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| Audit |
| Internal Audit |
| The Statutory Auditor generally does not cover in-depth verification of the transactions or internal processes and procedural aspects of the company, and relies on the findings of the Internal auditor. The Internal auditor carries out in-depth verification of transactions, studies internal processes and procedures, verifies statutory compliances, etc. Internal audit can also include Transaction Analysis. Their scope can also be increased as per the specific requirement or concern of the management. |
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| Management Audit & Operational Audit |
| Management audit is different from Internal audit. The auditor carries out audit of specific areas of concern of the management. Generally these areas relate to the decision-making process of the management, or the findings enable the management to take certain decisions. Operational audit is an audit of a specific area of operations to verify various parameters such as level of efficiency, customer satisfaction, correctness of the output, MIS generated out of the systems, etc. Thus besides verification of financial data correctness, this audit helps to verify operational activity also. |
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| Compliance & Inspection Audit |
| Nowadays, though it is claimed that the laws are simplified, they are becoming more and more complicated. The penalty structure has also undergone changes. Any violation attracts stringent penalty and action from regulatory authorities such as RBI, SEBI Stock Exchanges, Depository Participants, IRDA, FMC, Income Tax, Excise or any Local association. Non-compliance can also lead to suspension or closure of the business. It is imperative to have Compliance Audit in various industries such as Brokers, Mutual Funds, Banks, Insurance, Depository Participants and all Listed Companies (falling within preview of Clause 49) to ensure that their functioning/ operations are in line with the applicable statutes.Inspection audit are the audits generally assigned by the various aforesaid regulatory authorities to ensure that their members or authorized persons are performing as per the rules and regulations prescribed or framed by the regulatory authority. These audits ensure interest of various stakeholders. |
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| Concurrent Audit |
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Concurrent Audit
Concurrent audit is an audit of an organization or its unit on an ongoing basis. All the transactions are checked almost on a real-time basis. This helps the organization to rectify its mistake immediately without any delay. The management thereby gets an assurance that the Financial Statements are reliable and the operations of the organization are in line with the policy of the management. It is essential to have Concurrent audit in every organisation where the transactions are high in numbers such as Banks, Insurance, Brokers, Mutual Funds, Depository Participants or any industry with large transactions. |
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| Due Diligence |
| Concurrent audit is an audit of an organization or its unit on an ongoing basis. All the transactions are checked almost on a real-time basis. This helps the organization to rectify its mistake immediately without any delay. The management thereby gets an assurance that the Financial Statements are reliable and the operations of the organization are in line with the policy of the management. It is essential to have Concurrent audit in every organisation where the transactions are high in numbers such as Banks, Insurance, Brokers, Mutual Funds, Depository Participants or any industry with large transactions. |
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| SOX Audit |
| All the companies listed with New York Stock Exchange (NYSE) are required to get the SOX audit done. The SOX audit requires the auditor to confirm the adequacy of internal controls in the company from the systems as well as accounting point of view. Therefore the auditor needs to be of both, Financial as well as Systems discipline.
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