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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.
 

News & Events

27/09/2023
CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
26/09/2023
NSE plans to extend F&O trading hours
RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
25/09/2023
AI Can Replace Work Being Done by Auditors and Accountants - Union Finance Secretary
24/09/2023
Govt considers giving financial creditor status to insurers issuing surety bond during resolution
23/09/2023
IBC Cannot Be Used As A Tool For Recovery - NCLT Delhi
SEBI eases borrowing norms for large corporates
RBI proposes stringent norms for wilful defaulters
 
26/09/2023
Display of information - Secured assets possessed under the SARFAESI Act, 2002
23/09/2023
Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters - RBI
21/09/2023
RBI’s Master Direction on Basel III and Investment Norms 2023
Data Quality Index for Commercial and Microfinance Segments by Credit Information Companies - RBI
19/09/2023
Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
16/09/2023
Financial Inclusion Index for March 2023 - RBI