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Audit |
Financial Statements are often the basis for decision making by the
management and for corrective action. All this would be possible only if
the financial statements are reliable and authentic. It is auditing
which ensures that the financial statements are authentic & reliable.
The main objective of audit is to enable an auditor to express an
opinion on financial statements prepared by the management, keeping in
view the concept of materiality and its relationship with audit risk.
Materiality depends upon the size and nature of an item, judged in the
circumstances of its misstatement.
The purpose of auditing is to satisfy the users of financial statements
that the accounts presented to them are drawn up on correct accounting
principles together with Accounting Standards/ US GAAP/ IAS and that
they represent a true and fair view of the state of affairs of the
organization.
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| We conduct the following types of audit: |
| STATUTORY AUDIT |
The principal objectives of the Statutory Audit is to ensure that the
financial statements i.e. the Balance Sheet, Profit & Loss Account and
Schedules forming part of Balance sheet and Profit/ Loss account, give a
true & fair view and are free from any material mis-statements. We
ensure that the financial statements are drawn up with proper
presentation and disclosure requirements as per the applicable laws. We
also ensure that the auditee has fulfilled all the legal compliances.
Under various statutes the business or entities have to get accounts
audited. We carry out the same under different statutes;
Companies Act, 1956
Income Tax Act, 1961
MVAT Act, 2002
Banking Regulation Act, 1949
Electricity Supply Act, 1948
Co - Operative Societies Act, 1912
Various Religious & Endowment Acts
Non Profit organizations
Our chief objective of Statutory Audit lies in ensuring the reliability
and accuracy of the financial statements on the basis of which the state
of affairs may be made easy to understand.
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| INTERNAL AUDIT/ MANAGEMENT AUDIT |
"Internal audit is a thorough examination of the accounting transactions
and Internal Control system with a view to reassuring the management
that the accounts are being properly maintained and the system contains
adequate safeguard to check any leakage of revenue or misappropriation
of property or asset and to ensure that the operations have been carried
out in conformity with the plans of management."
In the current scenario of Globalisation and Liberalisation internal
auditing is very much critical for strong corporate governance, risk
management and effective internal control. We help plan for and resolve
all these issues, drawing on our in-depth knowledge of best practice in
structuring and organizing effective Internal Audit function. We at WCO
continuously try to add value to our prestigious client’s organization.
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| PROPRIETY AUDIT |
Under this type of audit we try to bring out cases of improper,
avoidable or infructuous expenditure even though the expenditure has
been incurred in conformity with the existing rules and regulations.
We try to secure a reasonably high standard of public financial morality
by looking into the wisdom, faithfulness and economy of transactions.
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| TAX AUDIT |
In the Finance Act, 1984, tax audit was introduced to discourage tax
avoidance and evasion. The prima facie objective of tax audit is that
factual details given by the assessee to the Income tax authorities are
true and correct and that to save time of the Assessing officer in
carrying out routine verification.
Every assessee, whose turnover of a business exceeds 100 Lakhs or total
receipts from any profession exceeds 25 Lakhs in any previous year, is
required to get his accounts audited as per section 44 AB of the Income
Tax Act. We at WCO, fulfill the purpose of tax audit as given in
Circular 337 dated 1st April 1984.
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| GST AUDIT |
The implementation of Goods & Services Tax (GST) effective from 1st July 2017 is seen as a major change in the Commodity Taxation System. Some have described this event as the most important and radical change in the taxation system of India in the post-independence era.
Although a GST audit is not mandatory, it is important that an entity is fully compliant with the various provisions of the GST law. To this end, we offer our expertise in evaluating an entity’s level of compliance with various aspects of GST. The objective of this audit to ensure that an entity is fully GST compliant and insulated from any liability, interest or penalty in the course of any departmental proceedings. We see to it that the audit report serves the purpose of computing correct tax liability of the dealer and it should be accepted as a virtual assessment order.
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| CONCURRENT AUDIT |
The concept of concurrent audit has been introduced to reduce time gap
between occurrences of transaction and is overview or checking. It
serves the purpose of effective internal control.
