M V Y & Associates Punjab| Chandigarh | Himachal Pradesh
Chartered Accountants

Audit

Broadly, Audit involves the following :

  • Indepth study of existing systems, procedures and controls for proper understanding.  Suggestions for improvement and strengthening.
  • Ensuring compliance with policies, procedures and statutes.
  • Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
  • Checking the genuineness of the expenses booked in accounts.
  • Reporting inefficiencies at any operational level.
  • Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence. 
  • Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.
  • Issue of  Audit Reports under various laws.

 

Types of Audits conducted

  • Statutory Audit of Companies
  • Tax Audit under Section 44AB of the Income Tax Act, 1961.
  • Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
  • Concurrent Audits.
  • Revenue Audit of Banks.
  • Branch Audits of Banks.
  • Audit of PF Trusts, Charitable Trusts, Schools, etc.
  • Audit of Co-operative Socities.
  • Information System Audit
  • Internal Audits.

 


Notifications/Circulars

14/01/2021
Clarification on spending of CSR funds for Awareness & public outreach on COVID-19 Vaccination programme
CBIC amends Jurisdiction of Commissioner Appeals for New Delhi & Mumbai
12/01/2021
CBDT rejects all representations for Extension of Due Dates
08/01/2021
Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements
06/01/2021
Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme
Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems
24/12/2020
Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020
Waiver of late fee for FORM GSTR-4 filing in UT of Ladakh for FY 2019-20
Govt notifies 9 Sections of Finance Act, 2020 wef 1st January 2021