A business has to comply with various Tax, Legal and regulatory provisions. Due to increasing thrust and stringent control of government it became an important aspect of business.

A business must be compliant with these regulations to run its operation smoothly and avoid financial and other repercussion.

Due to complex business environment and complexities of transactions accounting has become most important function of business to manage.

Recording of complex transactions keeping in mind all the tax and other regulatory aspects is not cup of tea of an accountant. Even if it has been recorded it should be reviewed periodically to avoid possible revenue leakages and non-compliance with laws.

Internal audit is a systematic review of internal control system of the company. It ensures that all the procedures, policies and controls are in line with the company objectives.

Initially it was management call to have the internal audit or not. But with the introduction of Companies Act 2013 now its become mandatory requirement for specified companies to have independent internal audits in place.

Management Audit is a systematic examination of decisions and actions of the management to analyse the performance of the management.

Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the Company.

Due diligence is an investigation of a business or person prior to signing a contract, taking over business, investing in the business or taking other important decisions.

It can be a legal obligation but normally it’s a call of management to evaluate any project or its assets before taking over the same. with the quality of information, it helps management in taking better decisions.