| 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 GAAP and applicable AS/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 Financial Statements.
- 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 Audit
- 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 Audit
- CSR Audit
- Inventory Audit
- Compliance Review
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