AUDIT
Broadly, Audit involves the following :
Indepth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.Â
Reporting inefficiencies at any operational level.
Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
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
Ensuring compliance with policies, procedures and statutes.
Issue of Audit Reports under various laws.
Types of Audits conducted
Statutory Audit of Companies.
Information System Audit.
Revenue Audit of Banks.
Audit of PF Trusts, Charitable Trusts, Schools, etc.
Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
Tax Audit under Section 44AB of the Income Tax Act, 1961.
Concurrent Audits.
Branch Audits of Banks.
Audit of Co-operative Socities.
Internal Audits.