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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

27/02/2021
CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme
RBI imposes Rs 2 Cr fine on Bank of Maharashtra
High Court refuses to extend last date for GST Annual Returns
26/02/2021
L&T fined Rs 30 Cr in alleged Fake GST invoice case
MCA advises investors to verify status of Nidhi companies before investment
Ministry of Corporate Affairs and CBIC sign MoU Delhi for data exchange
25/02/2021
Gujarat High Court reprieve for exporters on GST exemptions
SEBI seeks explanation from NSE on trading halt
23/02/2021
DHFL transaction auditor unearths another fraudulent transaction worth Rs 6,182 Cr
CBIC provides facilitation for exporters having IGST refund issues
19/02/2021
RBI sets rules for digital payments in India
SC asks Centre to file affidavit on technical glitches in GSTN
GST Council may take up rationalising tax rates, slab merger in next meet
Govt directs LLPs to disclose their Beneficial Owners
 
27/02/2021
Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations
25/02/2021
Large Exposures Framework – Exemptions - RBI
Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance
19/02/2021
Master Direction on Digital Payment Security Controls - RBI
17/02/2021
Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)
16/02/2021
Margin for Derivative Contracts - RBI