• banner
  • banner
  • banner

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

04/08/2021
SEBI allows payments banks to act as investment bankers
12,889 shell companies struck off in FY 2020-21 - MCA
CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
03/08/2021
PM Modi launches new digital payment system e-RUPI
SEBI revises minimum application value, trading lot for REITs, InvITs
Ernst & Young, Auditors to pay over $10 M to settle SEC charges
Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
02/08/2021
Treated and purified sewage water for industrial use to attract 18 pc GST - AAR
Gross GST collection in July crosses 1 lakh 16 thousand Cr rupees
31/07/2021
Gujarat govt transfers 36 officials for ‘fair probe’ into Rs 1,000 cr fake GST bill case
30/07/2021
Supreme Court bench sets time limit for lawyers, says time to change old habits
SEBI to ease rules for startups to go public
 
04/08/2021
Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators
31/07/2021
Accounting Standard to be followed by IFSC Banking Units (IBUs)
30/07/2021
Rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating
29/07/2021
Access for Non-banks to Centralised Payment Systems - RBI
22/07/2021
Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions - 2021