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Accounting Review Services in India – Periodic Books Review, Ledger Scrutiny, Bank / GST / TDS / 26AS Reconciliation, Schedule III Mapping, Ind-AS / AS Compliance, MIS Validation & Pre-Audit Cleanup under Companies Act 2013, Income-Tax Act 1961 & CGST Act 2017
Accounting Review Services are independent, periodic examinations of a company's accounting records to confirm that transactions have been correctly recorded, reconciled, classified, and disclosed — well before the statutory or tax auditor is brought in. A review sits between bookkeeping and audit: it does not give an audit opinion, but it identifies misclassifications, reconciliation gaps, accounting-standard breaches, and tax-impact errors so that they can be corrected at source.
Reviews are usually structured as monthly closure reviews, quarterly limited reviews, half-yearly accounting health-checks, or pre-audit cleanups — referencing Section 128 / 129 / Schedule III of the Companies Act 2013, applicable Ind-AS / AS, ICDS, Income-Tax Act, and the CGST Act. Our accounting review services cover ledger scrutiny, bank / GST / TDS / 26AS / inter-company reconciliations, fixed-asset and inventory verification, MIS validation, schedule-III mapping, accounting-policy alignment, and audit-readiness — for proprietorships, LLPs, private companies, and listed groups.
Sec 128 / 129
Books & Financials
Schedule III
BS / P&L Format
Ind-AS / AS
Recognition & Disclosure
Pre-Audit
Cleanup & Readiness
Laws & Standards We Work With
Companies Act 2013
Sec 128 – Books
Sec 129 – Financials
Schedule III
Ind-AS
AS
ICDS
Income-Tax Act 1961
Sec 44AB – Tax Audit
CGST Act 2017
GSTR-2B vs Books
26AS / AIS / TIS
Sec 43B(h) – MSME
Audit Trail (Edit Log)
Accounting Review Buckets We Handle
Monthly
Monthly Closure Review
Independent month-end review of voucher posting, BRS, ledger movement, GST / TDS tagging, payroll JV, and depreciation — sign-off before MIS goes to management.
- Voucher sample test
- BRS sign-off
- GST / TDS tag check
- Payroll JV review
- Depreciation run
- MIS validation
Reconciliation
Reconciliation Review
Bank, vendor, customer, GSTR-2B, GSTR-1, 26AS, AIS / TIS, TDS, inter-company, and stock reconciliations — gap analysis with root-cause and corrective JVs.
- Bank recon
- GSTR-2B vs purchase
- 26AS vs TDS
- Inter-company recon
- Stock recon
- Open-item ageing
Ledger
Ledger Scrutiny
Account-by-account scrutiny — abnormal entries, classification errors, misposting, suspense / temp accounts, contra entries, dormant ledgers, and self-balancing checks.
- Suspense / temp accounts
- Misclassification
- Round-tripping
- Dormant ledger close
- Self-balancing checks
- Trial-balance health
Quarterly
Quarterly Limited Review
Quarter-end limited review aligned with SEBI LODR / management cadence — analytical review, materiality testing, and KPI validation; not a full audit but high-confidence sign-off.
- SRE 2410-style approach
- Analytical review
- Materiality testing
- KPI validation
- SEBI LODR alignment
- Management sign-off
Pre-Audit
Pre-Audit Cleanup
Comprehensive pre-statutory-audit review — schedule-III mapping, audit-schedule preparation, accounting-policy note, depreciation working, deferred-tax workings, and Q&A pack for auditor.
- Schedule-III mapping
- Audit schedules
- Accounting policies
- Deferred-tax computation
- Provisions / contingencies
- Auditor Q&A pack
Standards
Ind-AS / AS Compliance
Review against applicable Ind-AS / AS — revenue (Ind-AS 115 / AS 9), leases (Ind-AS 116 / AS 19), financial instruments (Ind-AS 109 / AS 30), and impairment / fair-value adjustments.
- Revenue cut-off
- Lease ROU / AS 19
- Financial instruments
- Impairment testing
- Fair value
- Disclosures
Tax Sync
Tax-Books Reconciliation
Books vs GST returns, books vs TDS / 26AS / AIS, books vs ITR, ICDS adjustments, MAT working, and Form 3CD-ready data — minimising audit-trail and tax-notice risk.
- Books vs GST
- Books vs 26AS / AIS
- ICDS adjustments
- MAT computation
- 3CD prep
- Tax-notice readiness
Diligence
Diligence-Grade Review
Investor / lender / acquirer-grade financial review — quality-of-earnings (QoE), normalised EBITDA, working-capital scrub, debt-like items, cap-table reconciliation, and red-flag report.
