AUDIT & ASSURANCE

An Audit is an independent examination of financial records, statements, and operations of an organization to ensure that they accurately represent its financial position and comply with legal and regulatory requirements. It identifies discrepancies, fraud risks, or inefficiencies and recommends improvements.

Audits can be of various types, including:

• Statutory Audit: Mandated by law (e.g., Companies Act, Income Tax Act).

• Internal Audit: Focuses on operational efficiency, risk management, and internal controls.

• Tax Audit: Verifies compliance with tax laws.

• Forensic Audit: Investigates financial frauds or disputes.

Assurance

Assurance Services go beyond audits — they involve professional services provided by accountants or auditors to improve the quality and reliability of information for decision-makers. Assurance enhances the transparency, relevance, and credibility of both financial and non-financial information.

Examples of assurance services include:

• Review of financial statements.

• Risk assessments.

• Business performance evaluations.

• Sustainability reporting assurance.

Benefits Of Audit & Assurance