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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

22/03/2023
RBI directs all banks to keep branches open till Mar 31 for annual closing
21/03/2023
Updates on Bank Branch Audit 2023
13/03/2023
68,000 Cases Flagged for Mismatch In 2019-20 Income Tax Returns
11/03/2023
RBI cancels certificate of registration of 17 NBFCs
10/03/2023
Bank Branch Audit 2023 Updates
 
22/03/2023
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2022-23)
16/03/2023
SEBI Clarifies on Computation of Minimum Net Worth
11/03/2023
Govt notifies Cryptocurrency – Virtual digital assets under PMLA, 2002
20/02/2023
Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 – Disclosures for State Co-operative Banks and Central Co-operative Banks
Implementation of Indian Accounting Standards (Ind AS) - RBI
17/02/2023
Governance, measurement and management of Interest Rate Risk in Banking Book - RBI
Introduction of Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems