• Facebook
  • Twitter
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.

Contact Support
>> Statutory Audit                            >>Tax Audit under Income Tax Act                    >>Internal Audit
>>Inventory Audit                             >>Concurrent Audit                                              >>Revenue Audit For Banks
Statutory Audit

Our audit approach is business oriented. It focuses on an understanding of the client’s business much deeper than the knowledge of the accounting system and records on which auditors have traditionally concentrated. We reflect this business orientation in several ways: our audit focuses on the substance of the underlying business rather than just the financial statements; we use our knowledge of the business and consider other services we provide in determining our audit procedures and appropriate sources of audit evidence; we use information we obtain from other services we may have performed during the year to offer constructive advice to management

 

We are aware that the integrity and reputation of a client’s management could reflect on the reliability of their accounting records and financial representations and, therefore, on the Firm’s reputation. The Firm requires evaluation of all potential new audit and assurance service clients.

 
TAX Audit

Tax Audit refers to the independent verification of the books of accounts of the assessee to form an opinion on the matters related to taxation compliances carried out by the assessee. While preparing the books of accounts of the business or profession for the purpose of income tax filing, the assessee has to comply with the provisions of Income-tax Act, 1961 particularly from section 28 to section 44DB. The provisions in these sections deal with the income from business or profession which is chargeable to tax, how such incomes are computed, chargeability, various allowances or disallowances and the rate of depreciation on the various assets held by the assessee, deduction for making investments, deductions for making donations, treatment and tax compliances on borrowed capital, treatment and tax incidence on bad debts, statutory funds, accounting methods etc.

 

Having regard to these provisions, the process of return processing by the Income tax department becomes a cumbersome and time consuming task. So, to help and assist assessing officer in computation of assessee’ total income in accordance with the tax laws, audit under section 44AB of Income-tax Act, 1961 is required. Further, Tax audit is also required to ensure proper maintenance of books of accounts in accordance with the provisions of tax laws and to ensure that tax liability has been discharged on time and there is no concealment of income by the assessee

 
Concurrent Audit

Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.

 
Revenue Audit of banks

Revenue audit is the audit of items governing income & expenditure of banks, basically this type of audits are conducted with a view to verify the accuracy, relevance of expenditure incurred & Incomes earned by the banks according to applicable latest circulars, notification , Auditors only required to concentrate on the areas which affect revenue items of the banks.
 

 
Inventory Audit

Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory.

Stock audit is becoming more important as businesses is becoming multi-location and vendors, dealers, partners becoming a key to the business process. Assets like stock, physical equipments and machinery and even people are located in any of the above premises and a good control mechanism is the need for the smooth running of the business.

Key benefits of Stock Audits :

  1. Identification : Identification of slow moving stock, obsolete stock, dead stock and scrap.

  2. Avoidance : Avoidance of pilferage and fraud

  3. Information : Instant information of value of inventory

  4. Cost Reduction : Cost reduction and bottom-line

  5. Speacial Arrangements : Special arrangements for third party opinion, including for Agent warehouses

  6. Reduction : Reduction in gaps in present inventory management process

 
Internal Audit

Internal Audit is very important aspect, when we talk of assurance of true picture of state of affairs of an entity. It is checking within the entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. It helps in ensuring optimum utilization of the resources of the entity, as well as timely identification of liabilities including the ones in contingent nature. Internal Audit helps ensuring adequacy of information systems security and controls. Statutorily also certain companies have to have Internal Audit in place.

 
What we offer you:
  • Assessing/ preparing Internal Audit Manual for the organization and Study of control objectives.

  • Advising organizational procedures being followed.

  • Analyzing Accounting and Audit manual.

  • Practicality and viability of existing controls and areas of improvement.

  • Assessment of risks and open points.

  • Checking the controls instituted within the system.

  • Determining controls that are adequate to meet control objectives.

  • Working out possible areas of improvement.

  • Comparison of written control policies and adherence to same.

  • Measuring deviation at test check levels.

  • Deciding on degree of control which is adequate depending upon organization to organization.

  • Consideration of Fraud in internal audit.

  • Internal audit sourcing and outsourcing.

  • Assets at risk and their protection.

  • Audit of Corporate Governance.

  • Evaluation of department for internal controls, if exist

  • Legal and situational internal control advisory.

  • Process Audits