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.