Cost & Management Accountant
Practicing Cost Accountants

Internal 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. 
  • Issue of  Audit Reports under various laws.

 

Types of Audits conducted

 
  • Internal Audit
  • Concurrent Audits.
  • Stock Audit
  • Information System Audit

 


Notifications/Circulars

17/04/2021
CBDT amends Income Tax rule 2DB and Form No.10BBA
13/04/2021
Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension
09/04/2021
Enhancement of limit of maximum balance per customer at end of the day from ₹1 lakh to ₹2 lakh – Payments Banks (PBs)
08/04/2021
Reporting and Accounting of Central Government transactions of March 2021 – Change of date of closure
Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package
External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits
Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending
Priority Sector Lending (PSL) – Increase in limits for bank lending against Negotiable Warehouse Receipts (NWRs) / electronic Negotiable Warehouse Receipts (eNWRs)
06/04/2021
Gold Monetization Scheme (GMS), 2015
Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)