Financial Audits
Primarily validate the presentation of financial statements and ensure that transactions comply with various statutory and regulatory norms.
Internal Audits
Covers the internal control mechanism existing within an organization and ensures that the financial transactions follow an acceptable system of approvals and authorizations depending on the size of the organization.
Management Audits
Assess the overall business and organizational performance and whether they adhere to the strategic vision of the business entity.
Process Audits
Appraise whether existing processes are adequate, well documented and conveyed to all stake-holders. It helps in improving efficiency by eliminating bottlenecks and redundancy which in turn impacts costs and speed to the market.
Statutory Audits
Are mandated by various regulations in force, in the location where the business entity is located and certify whether the regulations have been complied with.
Tax Audits
These audits are stipulated by the Income Tax Act 1956. As auditors Chartered Accountants audit report has to accompany the Income tax return once the total taxable income exceeds a stipulated level or certain specified persons.