Proprietary Term Definitions Glossary
Statutory Audit
A **Statutory Audit** is an officially mandated review of a company’s financial records and accounts to ensure reliability and truthfulness, required for all registered Indian companies under **Section 139 of the Companies Act, 2013**.
Tax Audit
A **Tax Audit** is a review process governed by **Section 44AB of the Income Tax Act, 1961** to verify that a business or professional taxpayer has correctly declared their taxable income, deductions, and tax liabilities. It is mandatory when turnover exceeds specified thresholds.
Internal Audit
An **Internal Audit** is a proactive internal review system mandated under **Section 138 of the Companies Act, 2013** for qualifying private and public companies to assess and optimize risk management, governance, and internal accounting controls.
Form 15CA & 15CB
**Form 15CA** is a declaration made online by the remitter regarding foreign payments, while **Form 15CB** is a certificate issued by an independent practicing Chartered Accountant confirming that the outbound remittance has been taxed at the appropriate rate in India.
Networth Certificate
A **Networth Certificate** is a CA-certified financial statement illustrating the total assets and liabilities of an individual or corporate entity, typically required as financial proof for visa, immigration, or license applications.
Virtual CFO
A **Virtual CFO** is an outsourced executive financial service helping startups and SMEs manage their day-to-day accounts, regulatory compliances, and strategic corporate planning without the overhead of hiring a full-time CFO.