Audit

Broadly, Audit involves the following :

  • Indepth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening
  • Ensuring compliance with policies, procedures and statutes
  • Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS
  • Checking the genuineness of the expenses booked in accounts
  • Reporting inefficiencies at any operational level
  • Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence
  • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account
  • Issue of Audit Reports under various laws

Types of Audits conducted:

  • Statutory Audit of Companies
  • Tax Audit under Section 44AB of the Income Tax Act, 1961
  • Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc
  • Concurrent Audits
  • Revenue Audit of Banks
  • Branch Audits of Banks
  • Audit of PF Trusts, Charitable Trusts, Schools, etc
  • Audit of Co-operative Socities
  • Information System Audit
  • Internal Audits