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  News & Events
 
25/11/2022
About Rs.400 Cr tax deposited by filing updated ITRs so far
22/11/2022
Auditors' timely red flag may have stopped many financial misdoings - NFRA
21/11/2022
FM Sitharaman to begin pre-budget consultations from Monday
18/11/2022
SEBI to regulate financial influencers on social media platforms
17/11/2022
NFRA to conduct audit quality inspections of five audit firms
Supreme Court to decide whether PMLA overrides IBC or not?
 
 
  Notification/Circulars
24/11/2022
Basel III Framework on Liquidity Standards – Standing Deposit Facility
Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework
Modified Interest Subvention Scheme for the financial years 2022-23 and 2023-24
03/11/2022
Eligibility Criteria for offering Internet Banking Facility by Regional Rural Banks, 2022 - RBI
01/10/2022
Late Submission Fee for reporting delays under Foreign Exchange Management Act, 1999 (FEMA)
Standing Liquidity Facility for Primary Dealers - RBI
Liquidity Adjustment Facility- Change in rates - RBI
CBDT extends the due date for filing of various reports of audit for AY 2022-23
23/09/2022
RBI cancels the licence of The Laxmi Co-operative Bank Limited, Solapur, Maharashtra
20/09/2022
Compliance Function and Role of Chief Compliance Officer (CCO)- Urban Co-operative Banks - RBI
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