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Accounting and Auditing Service

Accounting and Audit Service in Delhi

Civil servants under the Indian Audit and Accounts Service (IAAS) hold audit managerial positions within the Indian Audit and Accounts Department (IAAD).Auditing involves the examination and inspection of various accounting records by an auditor, followed by physical inventory checks, to verify that all departments are adhering to established transaction recording procedures.

Accounting maintains a company’s financial records, while auditing assesses the financial records and statements produced by accounting. Audit accounting plays a crucial role in ensuring the accuracy of a company’s accounts and the fair and efficient distribution of its finances. Audit accounting can be an internal process aimed at risk mitigation and cost-saving opportunities.

Auditting and Accounting

  • Review Information Systems: Assess the adequacy and security of information systems used for financial recordkeeping.

  • Examine Record-Keeping Policies: Review policies governing financial recordkeeping to ensure compliance with accounting standards and regulatory requirements.

  • Evaluate Accounting System: Evaluate the accounting system’s effectiveness in recording, processing, and reporting financial transactions.

  • Assess Internal Controls: Analyze internal controls to identify potential risks and evaluate their effectiveness in mitigating those risks.

  • Compare Internal Records: Reconcile internal records with external documents, such as bank statements and vendor invoices, to detect discrepancies and potential errors.

  • Review Tax Returns: Scrutinize tax returns to ensure accuracy and compliance with tax laws and regulations.

    Perform Tests of Controls and Substantive Tests: Conduct tests to verify the effectiveness of internal controls and perform substantive tests to validate the accuracy and completeness of financial information.

Three Types of Audits

 

  • External Audits: Conducted by independent auditors to provide an objective opinion on a company’s financial statements.

  • Internal Audits: Performed by an organization’s internal auditors to assess internal controls, risk management, and compliance with laws and regulations.

  • Internal Revenue Service (IRS) Audits: Conducted by the IRS to verify the accuracy of a company’s tax returns