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  News & Events
 
25/06/2021
RBI allows jewellers to repay part of gold loan with physical gold
23/06/2021
Income Tax dept tool to identify 'specified persons' who have to pay higher taxes
CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr
Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
22/06/2021
Reserve Bank of India Imposes Rs 23 Lakh Fine on 3 Cooperative Banks
20/06/2021
Govt amends rules pertaining to Indian Accounting Standards
17/06/2021
Ministry of MSME Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st Dec, 2021
MCA removes restrictions on board meetings via video conferencing
SEBI issues new guidelines on settlement of running accounts
Net Direct Tax collection during current fiscal doubles to Rs 1.86 lakh Cr
 
 
  Notification/Circulars
25/06/2021
Declaration of dividends by NBFCs - RBI
24/06/2021
Gold (Metal) Loans – Repayment
22/06/2021
CBDT issues Compliance Check Functionality for Section 206AB & 206CCA
17/06/2021
Liberalised Remittance Scheme for Resident Individuals – Reporting
MCA allows Board Meeting via Video Conferencing permanently
16/06/2021
CBDT notified Cost inflation index (CII) for Financial Year 2021-22
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 
  • Concurrent Audits of Banks
  • Revenue Audit of Banks
  • Branch Audits of Banks
  • Audit of PF Trusts, Charitable Trusts, Schools
  • Audit of Co-operative Socities
  • Information System Audit
  • Internal Audit