A systematic examination of the different type of the financial transaction is absolutely necessary. Also, it is essential for every single organization whether small or big is in compliance with the government laws. It is highly obligatory to go for the different type of the AUDITS to crosscheck any error in transaction or account maintenance.
Key Benefits of Internal Audit
* One can go for the internal audit along with the audit by the authorized or certified Auditors. It will help a company avoid any kind of the fine or legal action from the IRS Department. The Internal Revenue System (IRS) and other government authority perform audits for all small and large-scale companies on regular basis. Thus, Internal Audit helps an organization stay prepared for any kind of the Audit.
* An Internal Audit is performed to check whether the financial statements that are being provided by the companies are stated as per the specified rules of the government or not. It will encourage the account department in a particular company keep their record updated and stay vigilant always.
* An audit can be performed for the entire company or it may be specific to a particular department or a function. It is better to get all the departments audited together.
Major Advantages of Statutory Audit
• The person whose income is in between Rs. 2.5 lakhs and Rs. 5 lakhs need to pay 5% of taxable income.
• The person whose income is in between Rs. 5 lakhs and Rs. 10 lakhs need to pay 20% of taxable income. That means he have to pay Rs. 12,500 and in addition he has to pay 20% of income above Rs. 5 lakhs.
• The person whose income is more than Rs. 10 lakhs need to pay 30% of taxable income. That means he have to pay Rs. 1, 12,500 and in addition he has to pay 30% of income above Rs. 10 lakhs.
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* The Statutory Audit increases the dependability of published financial statements.
* It also provides assurance to the company management and assures that they have complied with the non-statutory needs like the requirements for corporate governance.
* It ensures the management that they have performed their statutory duties appropriately.
At Aayushi Financial Consultancy Services, we help an organization in performing the following types of audit:
• Product audit: In this type of audit we examine a particular product or service of a company. We conduct the audit to find out whether the particular product meets the required specification.
By doing product audit from the expert company like Aayushi Financial Consultancy Services the company can assure that products meet the required standard and give the desired performance. This type of auditing from the expert is very essential before the IRS will actually do the audit of product so that the IRS gives the clearance easily.
• Process audit: At Aayushi Financial Consultancy Services we also conduct process audit to examine whether the activities, resources, and behavior of the company are being managed effectively and efficiently or not. We not only audit a company’s activities, resources and behavior but we also plan, organize and guide the company about how to control the required output.
• System audit: At Aayushi Financial Consultancy Services we also conduct system audit. In this type of audit, we review the level of system architecture, map the business process, check the configuration of the operating system, review the application security controls, and performs many other such audits.
If you are the owner of a company and want IRS to give your company full clearance, you can contact us for the pre-audit at Aayushi Financial Consultancy Services to get 100% result. You can call us or write to us using the contact details shared on our dedicated website 24x7.