Audit


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Types of audit

a) Statutory Audit [IT act, Co. Act, GST, VAT]

b) Bank Audit [Branch audits, Concurrent Audit, Stock & Revenue Audit]

c) Internal Audit [Integrated Internal Audit, Operational Audit, Management audit]

Statutory Audit:

These are assurance services provided to comply with regulatory requirements. Primary objective of independent auditor to express his opinion on True and Fair view of relevant financial information in use. Its mandatary for certain class of entities under following regulations

Income-tax Act.
Companies Act

Goods and Services Tax (GST)

Value-added tax (VAT) which are outside purview of GST

Bank Audit:

Bank auditing is the procedure of reviewing the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are complying with industry standards and jurisdictional regulations.

Some of the procedures and services reviewed in the bank audit are outlined below:

Branch audits

Concurrent Audit

Stock & Revenue Audit

Internal Audit [Audit for Management]:

This kind of audit is specifically designed to enhance a firm’s functioning. It assists an institution in achieving its goals by ushering a methodical system to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organisation and may incorporate spheres like effective functioning, accuracy of financial collaterals, inspecting and discouraging frauds, protecting assets, and productive usage of the company resources that agrees with the company’s rules.

We provide following services in this domain.

Integrated Internal Audit
Operational Audit
Management audit]

In some statutes it is mandatory for certain class of entities to have internal audit system. [Section 138 of Companies Act, 2013].

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