Audits

    Financial audits: primarily validate the presentation of financial statements and ensure that transactions comply with various
    statutory and regulatory norms.

    Internal audits: covers the internal control mechanism existing within an organization and ensures that the financial transactions
    follow an acceptable system of approvals and authorizations depending on the size of the organization.

    Management audits: assess the overall business and organizational performance and whether they adhere to the strategic vision
    of the business entity.

    Process audits: appraise whether existing processes are adequate, well documented and conveyed to all stake-holders. It helps in
    improving efficiency by eliminating bottlenecks and redundancy which in turn impacts costs and speed to the market.

    Statutory audits: are mandated by various regulations in force, in the location where the business entity is located and certify
    whether the regulations have been complied with.

    Tax audits: These audits are stipulated by the Income Tax Act 1956. As auditors Chartered Accountants audit report has to
    accompany the Income tax return once the total taxable income exceeds a stipulated level or certain specified persons.
Taxation