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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

18/07/2024
RBI mandates lenders to listen to loan defaulters before declaring accounts as fraud
IRDAI imposes Rs 2 crore penalty on Bajaj Finance for violating regulations
17/07/2024
NCLT admits Byju's to Insolvency Resolution Process
16/07/2024
Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
RBI issues revised circular to declare accounts as fraud, incorporates SC ruling on borrower rights
15/07/2024
Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports
13/07/2024
Audit Panels of Companies should step up Engagement with Auditors - NFRA
CBIC issues fresh norm for recovery of GST dues
SEBI recognises BSE as supervisory body for research analysts, investment advisers
 
16/07/2024
Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)
Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs)
Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions
13/07/2024
Processing of refund applications filed by Canteen Stores Department (CSD).
Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to export.
Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons.
Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of
11/07/2024
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)
Basel III Capital Regulations - Eligible Credit Rating Agencies (ECAI) - RBI
03/07/2024
Release of foreign exchange for Miscellaneous Remittances - RBI
Online submission of Form A2: Removal of limits on amount of remittance - RBI
25/06/2024
SEBI Master Circular for Electronic Gold Receipts (EGRs)