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Audit vs bookkeeping vs tax filing
Four pieces of work that are often confused: what each is for, what you get, and who does it.
| Bookkeeping | Financial statement preparation | Tax return filing | Statutory audit | |
|---|---|---|---|---|
| Primary purpose | Record and reconcile financial transactions | Present financial position and performance | Report prescribed tax information | Independent examination within legal scope |
| Typical output | Up-to-date ledgers and reconciliations | Financial statements and schedules | Filed return and acknowledgement | Auditor's report by an eligible independent professional |
| How often | Ongoing, usually monthly | Each financial year | Each tax year | Each financial year, where the law requires it |
| Who does it | Accounting team or accountants | Accountants, reviewed by a qualified professional | Return preparer, with professional review | Only an authorised independent professional |
Related services
- Individual Income Tax Return (ITR) Filing
- Business and Proprietorship ITR Filing
- Partnership Firm and LLP Tax Return
- Company Income Tax Return (ITR-6)
- Tax Planning Advisory
- Tax Audit (Section 44AB)
- Bookkeeping and Accounting
- Accounts Cleanup and Reconciliation
- Financial Statements Preparation
- Statutory Audit
General guidance only. Suitability and current statutory requirements must be reviewed for your circumstances.
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