An audit is an independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.
Audit And Assurance Services
Broadly, Audit involves the following:
- In-depth study of existing systems, procedures, and controls for proper understanding. Suggestions for cost-saving, improvement, and strengthening operations.
- The Audit is an Independent examination of Financial information.
- The Audit is to express an opinion on the financial statements.
- The comprehensive review ensures that the accounts are prepared by Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
- Checking the genuineness of the expenses booked in accounts.
- An audit is a systematic review and assessment of information or documents.
- A compliance audit ensures that the business or organization is acting in compliance with regulatory or internal standards and is commonly carried out in regulated industries.
- Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes.
Types of Audits conducted
- Branch Statutory Audit, Concurrent Audit, Stock Audit and Revenue Audit of Banks
- Statutory Audit of Pvt Ltd Companies, Firm, LLP, etc
- Tax Audit under Section 44AB of the Income Tax Act, 1961.
- Compliance of Audit
- Operational Audit
- Internal Audit of Companies.
- System Audit.
- Security Audit.
- Audit of Co-operative Societies and local Government bodies.
- CAG Statutory Audit of Limited Companies.
- GST AUDIT U/S 35(5)
