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AUDIT

Broadly, Audit involves the following:

In-depth 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.
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 of PF Trusts, Charitable Trusts, Schools, etc.
Audit of Co-operative Societies.