Statutory Audit - A statutory audit is a legally required review of the correctness and accuracy of a company's financial statements and related records. The sole objective of a statutory audit is to assess whether an organisation provides a fair and correct representation of its financial position by examining data such as accounting records, bank balances and commercial transactions.
Internal Audit - Internal auditing is an objective assurance and consulting activity intended to add value and improve an organisation's business transactions. It can help an organisation fulfil its strategic objectives by taking a systematic, well-organised approach to assessing and enhancing the effectiveness of risk management, control, and governance processes.
Tax Audit - Tax Audit involves an audit of financial records of a business in compliance with provisions of the Income-tax Act in India and providing disclosures in the prescribed formats.
Fixed Assets Audit - Auditing fixed assets is vital to ensure that accounting for capital assets and depreciation complies with the objectives of management. Fixed Asset audit helps to prepare an accurate balance sheet, hence, it ensures regulatory compliance. Also, fixed asset audit provide better internal control.
Stock Audit - Stock or Inventory Audit means physical verification of stock of the company or institution. There are varied stock audits depending on the purpose and every stock audit requires a different approach. Every business organisation at least needs to conduct one stock audit at the end of the year to update and ensure that the physical stock count and the computed stock in the books match. A stock audit helps in analysing the correct discrepancies between the actual physical inventory and stock register maintained by the management.
Management Audit - This involves an audit of functions of operations management department of an organisation for acquisitions and company mergers. In this case, we closely work with a specific department to help them improve their overall efficiency.
Revenue Audit - This is a two-step process which scrutinises the data and information as provided in tax returns against the ones found in actual business records.
Secretarial Audit - It is a process to check compliances made by the Company under Corporate Law & other laws, rules, regulations, procedures etc. It is a mechanism to monitor compliance with the requirements of stated laws and processes. Periodical examination of work is necessary to point out errors & mistakes and to make a robust compliance mechanism system in an organization.
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