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Audit

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 Socities.
  • Information System Audit
  • Internal Audits.
 
 
News & Events
 
Notification/Circulars
22/02/2018
OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages
RBI forms committee to measure effectiveness of bank audit in fraud mitigation
16/02/2018
Acceptance of coins
13/02/2018
Clarifications regarding GST in respect of certain services
Resolution of Stressed Assets – Revised Framework
09/02/2018
Levy of Penal Interest – Delayed Reporting
Process ITRs of all Non-scrutiny cases for A Y 2016-17 by 31.03.2018 - DIT
08/02/2018
GST Settlement of Funds (Amendment) Rules, 2018
Relief for MSME Borrowers registered under Goods and Services Tax
 
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