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.
· 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, Society, Schools, etc.
· Audit of Co-operative Socities.
· Stock Audit
· Information System Audit
· Internal Audits.