Definition of Internal audit: This is a process of evaluating and reviewing an organization’s operations. It is including its internal controls, risk management, financial and accounting systems, and compliance with laws and regulations. The primary objective of internal audit is to provide independent and objective assurance to the organization’s management and stakeholders. That the organization’s… Read More »
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 »
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 »
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 »
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 »
