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Audit and Assurance

Overview

In today's rapidly evolving business landscape, companies of all sizes face the challenge of ensuring efficient operations and compliance with regulatory requirements. To navigate these complexities effectively, a thorough examination of internal controls and external compliances is essential, highlighting the crucial role of audit services.

Audit entails a systematic and independent assessment of an entity's internal controls and financial records to ensure process efficiency and accuracy in financial reporting. At Kanumuri & Co, we recognize the importance of this process in providing businesses with a clear understanding of their financial health and operational effectiveness.

Why Audit?

Transparency and Accuracy: Our audit services aim to ensure transparency and accuracy in financial reporting, providing stakeholders with a reliable representation of the company’s financial status.
Efficiency and Control: We emphasize audits to guarantee optimal efficiency and the presence of effective controls within the organization, helping businesses identify areas for improvement and risk mitigation.
Fraud Prevention: Through audits, we strive to minimize the risk of fraud and unethical practices, fostering a culture of integrity and accountability among employees.
Regulatory Compliance: Audits are essential to ensure compliance with regulatory requirements, helping businesses avoid penalties and legal repercussions.
Stakeholder Confidence: The audit process plays a crucial role in instilling confidence among shareholders and other stakeholders regarding the company's management and financial practices.

Types of Audits:

Tax Audit: Tax audits are conducted to ensure compliance with tax regulations and provisions specified under the Income Tax Act, 1961. These audits are aimed at verifying the accuracy and completeness of the taxpayer's financial statements and compliance with tax laws.
GST Audit: Goods and Services Tax (GST) audits are conducted to ensure compliance with GST regulations specified under the Central Goods and Services Tax (CGST) Act, 2017 and State Goods and Services Tax (SGST) Act, 2017. These audits involve a thorough examination of GST-related processes to verify the correctness of tax calculations, input tax credit claims, and compliance with GST filing requirements.
Statutory Audit: Statutory audits are conducted to comply with statutory requirements specified under various acts depending on the type of entity. For companies, the statutory audit is governed by the Companies Act, 2013. It involves the examination of a company's financial statements and accounting records to ensure compliance with accounting standards and legal requirements.
Internal Audit: Internal audits are conducted to evaluate the effectiveness of internal controls, risk management practices, and operational efficiency within an organization. While there is no specific act governing internal audits, they are conducted voluntarily by many organizations to enhance governance and risk management processes.
Stock Audit: Stock audits are conducted to verify the accuracy of stock and inventory records maintained by an organization. These audits help ensure compliance with the Companies (Auditor’s Report) Order (CARO) requirements specified under the Companies Act, 2013.
Compliance Audit: Compliance audits are conducted to verify adherence to laws, regulations, and internal policies relevant to an organization's operations. While there is no specific act governing compliance audits, they are crucial for avoiding penalties and legal repercussions.
Forensic Audit: Forensic audits are conducted to investigate financial irregularities, fraud, and misconduct within an organization. These audits are typically conducted in response to suspected fraudulent activities and may involve legal proceedings. There is no specific act governing forensic audits, but they often involve legal and investigative procedures.
Management Audit: Management audits are conducted to evaluate management processes, decision-making, and strategic planning within an organization. While there is no specific act governing management audits, they are often conducted to improve organizational performance and governance.
Cost Audit: Cost audits are conducted to review cost-related processes and compliance with cost accounting standards specified under the Companies Act, 2013. These audits are mandatory for certain companies meeting specified criteria and aim to ensure accuracy and transparency in cost reporting.

Who is Required to Comply with Auditing Compliances?

All entities, regardless of size or industry, must comply with auditing requirements to ensure transparency, accountability, and regulatory adherence. At Kanumuri & Co, we provide tailored audit services to meet the unique compliance needs of our clients, helping them achieve their business objectives while maintaining integrity and trust.

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