AUDIT
Broadly, Audit and Assurance involves the following:
⦁ In-depth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
⦁ 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 Societies.
⦁ Information System Audit
⦁ Internal Audits
⦁ Limited Review
⦁ Due Diligence
⦁ Process Audit