Broadly, Audit involves the following :
- 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.
Types of Audits conducted
- Statutory Audit of Companies
- 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.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Societies.
- Information System Audit
- Internal Audits.
Statutory Audit Services
In simple terms, statutory audit in India is equated with Audit under the Companies Act. Every company incorporated under the Companies Act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various stakeholders of the Company like government, shareholders, debtors, creditors, bankers etc.
The complexity of Statutory Audit Function has increased manifold during recent times. Globalization, fast changing business and statutory environment combined with the need for synchronization with various global accounting standards and ever-increasing reliance on audited accounts by a variety of interested parties has put enormous responsibility on the shoulders of any statutory auditor.
Our statutory audit team consists of ever improving set of skilled individuals trained extensively for conducting auditing function. Our auditing team is trained and updated on the ever-changing compliance requirements to stay ahead of the curve.
Our statutory audit department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure useability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and general public at large.
Internal Audit Services
Internal Audit is an independent management function involving:
- Continuous & critical appraisal of functioning of an entity
- Suggesting improvements & adding value to the entity
- Strengthening overall governance mechanism of the entity, incl. strategic risk management & internal control system.
Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures.