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.
  • Concurrent Audits.
  • Audit of PF Trusts, Charitable Trusts, Schools, etc.
  • Audit of Co-operative Societies.
  • Internal Audits.
  • Statutory Audit of Co-Operative Banks, Public & Private sector Banks
  • Audit of Pathpedi, Co-operative Credit Societies
  • Audit under other sections of the Income Tax Act, 1961 such as 80-IB, etc.
  • Audit of Partnership Firms
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