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News & Events
22/05/2024
RBI approves highest-ever dividend of Rs 2.11 lakh Cr to Govt
SEBI issues guidelines to manage stock impact from market rumours
Only 2% personal guarantee claims recovered under IBC so far - IBBI
20/05/2024
RBI may transfer dividend of around Rs 1 lakh Cr to Government
17/05/2024
SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
Information from manufacturers of Pan Masal and Tobacco taxpayers - GSTN
16/05/2024
SEBI eases KYC compliance norms for mutual fund investors
Advocates can't be held liable for deficiency in service - Supreme Court
14/05/2024
E-commerce firms seek clarity on registration under GST regime
CBDT releases new functionality in AIS for taxpayers
 
Notification/Circulars
22/05/2024
RBI Internal Review – Interim Recommendations – Withdrawal of Circulars
18/05/2024
Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility
11/05/2024
Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024 - RBI
09/05/2024
Relaxation of additional fees and extension of last date of liling of LLP BEN-2 and LLP Form No. 4D
RBI Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024
Margin for Derivative Contracts - RBI
04/05/2024
Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments (IPCs)
RBI Master Direction – Risk Management and Inter-Bank Dealings: Amendments

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.