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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
 
Notification/Circulars
19/05/2018
E-way bill within Punjab to commence from 01st June 2018
Seeks to extend the due date for filing of FORM GSTR-3B for the month of April, 2018.
17/05/2018
Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Final Guidelines
Setting up of IFSC Banking Units (IBUs) – Permissible activities
15/05/2018
Govt waives Late fees for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing
10/05/2018
Revised guidelines on lending to Priority Sector for Primary (Urban) Co-operative Banks (UCBs)
04/05/2018
Data Sharing with Directorate of Revenue Intelligence
Guidelines on Stripping/Reconstitution of Government Securities
 
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