Broadly, Audit involves the following:
- 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.
- 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.
- Concurrent Audits
- Branch Audits of Banks
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Societies
- Internal Audits
- Forensics Audits
- Due Diligence
- Fraud Investigation
- Stock Audit
- Society’s Audit
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