Audit Assurance

The efficiency & deliverance of an Enterprise is decided on its financial strength & soundness.There is various audit some are mandatory some are voluntarily done by an individual or businesses. Audit services in India can be categorized in the below points:
Statutory Audits: Under this comes various audits as required by statutory that can be under the income tax, under company laws, under banking laws, under GST laws, so this category has a huge scope under audit services in India.
Internal Audits: This is mandatory for certain classes however mostly organization makes it a part of the business because of its significance in assessing the organization current affairs and preventing and detecting any error or frauds.
Management Audit: This category of the audit is to assess and recommend the resources, asset, strategies followed by the organization is in the right shape and going in a planned direction.
Tax Audit: Section 44AB of the income tax act has the provisions related to the audit of accounts. Income tax audit under this section is mandatory for certain class of taxpayers that depends on turnover and receipts limit.
Similarly, there are other important audits such as stock audit, due diligence audit, forensic audit and so on.