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.