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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.
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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