Home / Proprietary Audit

Updated on 6 Mar 2021    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.
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Due Dates

  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for Feb 2021

    Mar 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for Feb 2021

    Mar 10th ,2021
  • GSTR 1 for Feb 2021 (turnover more than INR. 1.50 Crore)

    Mar 11th ,2021
  • GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for Feb 2021

    Mar 13th ,2021
  • Last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21 for taxpayers who have opted for Presumptive Taxation Scheme under section 44AD & 44ADA

    Mar 15th ,2021
  • Last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayers

    Mar 15th ,2021