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News / Events
23/07/2018
IBC eyes UN model for cross-border norms
CBDT instructs Income Tax Dept to add 1.25-cr fresh tax filers this year
21/07/2018
GST Council recommends GST rates reduction on several goods & for specified handicraft items
Changes / Exemptions in GST Rates on Services
GST council approves Simplified GST Return
Recommendations on opening of migration window for tax payers till 31st August ,2018
Recommendations made during the 28th GST Council Meeting held on 21st July 2018
Govt slashes GST rate on several products
NCLAT allows lenders to meet and finalise Bhushan Power bid
20/07/2018
Pass Percentage & List of Toppers in CA Final May 2018 Exams
National GST appellate tribunal on anvil, Council to decide on July 21
RBI to hold joint Audit of credit rating agencies with SEBI
MCA invites applications from Chartered Accountants having 2 to 5 years of experience
Cabinet clears bills to amend IBC and withdraw FRDI
Good Luck - CA Final, ISA & CPT Exam Results 2018 Likely to be announced today
19/07/2018
CBDT directs tax sleuths to survey, inspect high value transactions
Govt decides to withdraw contentious FRDI Bill
18/07/2018
NCLT cannot take decision on bids for Bhushan Steel - SC
Cabinet approves ICAI's pacts with NBAA, BIBF
Grievance Redressal Officers for processing the complaints/information under e-way Bill System
Rajya Sabha passes the State Banks Repeal & Amendment Bill, 2017
NCLAT stays voting by Bhushan Power & Steel lenders on finalising bids
CBDT instructs taxmen to withdraw appeals below threshold
Notifications/Circulars
20/07/2018
Interest rates for Small Savings Schemes
14/07/2018
Appointment of Authorised Representative for Classes of Creditors under IBC
Applications for appointment to the posts of Member (Judicial/ Accountant) in ITAT
12/07/2018
Period for Submission of Agency Commission Claims
Lending to non-corporate farmers – System wide average of last three years
Incorporation of Name of the Purchaser on the Face of the Demand Draft
09/07/2018
Late fees of Rs. 5000 for delay in submission of e-form DIR-3 KYC
07/07/2018
Companies (Accounting Standards) Amendment Rules, 2018
Audit

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.