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News / Events
17/11/2018
Finance Secretary Hasmukh Adhia to retire on november 30
HC allows adjustment of wrong payment in GST
New RBI window may not increase credit to NBFCs
16/11/2018
Open House Discussion on Issues related to GST Audit & Annual Returns in Delhi
RBI cancels registration of 65 NBFCs
Goods can be impounded for lapses under GST - Kerala HC
15/11/2018
RBI imposes fine of Rs 3 crore each on Deutsche Bank, J&K Bank
NFRA Rules Notified - NFRA to Scrutinise Listed and Large Unlisted Companies
Bengaluru I-T dept busts Rs 1,200 crore fake GST invoice scam
SC move to split pleas challenging constitutional validity of IBC
Income Tax Returns not filed in 80,000 cases Post-Notes Ban
RBI refuses to give info on NPAs, loan defaulters to SEBI
14/11/2018
Govt orders Telcos’ Audit, suspects under-reporting of revenues
Union Bank to raise up to Rs 600 cr by issuing shares under ESPS
VAT Act can't be used against Chartered Accountants, lawyers -Gujarat HC
RBI needs to align capital adequacy norms with Basel III norms
SEBI issues norms for enhanced disclosures by rating agencies
13/11/2018
Only 4 PSBs disclose defaulters list
Notifications/Circulars
17/11/2018
Value Free Transfer (VFT) of Government Securities – Guidelines
15/11/2018
Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation
MCA notifies National Financial Reporting Authority (NFRA) Rules, 2018
31/10/2018
MCA extends Annual Filing ROC Returns Due Date to 31.12.2018
30/10/2018
Payments Bank and Small Finance Banks– access to Call/Notice/Term Money Market
29/10/2018
Procedure in respect of GST return of time expired drugs or medicines
Casual taxable person registration & recovery of excess ITC distributed by ISD
GST Refund - Deficiency memo & Receipt of capital goods under EPCG
Processing of Applications for Cancellation of GST Registration submitted in FORM GST REG-16
Extension of due date of filing Form GST ITC-04 to 31.12.2018 for period July, 17 to Sep, 18
GST registration cancelled before 30.09.2018 -furnish GSTR-10 till 31.12.2018: CBIC
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.