Audit Services
Key Aspects of Audit
- In-depth Analysis of Existing Systems – Reviewing current systems, procedures, and controls to understand their effectiveness and recommending improvements.
- Compliance Assurance – Ensuring adherence to company policies, procedures, and statutory requirements.
- Financial Review – Verifying that accounts are prepared following Generally Accepted Accounting Principles (GAAP), applicable Accounting Standards, and IFRS.
- Expense Verification – Examining the authenticity of recorded expenses to prevent misstatements.
- Operational Efficiency Assessment – Identifying inefficiencies at various operational levels and providing actionable insights.
- Fraud Detection and Revenue Protection – Identifying and preventing income leakages while suggesting corrective measures to avoid recurrence.
- Certification of Financial Statements – Confirming that the books of accounts are in agreement with the Balance Sheet and Profit & Loss Account.
Types of Audits Conducted
- Statutory Audit of Companies – Ensuring financial statements comply with legal and regulatory requirements.
- Tax Audit (Section 44AB, Income Tax Act, 1961) – Examining accounts to verify tax compliance for eligible entities.
- Audit Under Other Sections of the Income Tax Act – Conducting audits under provisions for tax benefits and deductions.
- Concurrent Audits – Regular audits to assess financial transactions and internal controls in real-time.
- Revenue Audit of Banks – Reviewing income and revenue streams of banks for accuracy and compliance.
- Branch Audits of Banks – Evaluating the financial operations of individual bank branches.
- Audit of PF Trusts, Charitable Trusts, and Schools – Ensuring compliance and transparency in the financial activities of non-profit organizations.
- Audit of Co-operative Societies – Assessing financial records and regulatory adherence of co-operative organizations.
- Information System Audit – Evaluating IT systems, data security, and risk management controls.
- Internal Audits – Independent assessment of internal processes, risk management, and compliance.
