• Statutory Audit:- Every incorporated business entity needs to get its financial statement audited to ensure representation of true & fair view of its financial health before all the stake holders. These audits are made “mandatory” in nature under respective governing Statue and its compliance is monitored by respective regulators e.g. RoC, RBI etc. The statutory audit is conducted by independent Chartered Accountants.
  • Internal Audit:- An independent and proactive function of management of business entity. The objective is to check the strength & weakness of placed system & procedure, adherence to those procedures and reliability of the overall system. The other objective is to check the area requiring improvement. It may be voluntary exercise by management, as a part of good governance or mandatory under Statue, rules & regulations depending upon certain criterion such as size of business.
  • Transfer Pricing Audit :- Now a days, its business that is spreading beyond the national boundaries but not the tax authorities and the Government. Every Government looks for its share of tax from the entire chain of transaction/business and to ensure that objective, transfer pricing (TP) audit comes in. The objective to TP audit is to determine the fairness of transaction between two related/associated parties in terms of its pricing and impact on profitability. TP audit is mandatory in nature as prescribed by Indian tax laws.
  • Proprity Audit:- The objective of the audit is ascertain the fairness of the decision of management/executives from the perspective of public interest, financial discipline, adherence to laws & procedures, authority of concerned executive. These audits are generally recommended/ mandatory for entities having public interest such as Govt entities, NGO’s, Trust etc.
  • Stock Audit:- As the name suggest, it is an audit pertaining to stock. The objective of audit is get assurance about physical verification and overall valuation of stock. It is an independent function of management of business entity. Depending on size and nature of business, the audit report may be used by the statutory auditors and by tax authorities as well. Apart from management, these audits are also undertaken on for banks and other financial institution having extended credit facilities particularly against charge on stock.
  • Tax Audit:- Business entity meeting threshold limit as prescribed under the Income Tax Act 1961, needs to be audited as per the Indian Tax Laws. The main thrust of the audit is in reporting on compliance/ non-compliance, eligibility/ non-eligibility and allowance/ disallowances of the income/expenses. The audit report is to be issued in the specified form.
  • GST Audit:- Business entity meeting threshold limit as prescribed under the GST laws, needs to be audited as per the GST rules & regulations. The main thrust of the audit is in reporting on compliance/non-compliance of overall GST laws and eligibility/non-eligibility of input credit. The audit report is to be issued in the specified form.
  • Revenue Audit:- Revenue audit is generally conducted for banks. The main thrust is on verify the accuracy and correctness of revenue and expenditure vis-à-vis internal policies. For banks the audit is conducted according to applicable circulars and notification.
  • Due Diligence :- In business, a due diligence audit is basically a careful investigation into the complete financial picture of a company. Generally, these audits come before a purchase, merger or other major decision that could negatively influence the finances of one or more businesses. These audits are generally used to ensure that no hidden liabilities exist.

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