Broadly, Audit involves the following :
- Indepth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.
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Ensuring compliance with policies, procedures and statutes.
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Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
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Checking the genuineness of the expenses booked in accounts.
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Reporting inefficiencies at any operational level.
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Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.
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Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
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Issue of Audit Reports under various laws.
Types of Audits conducted
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Internal Audit
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Tailor made scope oriented Internal Audits
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Investigations & Special Audits as required by the management
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Management Audit
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Bank audits
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Proprietary Audit
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Statutory Audit
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Society Audits - Registered under Societies Act, 1860
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Audit under The Income Tax Act, 1961
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Audit under The Maharashtra Value Added Tax Act, 2002
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Audit under Goods and Services Tax Act, 2017
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Bank audits
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Trust Audits as per Maharashtra Public Trusts Act
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Transfer Pricing Audit
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Audit under Maharashtra Co-Operative Societies Act I960
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Bank Audits
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Concurrent Audits.
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Revenue Audit of Banks.
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Branch Audits of Banks.
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Internal Audit – Banks
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Audit of Schools, Charitable Trusts, PF Trusts etc
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Secretarial Audit
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Stock Audit
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Information Systems Audit