1. STATUTORY AUDIT

Means A legally required review of the accuracy of a company’s or government’s financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

2. INTERNAL AUDIT

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Internal auditing is a order of day, as completion has increased, marketing strategy has changed, consumer has became more aware which in turn has led to low profit margin, and we have seen many old companies has went bankrupt due to inefficiency in handling clients / handling raw material / handling work force / handling final product and due to inadequate marketing.

Internal auditing will assure that company utilizes every penny to the fullest, which in turn provides some benefit for every  penny spent. Some of the area where company can control are Material Handling / Material Storing / Directors Expenses / Officers Expenses /  client relationship / scrap handling etc.

Our industry specific experience staff is equipped to do internal audit as per the rules / regulation / conditions / ethics and standards set by government and company management.

3. MANAGEMENT AUDIT

Simply stands for a systematic assessment of methods and policies of an organization’s management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvement.

The objectives of a management audit are to,

• establish the current level of effectiveness
• suggest improvements, and
• lay down standards for future performance.

Management auditors (employees of the company or independent consultants) do not appraise individual performance, but may critically evaluate the senior executives as a management team.

4. STOCK AUDIT

Stock audit is a term which is generally used in manufacturing industries where a raw material purchased is converted into finished goods. It is important to have control over q1uality and quantity of raw material, as most of the time material consumes more than 70% of total product cost. so to monitor purchase / store and issue of material stock audit is done .

company must have sound policy, so that it will help in following 5 ways,

• Order right quantity
• Order at right price
• Order through proper source
• Order at right time
• Minimize wastages.

5. CONCURRENT AUDIT

we generally think that Concurrent Audit is for banks only, but though concurrent audit is generally associated with banks, it is not true to say that banks has exclusive rights of concurrent audit. Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, compliance with procedure and guidelines.