Audit

What is Audit?

An Audit Report is a formal document issued by a qualified auditor after reviewing and examining a company’s financial statements, accounting records, and internal controls. It provides an independent and professional opinion on whether the financial statements of a business accurately represent its financial position and comply with applicable accounting standards and laws.

An audit report is a formal evaluation of an organization’s financial statements conducted by an independent auditor. It provides an opinion on the accuracy and fairness of a company’s financial records, and it is an essential part of maintaining transparency and trust with stakeholders such as investors, creditors, and regulatory bodies.

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Tax Audit

A Tax Audit involves an examination of a company’s financial records and tax returns to ensure compliance with tax laws. It is conducted by a Chartered Accountant to verify the accuracy of the declared income, deductions, and tax liabilities under the Income Tax Act.

Statutory Audit

A Statutory Audit is a legally mandated audit conducted by an independent auditor to examine a company’s financial statements and ensure they comply with relevant accounting standards and regulations. It is required by law for certain entities, such as public companies.

Internal Audit

An Internal Audit assesses a company’s internal controls, processes, and risk management systems. It helps identify inefficiencies, fraud risks, and areas for improvement. It is typically performed by an in-house audit team to enhance operational efficiency.

GST Audit

A GST Audit examines a company’s compliance with the Goods and Services Tax (GST) laws. It involves verifying the accuracy of GST returns, input tax credits, and overall GST payments to ensure the business adheres to GST regulations.

Concurrent Audit

A Concurrent Audit is an ongoing audit process conducted while financial transactions are being recorded. It helps identify discrepancies or errors in real-time and ensures that business operations comply with policies and regulations as they occur.

Bank Audit

A Bank Audit evaluates a bank’s financial health, internal controls, and adherence to regulatory standards. It includes examining financial statements, risk management practices, and the bank's compliance with banking laws and regulations.