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.



Notifications/Circulars

27/06/2019
Bank branches to accept coins of all denominations tendered at their counters - RBI
Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019
Financial Benchmark Administrators (Reserve Bank) Directions, 2019
26/06/2019
Sharing of information with Public Sector Banks in case of loan defaulters
CBIC reveals GST Audit Plan / Strategy for the year 2019-20
23/06/2019
Rationalisation and Revision of Agency Commission Payable to Banks on Government Transactions
Formation of new district in the States of Telangana and Madhya Pradesh – Assignment of Lead Bank Responsibility
Rollout of the foreign exchange trading platform for retail participants – FX-Retail
Discontinuation of the requirement of Paper to Follow (P2F) for State Government Cheques
Restriction on E-way Bill Issuance relaxed till 21st August 2019
19/06/2019
Mechanism to verify the IGST payments for goods exported out of India in certain cases
14/06/2019
Scheme for Reimbursement of MDR- withdrawal of RBI circulars