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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 Audits
- Tax Audits
- Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
- Interim Financial Reporting
- Ind AS implementation support
- Financial reporting under IFRS
- Performing agreed upon procedures
- Independent opinion on company law and accounting matters
- Certification
- Statutory Bank Audits
- Concurrent Bank Audits
- Audit of PF Trusts, Charitable Trusts, Schools, etc
- Internal Audits
- Stock Audits
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