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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
Two firms can face IBC proceedings if both are corporate debtors - Supreme Court
Tax Advisories / Audit should be treated as Management Services - NFRA
NFRA fines and bars Chartered Accountant for 5 years from undertaking Audit work
Sebi comes out with detailed framework for social stock exchange
NFRA debars Chartered Accountant for lapses in Audit
Businesses will be able to claim pre-GST tax credits from October 1
Direct Tax Collections for F.Y. 2022-23 up to 08.09.2022
Finance ministry to kick-start budgetary exercise from October 10
RBI cancels the licence of The Laxmi Co-operative Bank Limited, Solapur, Maharashtra
Compliance Function and Role of Chief Compliance Officer (CCO)- Urban Co-operative Banks - RBI
Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act - CBDT
Guidelines for filing / revising TRAN-1 / TRAN-2 as per Supreme Court Order
Review of Prudential Norms – Risk Weights for Exposures guaranteed by Credit Guarantee Schemes (CGS)