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Balance Sheet or
Statutory Audit |
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Audit required under
Companies Act, Income
Tax Act, Trust Act etc.
are done under this
category which includes
Audits of Limited
Companies, Pvt. Ltd.
Companies, Society,
Trust, Firms, Individual
Proprietary Units etc.
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Internal Audit/Risk Assurance Audit
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An Internal Auditor is
required to see whether
there is an adequate
system of effective
control and if there is
one, whether it is
strictly adhered to and,
if adhered to, whether
there are chances of any
fraud taking place or
leakage of the revenue
of the concern because
of delays,
miscalculations, wrong
handling of documents or
inadequate safety
measures. He has to do
all this by checking all
the operations and
records of the client
whether physically or
otherwise.
There cannot be a
definite procedure or
area of audit for an
internal auditor, he has
to in fact, look at
every points
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Concurrent Audit |
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Concurrent Audit is an
examination which is
contemporaneous with the
occurrence of
transactions. It
attempts to shorten the
interval between a
transaction and its
examination by an
independent person not
involved in its
documentation. There is
an emphasis in favour of
substantive checking in
key areas rather than
test checking. This
Audit is essentially a
management process
integral to the
establishment of sound
internal accounting
functions and effective
controls and setting the
tone for a vigilance
internal audit to
preclude the incidence
of serious errors an
fraudulent
manipulations.
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Investigation Audit |
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In this section we
discover the reasons for
unwanted happenings i.e.
major loss, increased
cost, or any other
matter which management
wants to investigate.
Such audit also includes
‘Special Investigation
Audit’ as required by
BIFR and other financial
institution for erosion
of capital etc.
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Govt. Audit |
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World Bank/ADB/Other
Organisations aided
programmes executed
through various Govt.
Departments are covered
under such types of
Audit which includes
Verification and
Implementation of
various terms &
conditions of programmes.
This also includes Audit
of various
Municipalities,
Nagar-Nigam, Development
Authorities, NGO’s and
other local authorities
for themselves and their
State/Central
Govt./International
Organisation Sponsored
Programmer.
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Stock Audit |
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Stock Audit is conducted
to ensure that following
control objectives are
achieved:
- All the Stocks
and Work-in-progress
are physically
counted and
identified
correctly.
- All the stocks
items are correctly
classified and
recorded.
- Stock and
work-in-progress
belonging to third
parties should not
be taken into
account.
- Stock
received for sale
work is properly
accounted and
recorded.
To achieve the above
objects, Auditors apply
all audit tools and
procedures while
conducting the Audit.
Besides this it must be
noted that:
- Amount stated in
Balance Sheet
represent only
existing stock and
work-in-progress
upon which company
has good title stock
and work-in-progress
should be fairly
valued on an
acceptable and
consistent basis.
- Long term
work-in-progress
must be valued
properly and
adequate provision
should be made for
saleable losses.
- Compliance with
Companies Act and
Accounting
Standards.
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Bank Statutory Audit |
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Bank Audit involves
expression of opinion on
the financial statements
being reported at the
Branch level or the
whole bank level. One
year end audit is no
substitute for a
detailed inspection. The
scope of Statutory Audit
is essentially
restricted to the
verification of
financial statements as
on a particular date and
expression of opinion
about the truthfulness
and fairness thereof.
Audit of a Bank whether
of Head Office or its
branches, whether
Statutory or Internal is
quite different from the
audit of other
commercial or industrial
concerns or service
institutions. It is to
be carried out in a
special manner different
from auditing the
vouchers and receipts.
Bank Audit cannot be
conducted merely with
the knowledge of Banking
Regulation Act and
knowledge of accounting
at other hand. A
thorough knowledge of
almost all statutory
enactments concerning
every type of
transaction and in
particular the various
laws is absolutely
necessary.
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Concessionaires Audit |
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Since we are the
empanelled Auditors of
NHAI, we can perform the
Concessionaires Audit
for their Road Project
on BOT Annuity Basis for
various parts in India.
We also can conduct
other concessionaires
agreement based audits
for Annuity Based/BOT
based projects.
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System Audit |
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The system audit of any
concern is to ensure
that there should be
proper internal controls
on computerized accounts
which can generate
reliable accounting
information. There are
three major internal
controls in a system
based accounting system:
- Internal
Controls at Input
Stage.
- Internal
Controls at
Processing Stage.
- Internal
Controls at Output
Stage.
Internal Controls at
the Input Stage may
be further imparted
at the following
three stages-
- Hardware
Controls
- Software
Controls
- Data Files
Controls
To achieve the above
objections an auditor
may adopt various
procedure to conduct the
system audit:
The basic approaches for
system audit are-
- Auditing around
the computer i.e.
Black Box Approach.
- Auditing through
the Computer i.e.
Test Pack.
- Auditing with
the Computer i.e.
Computer Assisted
Auditing Techniques.
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MIS Audit |
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Such audit is basically
for those people who
wishes to professionally
verify the various MIS
put before them and also
analyse them in the best
interest of the
organisation. This is a
regular process and is
done on a monthly basis
or on regular periodical
intervals.
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HR Audit/Performance
Audit/Efficiency Audit |
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This audit covers the
requirements of various
HR in various
departments, their
performance and
efficiency on a regular
periodic basis. This
also includes job
allocation, job
satisfaction and optimum
utilization of HR.
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ABC Audit/Circulation
Audit |
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ABC Audit means audit of
net paid sales of
Newspapers and
periodicals. The ABC
Audit is regulated by
Audit Bureau of
Circulations, Mumbai
which is a Co-operative
association of
Publishers, advertisers
and advertising
agencies, providing
accurate reports of
publications
circulation. The ABC
Audit is based upon the
recognition of the
essential relationship
between the publications
and the Bureau; namely
that they have
voluntarily joined the
Bureau Solely with a
view to giving out their
true circulation
figures. ABC Audit based
upon the single concept
that the realistic and
tangible value of a
prescribed payment for a
publication is the only
auditable measure of
reader interest from the
advertiser’s point of
view and consequently it
provided that only
average net paid sales
to readers and the
distributing trade at
full published prices
and regular trade terms
and for regular and
definite periods are
included for
certification. The
auditor is required to
certify in precisely
defined and unvarying
terms that the results
have been obtained to
the auditors
satisfaction strictly in
accordance and full
compliance with the ABC
Audit formula.
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