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
 
     
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