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Broadly Audit involves the following :
- In depth study of existing systems, procedures and controls
and suggestions for improvement and strengthening of the same.
- 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 the 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
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Types of Audits Conducted
- Statutory Audit of Companies
- Tax Audit under Section 44AB of Income Tax Act,1961
- Audit under other sections of the Income Tax Act,1961 such
as 80HHC , 80-IA,etc.
- Concurrent Audits
- Revenue Audits of Banks
- Branch Audit of Banks
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative societies
- Information System Audit
- Internal Audits
- Vat Audits
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