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Broadly, Audit involves the following :
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Indepth study of existing systems, procedures and controls for proper understanding.
Suggestions for improvement and strengthening.
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Ensuring compliance with policies, procedures and statutes.
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Comprehensive review to ensure that the accounts are prepared in accordance with Generally
Accepted Accounting Policies and applicable Accounting Standards/IFRS.
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Checking the genuineness of the expenses booked in accounts.
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Reporting inefficiencies at any operational level.
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Detection and prevention of leakages of income and suggesting corrective measures to prevent
recurrence.
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Certification of the books of account being in agreement with the Balance Sheet and Profit
and Loss Account.
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Issue of Audit Reports under various laws.
Types of Audits conducted :
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Statutory Audit of Companies
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Tax Audit under Section 44AB of the Income Tax Act, 1961 .
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Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc .
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Concurrent Audits.
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Revenue Audit of Banks .
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Branch Audits of Banks .
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Audit of PF Trusts, Charitable Trusts, Schools, etc .
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Audit of Co-operative Societies.
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Information System Audit
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Internal Audits .
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