- QoE / normalised EBITDA
- Working-capital scrub
- Debt-like items
- Cap-table recon
- Off-balance sheet
- Red-flag report
Key Concepts in Accounting Review
Sec 128
Books of Account
Books must be kept on accrual basis, double-entry system, and give a true and fair view — review confirms accuracy, completeness, classification, and reconciliation.
Accrual
True & Fair
Sec 129
Financial Statements
Financial statements must comply with Schedule III and applicable Ind-AS / AS — review confirms presentation, recognition, measurement, and disclosure compliance.
Sch III
Ind-AS / AS
Audit vs Review
Lower Assurance
A review provides limited assurance through inquiry and analytical procedures — narrower than a full statutory audit, but a powerful pre-audit and management-control tool.
Limited
Pre-Audit
Reconciliation
Books vs Reality
Reconciliations between books and bank statements, GSTN, 26AS / AIS, depository, and inter-company are the heart of the review — every gap is a potential misstatement or tax notice.
Bank / GST
26AS / AIS
Cut-off
Period Closure
Cut-off testing ensures that revenues, expenses, and accruals are recorded in the correct period — critical for monthly MIS, quarterly review, and year-end closure quality.
Period
Accruals
Sec 43B(h)
MSME Buyer Payment
Expense disallowance if MSME suppliers are not paid within 15 / 45 days — review identifies overdue MSME creditors and quantifies disallowance for tax computation.
15 / 45 Days
MSME
Audit Trail
Edit Log Compliance
From FY 2023-24, every company must use accounting software with audit trail (edit log) — review confirms feature is enabled, retained, and disclosed in audit report.
FY 2023-24+
Mandatory
Materiality
Risk-Based Sampling
Reviews use materiality-based sampling and analytical procedures — focused on high-value, high-risk, and unusual ledger movements rather than 100% checking.
Sampling
Analytical
Our Accounting Review Services
Monthly Closure Review
Month-end voucher sampling, BRS sign-off, GST / TDS tag verification, payroll JV check, depreciation run, and management MIS sign-off — within 5 days of month-end.
Quarterly Limited Review
Quarter-end review on SRE 2410 lines — analytical procedures, materiality testing, KPI validation, and SEBI LODR-aligned management certification.
Reconciliation Pack
Comprehensive bank, GSTR-2B, 26AS / AIS, vendor / customer, inter-company, and stock reconciliations — open-item ageing and corrective-action plan.
Ledger Scrutiny
Account-wise scrutiny — suspense, contra, dormant, misclassified, and unusual ledgers; corrective JVs; trial-balance health and cleaner chart of accounts.
Pre-Audit Cleanup
Schedule-III mapping, audit-schedules, accounting-policy note, deferred-tax working, provisions / contingencies, and complete auditor Q&A pack.
Ind-AS / AS Compliance Review
Compliance check against Ind-AS 115 / 116 / 109 (or AS 9 / 19 / 30), revenue cut-off, lease ROU, financial-instrument classification, impairment, and disclosures.
Tax-Books Sync
Books vs GST / TDS / 26AS / AIS / ITR sync, ICDS adjustments, MAT / AMT working, 3CD-ready data, and proactive tax-notice prevention.
Sec 43B(h) MSME Review
Identification of MSME creditors, ageing of dues, 15 / 45-day cut-off mapping, expense-disallowance quantification, and remedial action plan.
Fixed-Asset & Inventory
Asset register vs ledger reconciliation, capitalisation review, depreciation Sch II / Sec 32, physical-verification gap, stock valuation method, and obsolete inventory.
Audit-Trail Review
Verification of audit-trail (edit-log) configuration, retention, integrity, and disclosure note for the auditor — FY 2023-24 onwards mandatory compliance.
Diligence-Grade Review
Investor / lender / acquirer-grade quality-of-earnings, normalised EBITDA, working-capital scrub, debt-like items, cap-table recon, and red-flag report.
Year-End Health-Check
Comprehensive year-end accounting review, schedule-III financials, audit handover pack, deferred-tax, and management representation letter (MRL) draft.
When You Need an Accounting Review
Before Statutory Audit
Statutory audit due — pre-audit cleanup, schedule-III mapping, audit schedules, deferred tax, and full auditor Q&A pack.
Tax Audit Looming (Sec 44AB)
Tax-audit threshold crossed — books-to-tax reconciliation, ICDS adjustments, MAT / AMT, and 3CD readiness.
