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  News & Events
 
02/12/2021
GST collections in November cross Rs 1.3 lakh Cr, second highest ever
01/12/2021
Rs 26,697 cr lying in dormant accounts of banks - FM Sitharaman
CBIC detects bogus tax credit claims worth ₹38,000 cr since last November
Employees liable to pay GST on salaries received during notice period - AAR
30/11/2021
RBI imposes penalty of Rs 1 Cr on Union Bank of India
27/11/2021
SEBI mulls overhauling preferential allotment rules
RBI Imposes Rs. 1 Crore Penalty On State Bank Of India For Violating Norms
Profile, Vision & Mission of CA. Vivek Khurana - Ballot No. 14 of Central Council Election.
18/11/2021
SEBI announces rights and responsibilities of investing in Securities Market
 
 
  Notification/Circulars
16/11/2021
Appointment of Internal Ombudsman by Non-Banking Financial Companies
13/11/2021
Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances - Clarifications
Auction of Government Securities: Non-Competitive Bidding Facility to retail investors
Reserve Bank - Integrated Ombudsman Scheme, 2021
12/11/2021
Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] - Master Direction on Interest Rate on Deposits
10/11/2021
Master Circular - Guarantees and Co-acceptances - RBI
09/11/2021
Investment by Foreign Portfolio Investors (FPIs) in Debt – Review
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