Khurana Vivek & Co.
Chartered Accountants

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

20/11/2018
MCA Invites public comments to amend Competition Act
Companies to disclose reasons for delay in financial results within a day - SEBI
Revenue Dept plans to link e-way bill with FAStag to prevent GST evasion
SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order
Bitcoin price falls below $5,000 for first time in 13 months
Examination for confirmation of enrollment of GST Practitioners postponed to 17.12.2018
19/11/2018
NFRA to replace ICAI as regulator over Auditors
CIC asks RBI to divulge list of wilful defaulters in 45 days
CAG GST audit report likely to be tabled in Winter Session
17/11/2018
Finance Secretary Hasmukh Adhia to retire on november 30
HC allows adjustment of wrong payment in GST
New RBI window may not increase credit to NBFCs
16/11/2018
Open House Discussion on Issues related to GST Audit & Annual Returns in Delhi
RBI cancels registration of 65 NBFCs
Goods can be impounded for lapses under GST - Kerala HC
15/11/2018
RBI imposes fine of Rs 3 crore each on Deutsche Bank, J&K Bank
NFRA Rules Notified - NFRA to Scrutinise Listed and Large Unlisted Companies
Bengaluru I-T dept busts Rs 1,200 crore fake GST invoice scam
SC move to split pleas challenging constitutional validity of IBC
Income Tax Returns not filed in 80,000 cases Post-Notes Ban
RBI refuses to give info on NPAs, loan defaulters to SEBI