Fund-Raise / Diligence
VC / PE / lender diligence — QoE, working-capital scrub, debt-like items, cap-table recon, and red-flag remediation.
Management Change
New CFO / FC / promoter takeover — opening-balance certification, reconciliation refresh, and clean baseline.
GST / IT Notice
GSTR-2B mismatch / 26AS mismatch / 143(1) intimation — books-to-return reconciliation and reply-data preparation.
System / ERP Migration
Migrating from Tally to Zoho / SAP / Oracle — opening-balance verification, master cleanup, and parallel-run accuracy review.
Multi-Entity Consolidation
Group / multi-entity / multi-state consolidation — inter-company elimination, accounting-policy alignment, and group MIS sign-off.
Suspected Fraud / Irregularity
Whistle-blower / leakage / unexplained variance — focused review of suspense ledgers, vendor master, and cash entries with red-flag report.
Documents Needed for Accounting Review
Books & Ledger
- Tally / Zoho / QB / Xero backup
- Trial balance & ledger dump
- Voucher / day-book extracts
- Last year's audited financials
- Chart of accounts
- Accounting policies note
- Audit-trail (edit-log) report
Reconciliation Inputs
- Bank statements (all accounts)
- GSTR-1 / 3B / 9 + GSTR-2B
- 26AS / AIS / TIS
- TDS challans + 24Q / 26Q
- Vendor / customer ledgers
- Inter-company schedules
- Stock register + valuation
Schedules & Other
- Fixed-asset register
- Loan / charge / EMI schedule
- Lease agreements
- RPT register (MBP-4)
- Provisions / contingency note
- Payroll register + EPF / ESI
- Last 3 months bank recon
Our Accounting Review Engagement Process
1
Scoping & Risk Assessment
Define scope (monthly / quarterly / pre-audit / diligence), materiality, focus areas, and a risk-based sampling plan.
2
Data Pull & Reconciliation
Tally / ERP backup, ledger dump, bank / GSTN / 26AS pulls, ageing reports, and master-data extraction.
3
Review & Testing
Voucher sampling, ledger scrutiny, reconciliation testing, accounting-standard check, and cut-off / classification testing.
4
Findings & Corrections
Observation log, corrective JVs, schedule-III mapping, accounting-policy alignment, and re-validation of corrected books.
5
Sign-Off & Handover
Review report, audit-handover pack, MIS / KPI sign-off, and continuity retainer for next cycle.
Why Choose Us for Accounting Review
✓
CA / CMA-led review team
✓
Ind-AS / AS / ICDS expertise
✓
Pre-audit cleanup specialists
✓
Diligence-grade output
✓
Schedule-III & Sec 43B(h) ready
✓
Books-to-tax full sync
✓
Multi-entity consolidation
✓
Audit-trail compliance check
FAQs on Accounting Review Services
What is an accounting review?
An independent periodic check of accounting records to confirm accuracy, classification, reconciliation, and standards compliance.
How is a review different from a statutory audit?
A review provides limited assurance through inquiry and analysis; an audit gives a full opinion on the financial statements.
How often should accounts be reviewed?
Ideally every month for closure, every quarter for limited review, and once a year just before the statutory audit.
What is pre-audit cleanup?
A focused review just before the statutory audit to fix gaps, prepare schedules, and reduce auditor queries and adjustments.
Do you reconcile GSTR-2B with books?
Yes — GSTR-2B vs purchase reconciliation is a core part of every review with item-level mismatch tracking.
Do you check 26AS and AIS?
Yes — books are reconciled with 26AS, AIS, and TIS to flag missing TDS credit, undisclosed income, or mismatches.
Do you cover Section 43B(h) MSME compliance?
Yes — MSME creditor ageing, 15 / 45-day cut-off mapping, and disallowance quantification are part of the review.
Can a review be done remotely?
Yes — through secure access to your accounting software, document repository, and video calls for query resolution.
Will you make the corrective entries?
We propose the corrective journal entries; the management or its bookkeeper can post them in the books.
What is the typical turnaround?
Monthly review in five to seven days, quarterly review in two to three weeks, and pre-audit cleanup in three to four weeks.
Books Reviewed. Reconciliations Sealed. Audit-Ready.
Partner with our accounting-review specialists for monthly / quarterly / pre-audit reviews — ledger scrutiny, reconciliations, schedule-III, Ind-AS / AS, and audit-readiness for FY 2026–27.
Talk to an Accounting Review Expert