluating such controls. Ensure a clear separation of responsibilities, that approvals are processed appropriately, and that transactions are recorded accurately. If you identify weaknesses, they should be addressed before they become concerns during the audit.

Reconcile Accounts

Accounts should be reconciled in all books before the auditor arrives in Kolkata, including the bank, payroll, and the inventory. Compare internal records with the outside statement to ensure that everything meets the same standard. This process can help identify any discrepancies and assist you in resolving them before they occur, resulting in a cleaner and more reliable financial statement.

Conduct a Pre-Audit Review

Preparing a self-review or unofficial audit before an official one can help identify potential issues. Look into data entry errors, unaccounted and missing documents, and policy violations. You may also want to consult with your accountant to conduct a mock audit. It allows you to take advantage of some time to address issues and present your records in the best possible way.

Communicate with Your Team

You need to communicate effectively with your staff. Inform the departments that may be concerned with the audit what is expected of them, and when the audit will take place. Assign duties, ensure the key personalities are present to clarify questions, and make it enjoyable through cooperation.

S.M. Gupta & Co. offers professional guidance to ensure your financial records are audit-ready. With a team of experienced professionals, we help you stay compliant, organised, and stress-free with flawless auditing service in Kolkata.

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