Prescribed by :

Companies Act, 2013 mandates all the companies satisfying specific conditions to have an Internal Audit mechanism in relation to its size of operations.

Scope :

The scope of the risk-based audit is at the discretion of the management and includes, but is not limited to the evaluation of the internal control system placed in the business.

A special audit focuses only on a specific area of an organization’s activities. This type of audit may be initiated by a government agency or a Bank or an Investor or by the entity itself to estimate the efficiency level. Some examples of special audit are:

• Cost audit
• Compliance audit
• Management audit

Systems audit is an approach to evaluate and improve the effectiveness of a system. Generally, audits are carried out in order to verify that the individual elements within the system are effective, efficient and suitable for achieving the stated objectives.

Stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.

Banking forms the spine of the financial system of any country. Banks play a very important part in the same. More or less, all the money flows through Banks. This ranges from the huge corporate funds and small individual savings. The audit of Banks is mandated by the Reserve Bank of India through its regulatory framework. The audit of Banks (both Statutory Audit & Concurrent Audit) support the system of Banking and act as a fact finding mechanism under the financial domain. Through audits it is ensured that the system is functioning in consonance with the goals and the functions of internal controls and internal policies of the management.

At Rama K Gupta and Co., we follow a rigorous regime of training the staff before they go out to assignments and also keep the staff updated with the latest developments in the field.

The Audit involves in detecting or mitigating the chances of fraud or misappropriation of resources.

Due diligence is an extremely important and core part of any M&A Activity. We have a specialized team who has worked in reputed MNC firms who conduct due diligence assignments on behalf of the clients.