Audit Planning Audit planning: It is the process of designing and developing a strategy or roadmap for conducting an audit. It involves defining the scope and objectives of the audit, identifying potential areas of risk or concern, determining the resources need to carry out the audit, and creating a timeline for completing the audit.… Read More »
Audit Stages Stages: An audit typically involves several stages, which can vary depending on the size and complexity of the organization being audited. However, the following are the general of an audit: 1.Planning: In this the auditor plans the audit by gaining an understanding of the organization and its business processes, identifying key areas of… Read More »
Statutory and non-Statutory Audit Statutory audit and non-statutory audit are two types of audits that serve different purposes. A statutory audits is a legally required audit that is performed to ensure that a company’s financial statements are accurate and comply with applicable accounting standards and laws. This type of audit is typically conduct by an… Read More »
Tax Audit Tax audit is a process mandatory by the Indian Income Tax Act, 1961, designed to verify the accuracy of an individual or business’s financial records and tax returns. It is an examination of income and tax deductions to ensure that taxpayers comply with applicable tax laws. The tax audit serves as a… Read More »
An External Audit An external audit, also referred to as an independent audit or statutory audit, involves an impartial auditor examining a company’s financial statements and accounting records. The main objective of this audit is to provide assurance to the stakeholders of the company, including shareholders, creditors, and investors. It verifies that the financial statements… Read More »
GST Audit It involves a thorough examination of a taxpayer’s GST records and returns by a qualified chartered accountant. The purpose of this audit is to ensure that the taxpayer has complied with the provisions of the GST Act, 2017. Under the GST Act, certain taxpayers obligate to undergo by it. To visit https://www.gst.gov.in/ The… Read More »
Statutory Audit Vs Cost Audit Statutory Audit and Cost Audit are two distinct types of financial audits with different purposes and legal requirements. Statutories audit are a mandatory audit conducted in accordance with the law for all companies in India. Its objective is to verify that a company’s financial statements provide a true and… Read More »
Corporate Audit A Corporate Audit is a comprehensive and systematic examination of a company’s financial records, Corporate Audit policies, procedures, and internal controls to evaluate their accuracy, reliability, and effectiveness. The objective of a is to provide an independent and objective opinion on the financial health of the company, identify potential areas of risk, and… Read More »
Difference between a cost audit and an internal audit Cost audit and internal audit are two different types of audits that serve different purposes. Cost audit is a type of audit that focuses on verifying the cost accounting records of a company to ensure compliance with cost accounting standards and other regulatory requirements. The main… Read More »
