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News / Events
22/03/2019
I-T department, other tax agencies can initiate insolvency resolution process - NCLAT
Govt extends IGST, compensation cess exemption under various export promotion plans
20/03/2019
Decisions taken by the GST Council in the 34thmeeting held on 19th March, 2019
19/03/2019
IBBI signs Memorandum of Understanding with SEBI
GST council approves transition plan for new GST rates on residential properties
GST rates for new projects to be mandatory from April 1 - Revenue Secretary
RBI urges banks to closely watch end use of funds via surveillance
Nine members appointed in Appellate Authority to handle cases against CA, CS
18/03/2019
Justice PC Ghose set to be named India's 1st Lokpal
Govt to soon start selection process for new PFRDA Chairman
16/03/2019
RBI issues guidelines to prevent market abuse
Companies may pass on GST benefits to consumers by increasing grammage
Notifications/Circulars
22/03/2019
Compilation of R-Returns: Reporting under FETERS
Export and Import of Indian Currency - RBI
Reporting and Accounting of Central Government Transactions of March 2019
16/03/2019
Reserve Bank of India (Prevention of Market Abuse) Directions, 2019
14/03/2019
Trade Credit Policy – Revised framework
08/03/2019
Circular clarifying various doubts related to treatment of sales promotion scheme under GST
GST composition scheme limit enhanced to Rs.1.5 Cr w.e.f. 01-04-2019
CBIC notifies due date for monthly GSTR-1 for April 19 to June 19
CBIC notifies due date for quarterly GSTR-1 for April 19 - June 19
GST Registration Exemption up to 40 lakh w.e.f. 01-04-19
Optional 6% UTGST Tax for First 50 lakh w.e.f. 01-04-2019
UTGST Registration Exemption up to 40 lakh w.e.f. 01-04-19
Optional 6% UTGST Tax for First 50 lakh w.e.f. 01-04-2019
White Label ATMs (WLAs) in India – Review of Guidelines
Interest Subvention Scheme for Short Term Crop Loans during the years 2018-19 and 2019-20
02/03/2019
- Turant Customs-Next generation reform for Ease of Doing Business - reg.
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.