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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 / Risk Based Internal Audit
- Information Systems Audit
- Tax Audit and Transfer Pricing Audit
- Bank Branch Audits, Stock Audits and Internal audit of DP department
- MVAT Audit
- Concurrent Audits
- Management Audit, Operational Audit, Compliance Audits(viz. Portfolio Management Service,) and Due Diligence Audit
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