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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, etc.
  • Concurrent Audits.
  • Revenue Audit of Banks.
  • Branch Audits of Banks.
  • Audit of PF Trusts, Charitable Trusts, Schools, etc.
  • Audit of Co-operative Socities.
  • Information System Audit
  • Internal Audits.
 
 
News & Events
20/01/2022
SEBI launches Saa₹thi mobile app on investor education
17/01/2022
Extension of last date for complying with the mandatory CPE hours’ requirements for the Calendar Year 2021 - ICAI
Bombay HC sets aside rejection of refund claims by GST authorities
15/01/2022
Budget session of Parliament to commence on 31st January
Delhi Man Arrested For Issuing Fake GST Invoices Worth Rs. 4,521 Cr
11/01/2022
CBDT extends due dates for filling Audit reports and IT Returns for 2021-22
06/01/2022
Tax Audit Due Date Extension - Retweet / Comments
SEBI encourages investors to file their complaints through SCORES portal
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Notification/Circulars
20/01/2022
Computation of capital gains for the purposes of sub-section (1B) of section 45
CBDT amend the Securities Transaction Tax Rules, 2004
CBDT notifies e-advance rulings Scheme, 2022
Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 - CBDT
14/01/2022
Delhi Govt includes Chartered Accountants & Income Tax Practitioners in Exempted category
07/01/2022
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards and Net Stable Funding ratio
06/01/2022
Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)
05/01/2022
Retail Direct Scheme – Market Making - RBI