Audit and Assurance are much more than just the numbers. Those numbers convey a story of achievements and aspirations. Of projects completed and new plans laid. Audit & Assurance illustrates where you stand and helps you comprehend your next step.
Let us have an overview of Audit Service in India& Assurance.
What is Audit?
The term audit usually refers to the review of financial statements. An audit is an impartial examination of an organisation’s financial records to ensure that the financial statements show a true & fair view of its financial position and operating results. The audit can be carried out within the organisation by its professional Consultant for Audit Service in Delhi or externally by engaging an outside Chartered Accountant firm.
What is Assurance?
Assurance services are independent professional services usually provided by Chartered Accountants. Assurance services include an examination of any financial document or transaction, such as any contract, loan or arrangement, etc. This review verifies the validity and correctness of the subject matter being reviewed by the professionals.
Scope of Audit and Assurance Services
The scope of Audit and Assurance includes the following range of services:
- Internal Audit An internal audit is an objective consulting and Assurance exercise intended to evaluate and improve an organisation’s business transactions. It helps an organisation achieve its strategic objectives by taking a systematic and well-organised approach to assessing and enhancing the efficacy of risk management, governance and control processes.
- Statutory Audit A statutory audit is a legally mandated review of the accuracy and correctness of a company’s financial statements and related records. The objective of a statutory audit is to evaluate whether a company provides a fair and correct picture of its financial position by scrutinising data such as the accounting records, commercial transactions and bank balances.
- Tax Audit Tax Audit involves an audit of the financial records of a business in light of the provisions of the Income-tax Act, 1961 in India and providing required disclosures in the prescribed formats.
- Stock Audit Sock or inventory audit refers to the physical verification of stock of an organisation. Every business organisation should conduct a stock audit at least once a year to update and ensure that the physical stock count reconciles with the computed stock in the books of accounts. A stock audit helps analyse the discrepancies between the actual physical inventory and the stock register maintained by the management.
- Fixed Assets Audit Auditing fixed assets is important to make sure that accounting for capital assets and depreciation complies with the objectives of management. Fixed asset audit helps prepare an accurate Balance Sheet, ensuring regulatory compliance.
- Revenue AuditIt is a two-step process that scrutinises the data and information provided in tax returns against those found in actual business records.
- Management Audit A management audit assesses how well an organisation’s management team is applying its strategies and resources. It analyses the competencies and capabilities of the management in carrying out business objectives.
- Special audit Special audits typically focus on a narrow function or process within an organisation. Owners, shareholders or upper-level management may authorise special audits. A special audit results from a specific allegation of fraud or misconduct. These audits may investigate areas such as:
- Safety Compliance
- Hiring Procedures
- Fraud
- Taxes
- Due Diligence
Due diligence is an investigation, examination, audit, or review performed to establish the facts of a matter or transaction under consideration. In this world of finance, due diligence needs a comprehensive analysis of financial information and records before entering into a proposed deal with another person or business house.
We aim to provide the best audit and assurance services so that you can spot hidden potential and prospective trouble areas in your business. We work with the highest possible integrity and professional ethics while maintaining the required business standards.
If you are searching for Audit Services in Delhi, you can approach Legal-N-Tax to experience the most satisfactory services from our team of experienced professionalConsultant of Audit Service in India.Get in touch with us today at info@legalntaxindia.com to schedule a consultation and ensure your audits are handled with precision and professionalism.=
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