Corporate Compliance Management is the buzz word in the present era for ensuring organizational efficiency, transparency as well as investor confidence. The changing regulation in the corporate governance regime has placed immense responsibilities on the Directors and Key Managerial Personnel of the Company to protect the interest of all the stakeholders.
Thus audit of the records and documents by an external professional services firm is vital to assure that all the required compliance are in place and advise on any corrective measures with regard to any discrepancies or non-compliance issues.
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
- Cost Audit
- Concurrent Audits
- Revenue Audit of Banks
- Branch Audits of Banks
- Audit of PF Trusts, Charitable Trusts, Schools, etc
- Audit of Co-operative Societies
- Information System Audit
- Internal Audits