Opportunity for practicing CAs - Audit expertise services
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Opportunity for practicing CAs - Audit expertise services

  • Highlights

  • Audit expertise services, a wide domain

  • Private and public establishments require statutory audits

  • Internal audits bring innovative ideas

  • Tax audits required by government departments

An entrepreneurial boom has led to robust growth in the domestic economy. Opportunities have opened in traditional sectors like banking, insurance, and manufacturing and also in emerging sectors like modern retail, healthcare, IT, education, e-commerce, logistics including segments such as investment banking and venture capital, among others.

In turn, it has created a favorable environment for Chartered Accountants, with the demand for auditing services far exceeding supply. With the easy availability of business loans for chartered accountants, you can easily procure the funds required for computer assisted audit tools and techniques to enhance your portfolio.

With pre-approved loan offers, procuring the loan has become quick and hassle-free. All you need to do is to fill in a few basic details to check out your pre-approved offer.

Audit expertise services – a wide domain

There was a time when auditing used to be an exercise of merely checking the accounts and ensuring whether the relevant standards were being followed or not. In fact, more often than not, people associate a CA as someone who helps them file returns, and plan taxes. However, with changing times, auditing is shifting to processes. Today audit expertise is a wide domain encompassing:

Statutory audits

Statutory audits are required as per the Company Act by firms in the private and public sector. They are mandatory audits and are a legally required review of the accuracy of a company's financial records. The purpose of a statutory audit is to determine whether an organisation is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

- Internal audits

Apart from the regular, statutory audits, internal audits could be a real value addition for the business. Management, audit committees and boards of directors rely on internal audit (IA) to provide assessments and assurance around the effectiveness of controls and company processes. You can help organisations achieve cost efficiencies in their internal audit functions through variable cost models. Additionally, they bring innovative ideas and advisory support, greater technology enablement and broad subject matter experience in complex areas.

- Tax Audits

Tax auditors review financial records and other information provided by taxpayers to determine the appropriate tax liability. Government departments have tax auditors who may be appointed to audit the taxpayers’ accounts.

Helping companies make informed decisions

Thus, the audit services allow businesses to make well-informed decisions, to better assess the possible opportunities and risks faced along with boosting its credibility with lenders, investors and clients. At the same time, it gives you enough scope to expand and grow your own practice.

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