Concurrent audit is an examination, which is contemporaneous with the
occurrence of transactions or is carried out as near thereto as
possible.
The main focus while conducting concurrent audit it to ensure that
transactions are not dealt with in routine but in adherence with the
systems and procedures laid down.
We ensure that the transaction or decisions are within the policy
parameters laid down, they do not violate the instructions or policy
prescriptions, and that they are within the delegated authority and in
compliance with the terms and conditions for exercise of the delegated
authority.
We take adequate measures in advance to prevent future frauds, etc.
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| GOVERNMENT AUDIT |
The concept, content and scope of government audit have developed in
tune with the political, social and economic development of the country.
We aim to ensure accountability of the executive in respect of public
revenue and expenditure.
Initially government auditing in India is primarily expenditure
oriented. Gradually, audit of receipt tax and non tax is taken up.
The objective of Government auditing is that of systematic, professional
and independent examination of financial, administrative and other
operations of a public entity made subsequently to their execution for
the purpose of evaluating and verifying them, presenting a report
containing explanatory comments on audit findings together with
conclusions and recommendations for future actions by the responsible
officials and in the case of examination of financial statements,
expressing the appropriate professional opinion regarding the fairness
of the presentation.
We at WCO are always ready to serve our Government of India, State
Government and Local Municipal bodies.
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| AUDIT OF SPECIAL ENTITIES |
There are many different types of organizations to whom we provide our
valuable services. Our auditing expertise is extended to conducting
management audits of special organizations like, charitable trust,
Co-Operative societies, Local bodies, hotels, clubs, NGOs, etc.
We see to it that the organization has been registered under the
appropriate statutes. We examine and review the standards set, not only
in terms of the achievability of the monetary targets but also in terms
of the actual deliverables of the entity in terms of charity done,
social work etc. and thus the management audit conducted by us goes
beyond the conventional audit, which merely involves a scrutiny of
financial transactions and books of accounts.
Our main motive is to assist all the levels of management in the
effective discharge of their responsibilities by furnishing them with
objective analysis, appraisals, recommendations and pertinent comments
concerning the activities reviewed.
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| MANAGEMENT AUDIT |
In recent years, the world has witnessed a rather new type of revolution
viz managerial revolution. Management of enterprises is itself a science
and technique and principles have been formulated for practicing this
science; a proper practice of this science will ensure an objective and
efficient management of the affairs of any economic activity. This
revolution has considerably changed the composition and outlook of
management. Today, stockholders, investors, government bodies and the
general public are seeking information by which the "quality of
management" can be judged. As a result of this awakened interest of
outsiders in judging the merits of organization, there has arisen a
similar movement from within the organization to judge the results of
operations and their managers.
Management audit is an audit of management itself. It is a tool to
improve management performance by recognizing facts and information
about management presented after appropriate examination, verification
and evaluation, by professionally qualified and competent people.
We pay attention on a comprehensive and constructive examination of the
organizational structure, its components such as divisions, departments,
ventures, plans, policies, its financial control system, its method of
operation, its appropriate use of human, physical and financial
resources.
We at WCO, see to it that management gets the information relevant to
the decisions and actions which it must take. We make intensive analysis
of information needed and the efficiency of the existing system in
meeting them.
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| OPERATIONAL AUDIT |
Operational auditing is a systematic process of evaluating an
organizations effectiveness, efficiency and economy of operations under
management's control and reporting to appropriate persons the results of
the evaluation along with recommendations for improvement.
The main objective of operational auditing is to verify the fulfillment
of plans and sound business requirements as also to focus on objectives
and their achievement objectives. The need for operational auditing has
arisen due to the inadequacy of traditional sources of information for
an effective management of the company where the management is at a
distance from actual operations due to layers of delegation of
responsibility, separating it from actualities in the organization.
It is considered as a specialized management information tool to fill
the void that conventional information sources fail to fill. An open
minded management with broad vision can appreciate the need of
operational auditing and to give it the necessary freedom and sanction
to perform what it is capable of performing.
Our objective is appraisal of controls, evaluation of performance,
appraisal of objectives and plans, appraisal of organizational
structure, etc.
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