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.