|
Audits when executed with an AIM,it will always result in Growth of the Auditee. Various audits can be conducted for an Enterprise, some audits are to be done under compulsion of LAW and some as per the requirement of Management. However the aim of all the audit is to contribute towards GROWTH of the enterprise.
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/IFRS.
- Fraud & Investigation Audits
- Special purpose Audits like Checking the genuineness of the expenses booked in accounts, Debtors, Creditors Audit, Inventory Management Audit etc
- 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 as per The Income Tax Act, 1961.
- Concurrent Audits.
- Revenue Leakage Audit, Stock audit etc.
- Branch Audits of Banks.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Societies.
- Information System Audit
- Internal Audits.
|