Audit

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.
• 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.
• Verification and reporting of the books of accounts 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.

Audit & Assurance services

• Statutory Audit as per Companies Act and Banking Regulation Act.
• Tax Audit as per Income Tax Act 1961.
• Internal audits
• Concurrent audits
• Transaction Audit
• Due Diligence Audits
• PSL Audit.
• Setting up of Adequate Internal Controls& Review on their implementation
• Information Systems Audits
• Stock, Book debts audits and Collateral Inspections
• Credit Process Audits