Broadly, Audit involves the following :
- • Indepth 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 Socities.
- • Information System Audit
- • Internal Audits.