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

04/06/2020
Exports not to be counted in turnover for any enterprise of the new MSME definition
Rs 2 lakh cr will be lost if interest is waived off during loan moratorium - RBI
IBBI slaps Rs 34.22 lakh penalty on an Insolvency Professional
MSMEs to be classified based on new revised criteria from 1st July 2020
03/06/2020
Notification on MSME criterion leads to confusion
State Bank of India gives Rs 3,000 crore to MSMEs in a day
02/06/2020
Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting
PM launches technology-based solution CHAMPIONS to provide one stop solutions to MSMEs
Be aware of imitated Emails in the name of Reserve Bank of India - RBI
01/06/2020
Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India
30/05/2020
RBI imposes Rs 4 Cr penalty on Citibank
Madras High Court issues notices to Franklin Templeton MF, SEBI