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Audit Services

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

The statutory audit of companies serves as a regulatory checkpoint, ensuring financial statements' accuracy, transparency, and compliance with legal requirements. By providing an independent assessment, it fosters trust among stakeholders, enhances corporate governance, and reinforces financial integrity.

Tax Audit under Section 44AB of the Income Tax Act, 1961.

Tax audit under Section 44AB of the Income Tax Act, 1961, mandates a thorough examination of taxpayers' accounts to verify compliance with tax laws. By scrutinizing financial records and ensuring adherence to tax regulations, it enhances transparency, reduces tax evasion, and promotes fiscal discipline.

Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.

Audits under sections like 80HHC and 80-IA of the Income Tax Act, 1961, delve into specific tax incentives and exemptions, ensuring their rightful application and compliance. By meticulously examining eligibility criteria and documentation, these audits validate taxpayers' claims, fostering fair implementation of tax incentives and bolstering regulatory integrity.

Concurrent Audits.

Concurrent audits provide real-time oversight of financial transactions, ensuring accuracy, compliance, and risk mitigation within organizations. By conducting regular and continuous assessments, concurrent audits help prevent fraud, streamline processes, and enhance internal controls for operational efficiency.

Revenue Audit of Banks.

Revenue audits of banks scrutinize income generation processes, ensuring compliance with regulatory standards and accuracy in financial reporting. Through meticulous examination of revenue streams and transactional records, these audits bolster transparency, financial stability, and trust in the banking sector.

Branch Audits of Banks.

Branch audits of banks evaluate the financial health and operational efficiency of individual branches, ensuring adherence to regulatory guidelines and internal controls. By examining transactions, assets, and liabilities at the branch level, these audits mitigate risks, improve accountability, and uphold the integrity of banking operations.

Audit of PF Trusts, Charitable Trusts, Schools, etc.

Audit of PF trusts, charitable trusts, schools, and similar entities involves thorough examination of financial records and compliance with relevant laws and regulations. These audits ensure proper management of funds, transparency in operations, and adherence to the intended purposes of these institutions, ultimately fostering trust and accountability within the community they serve."

Audit of Co-operative Societies.

Audit of cooperative societies entails a comprehensive review of financial transactions, governance structures, and compliance with cooperative laws and regulations. By ensuring transparency, accountability, and adherence to cooperative principles, these audits play a crucial role in safeguarding the interests of members, promoting sustainable development, and maintaining the integrity of cooperative societies.

Internal Audits.

Internal audits are systematic evaluations conducted within organizations to assess the effectiveness of internal controls, risk management processes, and compliance with policies and regulations. By providing independent and objective assessments, internal audits help identify weaknesses, improve operational efficiency, mitigate risks, and enhance overall governance and accountability.