Cost Audit as prescribed under section 233B of Company Act, 1956.
This is the audit governed by statute such as the company’s Act….
- We ensure that the cost statements of the Company (ies) are prepared as per Cost Accounting standard issued by the Institute of Cost Accountants of India.
- We analyze the performance and provide the Management Reports to the Company (ies)
- We evaluate and report on the internal controls
- We provide assurance to the shareholders regarding the performance of the Company
- We provide assurance to the lenders of the Company (ies) regarding the stability and financial position of the business
- We provide assurance to the various regulatory authorities
Internal Audits : This is a review of operation carried out sometimes continuously specially assigned staff with in the client business.
- We analyze in depth, the internal controls and accounting policies
- We provide regular reports on on-going working of the Company
- We verify transactions and report compliance with respect to the Company(ies) policies & procedures
- We ensure early detection of fraud and mitigate its effect on the business
- We provide suggestions for improvement in the performance of the Company
Special audit : Special audit evolves from the accounts audit on
the Government general account whereby certain fact(s) or situation(s) come(s) under special focus. Should the audit on the Government general account detect problems with financial management or operation worth to be further analyzed, the Commission of Audit would proceed to follow up works, searching for causes and presenting suggestions,
viable and practical, aiming at elevating the financial management efficiency by the public departments. Performance audit Performance
Non statutory audit : This are the audit not specially required
by law this scope of the audit will be outline by the contract between the auditor and the clients External audit External audit is that which is critical review of the representation of the published financial statements it is compulsory for all company (ies) which are listed in the stock exchange. Final Audit Final audit is
commenced when all account has been closed and final accounts are been prepared.
Social Audit: Social audit is performed to know the corporate social responsibility. Concurrent Audit The concept of concurrent audit has been introduced to reduce time gap between occurrences of transaction and is overview or checking. It serves the purpose of effective internal control. Concurrent audit is an examination,
which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. The main focus while conducting concurrent audit it to ensure that transactions are not dealt with in routine but in adherence with the systems and procedures laid down. We ensure that the transaction or decisions are
within the policy parameters laid down, they do not violate the instructions or policy prescriptions, and that they are within the delegated authority and in compliance with the terms and conditions for exercise of the delegated authority.