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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 Principles and applicable Accounting Standards/Ind AS.
- 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.
- 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
- Transfer Pricing Audit and Transfer Pricing Study under Income Tax Act, 1961
- Audit under GST
- 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
- Risk Based Audits
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