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

23/02/2019
MCA seeks more details from Companies to put a check on shell firms
Finance Bill 2019 becomes Act - President assented interim Budget 2019
CBDT sets up panel to help bring down tax litigation
MCA announces new verification e-form for newly-incorporated companies
22/02/2019
Government passes ordinance to ban unregulated deposit
CBI issues lookout circular against Chanda Kochhar
SEBI revises minimum haircut for govt securities used as collateral
21/02/2019
EPFO Board recommends interest rate of 8.65% for FY19
Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1
20/02/2019
GST Council defers decision on tax on real estate
Govt to infuse Rs 48,239 Cr in 12 Public Sector Banks
19/02/2019
Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019
Banks may have to write off nearly Rs 30,000 cr of loan to IL&FS entities
RBI to give Rs 28,000 cr to Centre as dividend

Notifications/Circulars

23/02/2019
Harmonisation of different categories of NBFCs - RBI
Interest Subvention Scheme for MSMEs
Review of Instructions on Bulk Deposit - RBI
Micro, Small and Medium Enterprises (MSME) sector- Restructuring of Advances
Risk Weights for exposures to NBFCs - RBI
22/02/2019
Late Fees of Rs. 10000 for newly notified e-form ACTIVE - MCA
21/02/2019
Interest Subvention Scheme for MSMEs - RBI
Due Date Extension - GSTR 3B for the Month of Jan 2019
Extension for last date of filing initial return in MSME Form 1
19/02/2019
GST on supply of warehoused goods while being deposited in a customs bonded
Mentioning of place of supply with State in GST invoice is must in case of inter state supply
Reporting of Inter-State supplies to unregistered persons in Form GSTR 3B and Form GSTR 1
16/02/2019
Investment by Foreign Portfolio Investors (FPI) in Debt