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
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RBI alerts banks on heightened cyber security threats
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ICAI found gross negligence by Byju's auditors, recommended punitive actions against it
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Bank Branch Audit 2024 Updates
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RBI Ombudsman received more complaints against private banks per branch in FY23
12/03/2024
GSTN Advisory on GSTR-1/IFF - Introduction of New 14A and 15A tables
Notification/Circulars
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Cut-off time for uploading of GST, ICEGATE and TIN 2.0 luggage files - RBI
Reporting and Accounting of Central Government transactions for March 2024 - RBI
09/03/2024
Designation of an individual under clause (a) of Sub-section (1) and Sub-section (2) of Section 35 of the Unlawful Activities (Prevention) Act (UAPA), 1967 and listing in the Fourth Schedule of the Act- Reg.
08/03/2024
Amendment to the Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022
07/03/2024
Circular under section 119 of the Income-tax Act, 1961 - CBDT
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Arrangements with Card Networks for issue of Credit Cards - rbi
Money Transfer Service Scheme - Submission of Statement on CIMS
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