What is an Audit & Assurance?
Investor and managers demand a more timely information than just audited financial statements. The time between the event and acting upon the information has become more compressed and therefore there is a need to provide assistance on real time basis for organisations in promoting investor confidence, managing regulatory responsibilities and supporting long-term, sustainable economic growth.
Audit & Assurance – Deepti Bhagtani & Associates In Vadodara.
We assist your organization to effectively manage business risks by providing a full spectrum of corporate governance; risk management and internal audit services. These services, tailored to meet your individual needs and provide effective support to management in meeting the challenges and opportunities presented by today’s complex business environment.
Types Of Audits
Audit & Assurance – Deepti Bhagtani & Associates In Vadodara.
Statutory Audit
A Statutory Audit is basically Audit under any Act applicable to the business organization. The main motive to conduct statutory audit is to assess whether an organization provides a true fair and correct representation of its financials by examining various data such as accounting records, bank balances and commercial transactions.
Some examples of Statutory Audit are Audit under Companies Act, 2013, Audit under Income Tax Act, 1961, etc.
Internal Audit
Internal Audit is another most Important type of Audit. Mandatory for some private limited and limited Companies as per eligibilities defined in Companies Act, 2013.
But, through Internal Audit the business organization can assess and enhance the effectiveness of processes, controls and management. Internal Audit not only enhance management decision but also provide overall value addition in all respects.
Stock Audit
Basically Stock Audit includes verification of physical inventories with that in books of accounts as on given date. The objective of Stock Audit may be different for different types of organisation and the Auditor needs to follow various approaches for the same. Through Stock Audits the auditor helps the management of the business organisation to analyses discrepancies, its root cause and the approaches for solutions.
Stock audit in general usage is considered as an auditing term which refers to the physical verification of the inventory. It also involves the valuation of the inventory depending on the terms of reference or the engagement letter of the assignment.
Revenue Audit
Revenue audit is scrutinising the data and information as provided in tax returns against the ones found in actual business records.
Revenue Audit is the audit of items governing income and expenditure. It is conducted with a view to verify the accuracy, relevance of expenditure incurred and income earned according to applicable circulars, notifications, etc.
Revenue is the gross inflow of cash, receivables, or other consideration arising in the course of the ordinary activities of an entity from the sale of goods, from the rendering of services, and from the use by others of entity resources yielding interest, royalties, and dividends
Due Diligence
Due diligence is a thorough investigation or you can say examination of a transaction or any matter under consideration. It involves an extensive analysis of records and other documents or facts before entering into a proposed deal with another person or business or organization.
Income Tax Audit
Section 44AB of the income tax act has the provisions related to the audit of accounts. Income tax audit under this section is mandatory for certain class of taxpayers that depends on turnover and receipts limit. To understand if you are liable under the tax audit, you can consult tax advisors that is Chartered Accountants near you.
Financial Statement
Financial statements are ordinarily prepared and presented annually and are used by wide range of users. Many of those users rely on the financial statements as their major source of information because of its availability and on the other hand do not have the power to obtain additional information to meet their specific information needs.
Audit & Assurance – Deepti Bhagtani & Associates In Vadodara.
Thus, financial statements need to be prepared in compliance with the regulatory requirements, Accounting Standards and any other industry specific requirements. The auditor’s opinion enhances the credibility of financial statements by providing a high, but not absolute, level of assurance.
Audits
Statutory Audit
This is a compulsory audit which is mandated by a Law or a Statute. E.g. Statutory audit as mandated by Companies Act for all companies.
Internal Audit
This audit is undertaken to assess the efficiency and effectiveness of internal controls implemented by the entity.
Concurrent Audit
Concurrent Audit is undertaken by banks, asset management firms, finance institutes & insurance entities. It is same as Internal Audit and is carried out at regular intervals.
Goods & Service Tax
Every registered person must get its accounts audited if the aggregated turnover during the financial year exceeds Rs.2 cr from sale of goods or services. GST Audit is undertaken taking into consideration the compliance of GST provisions.
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