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Certification and Attestation Services

Certification and attestation services in Delhi, One of the most meticulous & vital services of professional is the issuance of certificates to their clients needed for several purposes under different laws, rules & regulations. Broadly, businesses require certificates based upon nature of the entity, the events being pleased by them under the law, any financial arrangement with banks or the financial institutions, getting benefit & various deductions to under different statues and periodical compliances of applicable rules & regulations. We at MAG, provide certification and attestation services for all those purposes as required by the clients.

Generally, the following types of certificates are required to take on business activities in India:

  • Certificates on the support of accounts and annual financial statements
  • Certificates for maintaining statutory records under Companies Act, 2013 and other laws as applicable
  • Certification for statutory liabilities
  • Certification of Fare Valuation of Shares of Companies for the purpose of mergers and acquisitions or demergers, Buy-back of shares, Allotment and transfer of shares
  • Certification for remittances abroad by an Indian resident to foreign entities outside India u/s 195 of the Income Tax Act, 1961
  • Net worth Certificates required for Bank finances, furnishing of Bank guarantees and issuance of Visa by Embassies
  • Tax Residency Certificate (TRC) required to claim relief under the applicable DTAAs.
  • Certification of arm's length price u/ 92 of the Income Tax Act, 1961.
  • Utilization certificates of various grants being discharge by Govt. of India to NGO's, Statutory Bodies, Autonomous Bodies, and charitable organizations.
  • Certificates for claiming various deductions & exemption under various rules & regulation
  • Certificates under the Income-Tax laws for various registrations, exemptions, deductions, etc
  • Certificates related to Transfer Pricing
  • Certification for various matters under GST Law
  • Certification under other Indirect Tax Laws
  • Certification under Exchange Control legislation for imports, remittances, ECB, DGFT, EOU, etc
  • Certification for claiming GST refunds
  • Certification for investment in plant and machinery by MSMEs

Attestation Services

Attestation Service is a consulting service in which a practitioner expresses a conclusion about the reliability of a written statement. Every individual or business entity requires attestation on various documents from a Chartered Accountant as per the specified rules and regulations of different laws in India.

There are broadly three types of attestation services regarding the financial statements of an entity: compilation, review and audit.

Compilation

Often a small business cannot afford an accounting staff. So, it outsources the task of preparing its financial statements to a practitioner. When a CA prepares these statements, it is called a compilation. A small business often uses compilation services when it wants to demonstrate that the company engaged a CA in the preparation of its financial statements.

Review

The next level of scrutiny is called a review. It is similar to a proper financial audit, but it is very narrower in scope.

Reviews are usually intended for lenders and other outside parties to receive a limited assurance on the completeness & accuracy of the financial statements.

Audit

An audit is used to provide creditors, investors and other users with reasonable assurance about whether the financial statements of a company are free from material misstatements. The auditor’s opinion that many companies hope to achieve is an “unmodified” or a “clean” opinion.

In addition to the auditor’s engagement, the business entity tends to be more involved in an audit by:

* preparing the financial statements for the auditor to review,

* providing footnotes and required disclosures to the financial statements,

* providing evidence to support the underlying transactions that comprise the financial statements,

* having documented accounting policies and procedures and

* answering any questions, the auditor may have.

What MAG Offers?

We undertake assignments of certification work assignments across different sectors of the industries. We are actively involved in all certification works as per clients needs. We value ourselves on practical, ethical and expert access to all certification attestation services in Delhi. Our sole purpose is to serve in the best interests of our client, giving the best opinion, avoiding conflicts of interest and working with responsibilities at all times with the esteemed profession & tax authorities with professional ethics.

If you want assistance in certification and attestation matters, you can write to us at info@manishanilgupta.com. Our experienced professionals will help you get various certificates and attestations faster and hassle-free.

Richa Gulati

Senior Associate-Secretarial Compliance, PCS

“If You Want To Fly Into A Free Sky, You Never Ask For The Wings, You Just Want To Break Up Your Ring. Keep Flying, The Whole Sky Is Yours .” .

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Frequently Asked Questions


A net worth certificate is a consolidated document containing the net worth of an individual or an enterprise, certified by a Chartered Accountant (CA), after scrutinizing the book of accounts, records and documents, and total assets and liabilities. It is commonly required as a part of visa application, bank loan application, franchisee application and more.
 
A turnover certificate is a detailed factual statement that assures the users about the turnover generated by the business entity during a particular period of time. It’s quite often required by banks for loans, government for tenders, etc. It has to be attested by a qualified chartered accountant in practice.
 
For opening a Current Account, you need to furnish the basic documents such as Pan Card, Aadhar Card, Driving License, Voter Id, etc.

In the case of proprietorship firms, the banks ask for a CA Certificate also for opening the account. Such certificate is addressed to the bank certifying the existence of the proprietary concern in order to enable the business firm to open the Current Account with a bank.
 
Unique Document Identification Number (UDIN) is an 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants. The concept of UDIN was introduced to curb the malpractices of certification by non-CAs and to enable the third parties to check the authenticity of the documents.

It is mandatory to obtain UDIN for all Certificates where the Financial Information/related content is certified as True and Fair by the Chartered Accountants like certificate issued by statutory auditors, certificate in Form 15CB, etc.
 
No, it is not compulsory to get all the certificates attested by a Chartered Accountant. Some of the certificates are to be certified by a CA, and some are to be attested by other professionals like CS, CMA, etc.
 
There are various types of certificates required for business activities in India, including certificates related to accounting and financial statements, statutory compliance, share valuation, tax residency, transfer pricing, GST, and more.

 

The purpose of certification of fare valuation of shares of companies is for mergers and acquisitions, demergers, buy-back of shares, allotment, and transfer of shares.

An audit is used to provide creditors, investors, and other users with reasonable assurance about whether the financial statements of a company are free from material misstatements.
Review engagements are intended for lenders and other outside parties who require limited assurance on the completeness and accuracy of financial statements.
Certification or attestation contributes to risk management by providing assurance that specific standards, controls, and best practices are implemented, reducing potential risks and increasing overall security and compliance measures within an organization. It helps identify and mitigate potential vulnerabilities, ensuring a proactive approach to risk mitigation.
The process for obtaining certification involves the initial assessment of compliance with relevant standards, followed by documentation review, on-site audits or inspections, corrective actions if necessary, and final certification issuance upon successful completion of the process.
Certification typically refers to the evaluation and confirmation of a management system, product, or service against a set of standards or criteria. Attestation, on the other hand, generally relates to the validation of a specific assertion or statement, such as financial statements, controls, or compliance with specific regulations. Both processes involve independent evaluation but have different scopes and purposes.
While attestation services are commonly associated with financial matters, such as auditing financial statements, they extend beyond finance. Attestation services can also include assessments of controls, systems, compliance with regulations, and various assertions made by an organization. These services provide independent validation and assurance, increasing trust and confidence in the subject matter being attested.
A self-declaration means that an organization claims compliance with a certain standard or requirement without external validation. It is based on self-assessment and self-reporting. On the other hand, third-party certification involves an independent assessment conducted by a certification body. Third-party certifications are typically more credible and trusted by stakeholders as they provide an objective evaluation by an external party.
Financial Statement Attestation involves independent examination and verification of an organization's financial statements to ensure they are presented fairly and in accordance with applicable accounting principles or standards.
 

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