GST and other Statutory AUDITs Broadly, an Audit involves the following:
1. In-depth study of existing systems, procedures, and controls for proper understanding.
2. Suggestions for improvement and strengthening.
3. Ensuring compliance with policies, procedures, and statutes.
4. 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 and GST input credit claimed therein.
5. Reporting inefficiencies at any operational level. Detection and prevention of leakages of income and suggesting corrective measures to prevent a recurrence.
6. 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 GST Audit 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 Transfer Pricing, 80-IA, etc. Concurrent Audits. Revenue Audit of Banks. Branch Audits of Banks. Special Investigation Audits. Information System Audit Internal Audits. Domestic and International Transfer Pricing Audits. NBFC Audits FIIs Audit
