Services
Audit & Assurance Services
Audit and Assurance Services to all the business formats.
To understand the meaning of Audit & Assurance, one needs to qualify Chartered Accountancy [CA] or Certified Public Accountancy [CPA] Course.
To put it simply,
- 1. Audit means checking.
- 2. Assurance means giving confidence that either ALL IS WELL or NOT.
Audits are generally prescribed by some specific laws like:
- 1. Companies Act
- 2. LLP Act
- 3. Income Tax Act
- 4. GST Act
An assurance is for the management to know that ALL IS WELL or NOT. Therefore,
- For an early detection of irregularities or frauds, the Management undergoes an Internal Audit on regular basis or
- Whenever RED FLAG is raised by any stakeholder, the Management expects an assurance from Experienced Professional Chartered Accountants’ Firm.
Does Business Owner really required to understand the in depth meaning of Audit & Assurance?
Answer is NO.
Reason is
- Medium & Large Businesses can afford to employ full time Chartered Accountants or Certified Public Accountants.
- Micro and Small Businesses have their consultants who are qualified practicing Chartered Accountants or Certified Public Accountants.