Audit & Assurance
Audit and assurance enhance financial reliability by evaluating accuracy, compliance, risk management, and organizational processes.
Statutory Audit
A statutory audit is a mandatory examination of financial statements under any statute. It is typically applicable under the Companies Act, Indian Income Tax Act to ensure accuracy and compliance. It involves verifying books of accounts, testing internal controls, and evaluating reporting systems. The objective is to confirm that financial statements present a true and fair view. Regular statutory audits enhance transparency, strengthen investor confidence, and ensure adherence to regulatory and corporate governance standards.
Risk-Based Internal Audit
A risk-based internal audit focuses on identifying, evaluating, and mitigating key business risks rather than reviewing transactions alone. It assesses control effectiveness across critical functions, ensuring alignment with organizational goals. Through risk prioritization, process analysis, and continuous monitoring, this audit approach improves governance, strengthens internal controls, and enhances decision-making. It helps organizations anticipate emerging risks and build sustainable, compliant operations.
Scope-Based Specialized Internal Audit
A scope-based specialized internal audit targets specific operational areas such as procurement, sales, payroll, IT systems etc as decided by auditors or management. It provides a detailed evaluation of control mechanisms, compliance levels, and process efficiency. This focused approach helps identify weaknesses in particular functions and suggests corrective actions. Such audits are particularly useful during business expansion, mergers, or automation, ensuring accuracy, compliance, and improved operational performance.
Concurrent / Revenue / Inspection / Stock Audit
Concurrent, revenue, inspection, and stock audits ensure real-time oversight and control. Concurrent audits monitor transactions continuously or on a real time basis to detect irregularities. Revenue audits verify income accuracy and accounting compliance. Inspection audits assess branch operations, while stock audits confirm physical inventory against records. Together, these reviews safeguard assets, detect discrepancies, and strengthen financial discipline.
Audit under GST
A GST audit examines the correctness of turnover, tax payments, input tax credit claims, and refunds under GST law. It ensures compliance with statutory provisions and identifies discrepancies in filings or documentation. The process involves reviewing returns, reconciliations, and tax records to detect inconsistencies. Regular GST audits help prevent penalties, optimize tax positions, and ensure transparent, compliant indirect tax management.
Systems Audit
A systems audit assesses the reliability, security, and efficiency of an organization’s IT infrastructure. It examines access controls, data integrity, cybersecurity, and ERP processes to ensure information accuracy and business continuity. By identifying vulnerabilities and control gaps, a systems audit strengthens data protection, enhances process efficiency, and ensures alignment of technology systems with organizational and regulatory requirements.