Broadly, Audit involves the following:
- In-depth 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 Societies.
- Information System Audit
- Internal Audits