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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.
- Compliance and accuracy in financial reviews.
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