Auditing & Assurances
Corporate Statutory Audit
Corporate statutory audit, also known as financial statement audit, is a process through which an independent auditor examines a company’s financial statements and related financial information to determine their accuracy, completeness, and compliance with accounting standards and regulations. The purpose of a corporate statutory audit is to provide stakeholders, including shareholders, investors, regulators, and the public, with confidence in the company’s financial reporting and to ensure transparency and accountability.
Income Tax Audit
An income tax audit is a thorough examination of a taxpayer’s financial records and accounts by the tax authorities to ensure that the taxpayer has accurately reported their income, deductions, credits, and other relevant tax-related information on their tax return. The primary objective of an income tax audit is to verify the accuracy and completeness of the taxpayer’s tax reporting and to ensure compliance with tax laws and regulations.
GST Audit
A Goods and Services Tax (GST) audit is an examination of a taxpayer’s financial records, accounting systems, and other relevant documents to ensure accurate reporting and compliance with the provisions of the GST law. GST is a value-added tax that is applied to the supply of goods and services, and it’s implemented in various countries around the world. A GST audit is conducted by tax authorities to verify that the taxpayer has correctly calculated and reported their GST liability and claimed the appropriate input tax credits.
Internal Audit
Internal Audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It is an independent, objectives assurance and consulting activity designed to add value and improve an organization’s operations. It helps organization to accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and government process.
Compliance Audit
A compliance audit is a systematic review and assessment of an organization’s processes, procedures, practices, and records to determine whether they are in line with established laws, regulations, policies, and standards. The goal of a compliance audit is to ensure that the organization is operating within the legal and regulatory framework applicable to its industry or sector. This type of audit aims to identify any deviations from required standards and recommend corrective actions to address those deviations.
Stock Audit
A stock audit, also known as inventory audit or physical inventory verification, is a process of examining and verifying a company’s physical stock or inventory. The purpose of a stock audit is to ensure the accuracy of recorded stock quantities, identify any discrepancies or losses, and assess the effectiveness of internal controls related to inventory management.
Fixed Assets Audit
A fixed assets audit, also known as a physical verification or asset verification, is a process of systematically examining and verifying the physical presence, condition, and accuracy of an organization’s fixed assets. Fixed assets are tangible assets that have a long useful life and are not meant for immediate resale, such as buildings, machinery, equipment, vehicles, furniture, and land. The primary goal of a fixed assets audit is to ensure that the organization’s records accurately reflect the assets it actually possesses and to identify any discrepancies or potential issues.
Society Audit
A society audit refers to the examination and review of the financial records, transactions, and operations of a society or an association. Societies are typically nonprofit organizations or community groups formed for social, charitable, cultural, educational, or recreational purposes. The purpose of a society audit is to assess the financial integrity, compliance with laws and regulations, and overall governance of the society.
NGO’s Audit
An NGO’s audit refers to the examination and assessment of the financial records, transactions, and operations of a non-governmental organization (NGO). NGOs are nonprofit organizations that operate independently of government entities and are typically engaged in various social, humanitarian, charitable, or development activities. The purpose of an NGO’s audit is to ensure transparency, accountability, and compliance with applicable laws, regulations, and donor requirements.
Corporate statutory audit, also known as external audit or financial audit, is an independent examination of a company’s financial.
