Internal Audit

An Internal Control System audit is a process for assuring of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

Inventory audit also referred to as a stock audit, refers to an accounting process which takes into account a company’s total stock of physical goods.

For manufacturing companies where raw materials need to be converted to finished goods, this is a quintessential process of maintaining a healthy business and for it to succeed.

For a trader Inventory audit is required to match the actual quantity of items in stock against the accounting records while also adjusting for differences and allowing for shrinkage so that the ledger reflects accurate values.

Activity-based costing (ABC) is an accounting method that identifies and assigns costs to overhead activities and then assigns those costs to products. An activity-based costing (ABC) system recognizes the relationship between costs, overhead activities, and manufactured products, and, through this relationship, it assigns indirect costs to products less arbitrarily than traditional methods. This can help an organization to determine the profitability of each and every revenue stream to the organization.

A thorough examination of the Indirect and Direct Taxes that have been paid throughout the year with an in-depth study under the applicable laws. Cross-verification of compliances and reconciliation of books and taxes is a necessity during the Financial Year and can bring discipline to the accounting team.