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  News & Events
 
18/05/2022
CBIC extends April 2022 GST payment deadline under QRMP scheme
CBIC extends due date for filing of Form GSTR-3B
Information System Audit - Assessment Test (ISA - AT), July 2022
13/05/2022
States can't regulate NBFCs registered with RBI - SC
12/05/2022
SEBI notifies rules to strengthen regulatory framework for CIS
11/05/2022
CBI raids 40 locations linked to NGOs and MHA officials over alleged FCRA violation
09/05/2022
Cost Accountants’ Institute asks Govt to allow members to conduct financial audits of MSMEs
 
 
  Notification/Circulars
12/05/2022
CBDT has issued instructions to AO’s for issue of 148A notices consequent to SC judgement.
Guidelines for compulsory selection of Returns for scrutiny during the FY 2022-23
05/05/2022
Maintenance of Cash Reserve Ratio (CRR) - RBI
Change in Bank Rate - RBI
Standing Liquidity Facility for Primary Dealers - RBI
ASBA designated branches to remain open for public on May 8, 2022 (Sunday) to facilitate processing of applications for LIC IPO
Liquidity Adjustment Facility- Change in rates - RBI
03/05/2022
RBI Withdraws 225 Circulars in third tranche of recommendations
29/04/2022
Guidelines on Compensation of Key Managerial Personnel (KMP) and Senior Management in NBFCs
Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)
22/04/2022
Creation of Honorary Designations at Board level in Urban Co-operative Banks
Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
Legal Entity Identifier (LEI) for Borrowers - 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