Auditing
- Statutory Audit-
The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances,book keeping records and financial transactions.
- Internal Audit-
Lives within the organisation it audits. Seeks to provide assurance to the audit committee and management on the effectiveness of risk management, control and governance processes. Seeks to add value and help improve the organisation.
- Management Audit-
Management Audit, as its name signifies, attempts to evaluate the performance of various management processes and functions. It is an audit to examine, review and appraise the various policies and actions of the management on the basis of certain objectives standards.
- Secretarial Audit-
The number of compliances itself have increased enormously and the focus of the new Act is more on self regulation. In this scenario compliance oversight is a challenge and an audit of compliances is essential at least for companies which have accessed public funding whether in the form of loans from banks and financial institutions beyond a certain limit or have accepted deposits from public.Thus this audit requires checking compliances of company law, securities laws and laws applicable specifically to the company.
- Tax Audit-
Report the requirements of Form No 3CA/3CB and 3CD.To ensure the book of account and other records of assessee are properly maintained.Book of account accurately reflect the income of tax payers and deduction are correctly declared.Facilitate the administration of tax laws by proper presentation of accounts before tax authorities and considerably save the time of assessing officers in carrying out routine verification.
- GST Audit-
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.
