As businesses grow, they need to ensure that their financial records are accurate and that their operations comply with legal and regulatory requirements. To achieve this, they may conduct internal audits or engage external auditors. Both internal and external audits serve the same goal, which is to improve the organization’s efficiency and accountability. However, they …
Tax audits are an auditing process that was developed by an accountant. The task consists of a sequence of analyses of documents from companies! Do you know the importance of tax audits If you’re an entrepreneur or a partner in an organisation, you’ll be aware that the burden of taxation in this country can be …
Income Tax Refund Status Check 2022: Not received refund yet? Read below to know how to check Income tax refund status now Most tax payee’s have already filed their income tax returns. As per the current data on the Income Tax website, over 6.16 ITRs for Assessment Year 2022-23 were filed till 11th September 2022. …
Revolutionary companies are already conscious about benefits of internal audits, and they’re following audit transformation programs based on data analytics, artificial intelligence, and automation. If you have not grown there yet, learning about the advantages of internal audits is a wonderful place to start. Internal Audits: A Quick Overview Internal audits are a form of …
A stock audit is a procedure that a company must carry out at least once every financial year. As far as the stock audit procedure is concerned, it mostly entails counting physical stock and comparing it to computed stock stored by the company. The goal of doing so is to fix the discrepancy between book …
As per chapter X of the Companies Act, 2013, which is dealing in Audit and Auditors, An auditor can be an individual who shall be a qualified Chartered Accountant as per CA Act, 1949 or a firm having its majority members as a qualified Chartered Accountant. An auditor is an individual who is trained to …
A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to utilize it as evidence in the court of law or legal suits. It serves as a backing to prove a fraud in the business in an apparent risk prone environment. Forensic audits have requirement of the expertise of accounting …
Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. The purpose of Audit under GST is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit …
Forensic Auditing involves conducting examination and evaluation of a firm’s or individual’s financial information and legalities for determining whether any fraud or negligence has taken place and if yes, to use the evidence collected during such Audit in the court of law. ObjectiveThe objective of FORENSIC AUDIT is to find the audit evidences which are …