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AUDIT
Broadly, Audit involves the following :
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Indepth study of existing systems, procedures and controls for proper
understanding. Suggestions for improvement and strengthening.
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Ensuring compliance with policies, procedures and statutes.
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Comprehensive review to ensure that the accounts are prepared in
accordance with Generally Accepted Accounting Policies and applicable
Accounting Standards/IFRS.
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Checking the genuineness of the expenses booked in accounts.
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Reporting inefficiencies at any operational level.
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Detection and prevention of leakages of income and suggesting corrective
measures to prevent recurrence.
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Certification of the books of account being in agreement with the
Balance Sheet and Profit and Loss Account.
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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.
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Audit under other sections of the Income Tax Act, 1961 such as
80HHC, 80-IA, etc.
- Audit of PF Trusts, Charitable Trusts, etc.
- Audit of Co-operative Societies.
- Internal Audits.
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