In today’s global landscape, transparency and accountability are paramount, especially when it comes to international development initiatives. Organizations receiving funding from the United States Agency for International Development (USAID) are required to undergo rigorous audits to ensure proper utilization of funds and adherence to regulations. As a leading audit firm in Delhi, SC Bhagat & …
Category: Auditing
Statutory Audit- Meaning, Objectives, Types, Advantages, Disadvantages
IntroductionIn the dynamic landscape of financial management, statutory audits stand tall as crucial guardians of transparency and accountability. As businesses navigate intricate financial landscapes, understanding the meaning, objectives, types, advantages, and disadvantages of statutory audits becomes paramount. Meaning of Statutory AuditStatutory audits are comprehensive examinations of a company’s financial records, ensuring adherence to legal requirements. …
GST Audit: Everything You Need to Know
The Goods and Services Tax (GST) has transformed the indirect tax landscape in India. As part of its compliance measures, the government introduced GST audits to ensure transparency and accountability. In this article, we’ll explore everything you need to know about GST audits, along with some frequently asked questions. What is a GST Audit? A …
GST Audit – Applicability & Scope
GST is a trust based indirect tax in which assesse himself calculates and discharge his tax liability. So to check the veracity of tax liability assessed by assesse and compliances with GST Act and rules, Section 65, 66 and 35(5) of CGST act provides for GST Audit by Tax Authorities, Special GST Audit and Turnover …