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AUDIT :- |
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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.
- 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.
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Types of Audits conducted |
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- Statutory Audit of Companies.
In
today’s dynamic business environment, for any business organization, one of the
most important challenges is to ensure compliance of various laws and
considering the fact that the law has become more complex in recent years as a
result of many reforms, amendments and notifications, it is of utmost
importance for every organization to comply with various laws so as to ensure
better corporate governance and meet with the requirements of vigilant
government authorities. Our Assurance clients extend to virtually all business sectors and
industry segments, ranging from Manufacturing, Trading, Trusts, Hospitals,
Service sectors, etc. - 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.
The
statutory audit of banks forms an integral and important part of control
mechanism of the regulators, like RBI. It provides the stakeholders including
the Regulators, a comfort with regard to credibility of the financial
information that a bank generates at every year end. Given the nature, scope
and volume of transactions undertaken by banks in India, coupled with their
geographical spread and the various regulatory directions to which they are
subject, audit of the financial statements of banks indeed becomes very
challenging for the auditors. Hence to maintain the quality of bank audits, we
keep our team well equipped in terms of knowledge of the banking sector and
initiate steps to keep up to date with the latest developments. Audit of PF Trusts, Charitable Trusts, Schools, etc. Audit of Co-operative Socities. Information System Audit . - Internal Audits.
As Internal auditors, we deal
with issues that are fundamentally important to the survival and prosperity of
any organisation. We look beyond financial risks and statements to
consider wider issues such as the organisation's reputation, growth, its impact
on the environment and the way it treats its employees. The role of internal
auditors is mainly to help the organisations to succeed. We do this through a
combination of assurance and consulting. The assurance part of our work
involves telling managers and governors how well the systems and processes
designed to keep the organisation on track are working and post that we offer
consulting to improve those systems and processes where necessary.
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