Audit services help to ensure that financial statements are accurate, reliable, and free from material misstatement or error. This helps to provide assurance to investors, creditors, and other stakeholders that the financial statements are true and accurate. Furthermore, an audit can help to identify and address any weaknesses in a company’s internal controls, financial reporting system, or other processes that could affect the financial statements

Types of Audits we provide?

• Compliance audit. This is an examination of the policies and procedures of an entity or department, to see if it is in compliance with internal or regulatory standards. This audit is most commonly used in regulated industries or educational institutions,S. Poddar & Co. works closely with the management to ensure that the variances if any are pointed out and proper follow-up is carried out to ensure compliance.
• Financial audit. This is an analysis of the fairness of the information contained within an entity’s financial statements. It is conducted by a CA firm, which is independent of the entity under review. We used advanced methods and software to ensure that the Financial Statements of the Organisation are thoroughly Audited and that the client and various stakeholders have a detailed overview of the organization’s Financial Position.
• Information systems audit. This involves a review of the controls over software development, data processing, and access to computer systems. The intent is to spot any issues that could impair the ability of IT systems to provide accurate information to users, as well as to ensure that unauthorized parties do not have access to the data.
• Operational audit. This is a detailed analysis of the goals, planning processes, procedures, and results of the operations of a business. The audit is conducted by us with the intention of evaluating of operations and recommendations for improvement.
• Tax audit. This is an analysis of the financial statements with tax returns submitted by an individual or business entity, to see if the tax information and any resulting income tax payment is valid. These audits are usually targeted at returns to see the accuracy of disclosed incomes and expenditures with actuals and those recorded in the books
• Revenue Audit. A revenue audit is the audit of items governing the income & expenditure of banks, basically, this type of audit are conducted with a view to verify the accuracy, relevance of expenditure incurred & Incomes earned by the banks according to applicable latest circulars, notification
• Performance Audit. This type of Audit is carried out to help the companies gain a non-discriminatory view of the company’s program performance. Personalized and constructive review methods are applied by us to gain an understanding of how to achieve outstanding performance results. Performance audits are usually performed internally, and check to see that procedures have their intended effect. Unlike a compliance audit, which simply ensures that procedures are being followed, performance audits challenge the assumptions and goals of procedures, with an eye toward improving efficiency. A performance audit may recommend changes in procedures resulting from observed inefficiencies in existing procedures.
• Inventory Audit. Financial Institutions nowadays avail credit based on their inventory by way of Cash Credit or Overdraft Facilities thus Inventory Assessment forms a major part of the audit services carried out by any responisble organisation Moreover Inventory is a critical asset for an organization. It is this stock inventory maintained by an organization – either with itself or in its distribution network that eventually translates into sales.  While companies do keep track of the stock on a regular basis by maintaining records, they need to periodically assess and reconcile these records to check the accuracy of books and take the necessary corrective measures where required.  This is done by undertaking a stock audit.  A stock take is essentially a physical count of the stock that is maintained at a particular place at a particular point in time.  This place could be the warehouse of a brand, a distributor point, or at point of sales of a retailer.
• Follow Up Audit. In a follow up internal audit, it is closely checked if the recommendations and corrective actions undertaken on the basis of reported audit issues in the original report, have been successfully implemented or not. This kind of an audit is conducted post audit within specified duration after the issuance of an internal or external audit report. The purpose of an audit follow-up report is to state the results of corrective actions put into practice in a stipulated timeframe so that it aids in the contribution of value to the organization We ensure that all the agreed-upon corrective measures are implemented on a timely basis, and in an efficient manner by the management of the company.
• Concurrent Audit Usually concurrent audit is conducted for bank branches, depending upon the quantum of advances given. It also depends upon bank-to-bank and their risk-taking capability. A concurrent audit is conducted to monitor day-to-day bank operational so that all the compliances and security measures are being followed. Concurrent audit involves daily account opening checking, cash balance, income leakage, BCP & DRP analysis, NPA tracking, laws compliance, RBI compliance, various authorizations and all. In some particular banks, the scope of the concurrent audit is very well defined to focus on the areas they are most concerned with. Nowadays more and more branches are coming under the review of concurrent audit due to alarming rise of NPAs in all banks We have been carrying out Audit of Prestigious Banks and Financial Organisations for over 18 years