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Auditing is one of the core services provided by CA firms. Here are some common auditing services offered:
- Statutory Audit of Companies
- Tax Audit under Income Tax Act
- Internal Audit
- Concurrent Audit
- Management Audit
- Operational Audit
- Stock Audit
- Investigation Audit
- Compliance Audit
- Cost Audit
- Revenue Audit
- Special Purpose Audit
- Forensic Audit
- Information System Audit
- Environmental Audit
CA firms perform these audits in accordance with the applicable laws and regulations, professional standards and guidelines, and the terms of engagement with the clients. The objective is to provide reasonable assurance to stakeholders regarding the reliability and credibility of the financial and non-financial information presented by the audited entity.
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 8OHHC, 8O-IA, etc.
- Concurrent Audits.
- Revenue Audit of Banks.
- Statutory branch Audits of Banks.
- Audit of PF Trusts, Charitable Trusts, Schools, etc.
- Audit of Co-operative Socities.
- Information System Audit.
- Internal Audits.
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
- 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.
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