Home / Proprietary Audit

Updated on 8 Apr 2020    9.00 AM IST | 4 min read

What is Proprietary Audit?

Proprietary audit is an audit conducted to compare and examine any specific activity to find out whether it lies in public interest or in accordance with commonly accepted customs & standards of conduct. It not only evaluates the underlying evidence but also examine the responsibility, regularity, vigilance and impact of various acts.

In case of proprietary audit, the emphasis is on the substance of transactions and its accuracy rather than concentrating too much on vouchers, documents and evidences. In the proprietary audit, the team of experts focuses on public interest, financial prudence and prevention of wasteful expenditure. Their main aim is to verify the transactions and comparing them with the standards that whether they are meeting all criteria or not. The audit report prepared by the auditor gives information about accuracy of transactions and its impact on the organization. An experienced auditor can only evaluate and understand whether the transaction is meeting all criteria to match the standards.

Proprietary audit focuses on ensuring that the funds are received from appropriate channels and those funds are spent for appropriate purposes too. It is done to check that whether any problem such as revenue leakage, frivolous expenditure and corruption are existing in the business. The report of the proprietary audit is submitted by the auditor to the person who appointed him.


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

Proprietary Audit Compliances

The proprietary audit ensure that every business should follow the compliances mentioned below –

  1. Public money should not be utilized for the benefit of a particular person.
  2. The sanctioned expenditure should not be a source of direct or indirect benefits.
  3. The expenditure should be sanctioned as per the demand of a particular occasion.
  4. Allowances are not on the whole source of profit into the recipient.
  5. Various plan objectives should be in understanding with the organizational objectives.
  6. There should be adherence and proper framing of technical estimates, detailed programs and schedules.
  7. Budgetary control system should be adequate like internal audit system
  8. Every officer should exercise the save vigilance in relation to expenditure as an ordinary person exercise in relation to his own money.

Benefits of Proprietary Audit

  • More than 10 years of experience
  • Qualified professionals
  • Excellent customer service
  • Cost efficient
  • Customer delight
  • Time saving
  • Quick turnaround time
  • Continuous support over e-mail and phone (24X7).

How Finacbooks can Help?

Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping businesses with Proprietary audit. To avail the best deals on Proprietary audit, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

Proprietary Audit FAQ’S

Proprietary audit is conducted to verify and examine the substance of the transaction & its accuracy and to ensure that it should match the criteria specified for it.
Proprietary audit is done to check and verify whether any problem such as revenue leakage, frivolous expenditure and corruption exist in the business or not.
The report of the proprietary audit is submitted by the auditor to the person who appointed him.
The audit report prepared by the auditor gives information about accuracy of transactions and its impact on the organization.
MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.


Prakash Verma

Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Prakash Verma Signature


Praveen Chauhan

Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“

Praveen Chauhan Signature


Pradeep Kochhar

Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “

Pradeep Kochhar Signature

Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Tax Audit under Section 44AB – Form 3CA, 3CB, 3CD, 3CE
08 Apr, 2020

Income Tax Audit under Section 44AB Income Tax audit under section 44AB defines tax provisions of the tax audit for a business entity.... Read More

How to Renew Your FSSAI Food License?
01 Apr, 2020

What is FSSAI Food License? FSSAI food license is a mandatory requirement for every food business operator (FBO) involved in business of... Read More

Coronavirus: Central Government Economic Measures to Fight Covid 19 Crisis
27 Mar, 2020

Relief package of Rs.1.7 lakh Crore announced by the Finance Minister to fight Coronavirus Our central government has taken many... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.
World Map

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service