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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?
Proprietary Audit Compliances
The proprietary audit ensure that every business should follow the compliances mentioned below –
- Public money should not be utilized for the benefit of a particular person.
- The sanctioned expenditure should not be a source of direct or indirect benefits.
- The expenditure should be sanctioned as per the demand of a particular occasion.
- Allowances are not on the whole source of profit into the recipient.
- Various plan objectives should be in understanding with the organizational objectives.
- There should be adherence and proper framing of technical estimates, detailed programs and schedules.
- Budgetary control system should be adequate like internal audit system
- 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
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 email@example.com
Proprietary Audit FAQ’S
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Last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21 for individual and corporate taxpayersMar 15th ,2021