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AUDIT |
| Broadly, Audit involves the following : |
- Performing Risk Assessment Procedures to identify the risk of material misstatement.
- Designing other audit procedures as per the results of such risk assessment procedures
- Performing compliance procedures to examine the design, consistency and operating effectiveness of the internal control system
- Communicating the weaknesses identified in the internal controls to the management and those charged with governance
- Providing suggestions for improvement and strengthening of the controls
- Performing substantive procedures to examine the completeness, accuracy, occurrence and validity of the transactions and the balances.
- Ensuring compliance with policies, procedures and statutes.
- Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Principles and applicable Accounting Standards/IFRS.
- Checking the genuineness of the expenses and incomes booked in accounts.
- Checking the ownership, existence, valuation and controls over the assets of the entity
- Reporting inefficiencies at any operational level.
- Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
- Performing substantive analytical review procedures by using various ratios, trends and other statistical tools and examining any significant changes thereon
- 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.
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| Types of Audits conducted |
- Statutory audit of most types of entities.
- Internal Audit
- Concurrent Audit to help the clients in early detection of misstatements and timely completion of audit work.
- Special Audit of N.B.F.C (Under R.B.I)
- Revenue / Inspection / Stock Audit
- Operation / Management Audit
- VAT Audit under the local VAT laws
- 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.
- Revenue Audit of Banks.
- Branch Audits of Banks.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Societies.
- Information System Audit
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