Audit is an official inspection of an organization accounts by an independent body. It is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an "Audit Society".¬†The auditor perceives and recognizes the propositions before them for examination, obtains evidence, evaluates the same and formulates an opinion based on his judgement which is communicated through their audit report.Broadly, an Audit involves :
- In-depth study of existing systems, procedures and controls for proper understanding and give 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 agreeing with the Balance Sheet and Profit and Loss Account.
- Issue of¬†Audit Reports under various laws.
Audit At a Glance :
- We conduct following types of audit :
- Statutory Audit of CompaniesTax Audit under section 44AB of Income Tax Act, 1961
- Audit under any other provisions of Income Tax Act, 1961
- Internal Audit
- Branch Audit of Companies, whether in India or Outside India
- Stock Audit
- Audit of Public or Private Trust
- Audit of Co-operative Societies
- Audit of Government NGO‚Äôs
- Audit of Schools, Hospitals, etc.