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News / Events
23/06/2019
Printing process for General Budget 2019-20 commences with Halwa Ceremony
20/06/2019
SEBI sets new rules for applicant confidentiality in resolution process
MCA may amend LLP Act to keep check on shell companies
ED arrests two former IL&FS executives in money laundering probe
19/06/2019
RBI fines HDFC Bank Rs 1 crore for violation of KYC norms
New Income Tax guidelines tightens screw on tax evaders
Govt of India compulsorily retires 15 Senior Officers of the IRS (C &CE) with immediate effect
SEBI permits stock exchanges to introduce futures on commodity indices
18/06/2019
Independent Directors, Rating agencies, Auditors under SEBI lens in IL&FS case
17/06/2019
GST Council meet on 21 June to focus on checking tax evasion
New income tax rules from today, no escape just by paying penalty
Notifications/Circulars
23/06/2019
Rationalisation and Revision of Agency Commission Payable to Banks on Government Transactions
Formation of new district in the States of Telangana and Madhya Pradesh – Assignment of Lead Bank Responsibility
Rollout of the foreign exchange trading platform for retail participants – FX-Retail
Discontinuation of the requirement of Paper to Follow (P2F) for State Government Cheques
Restriction on E-way Bill Issuance relaxed till 21st August 2019
19/06/2019
Mechanism to verify the IGST payments for goods exported out of India in certain cases
14/06/2019
Scheme for Reimbursement of MDR- withdrawal of RBI circulars
12/06/2019
National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges
11/06/2019
Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)
Sale of Securities held in Held to Maturity (HTM) Category - Accounting treatmen
Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Bank
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.