Audit & Assurance

Audit & Assurance

Before we delve into auditing & assurance services provided by our Bank, let us first understand what audit and assurance means and why it is important for any type of business organization to get audit and assurance services.

Auditing

  • Auditing: involves the on-site verification & inspection of a process or quality system to ensure that the company runs its operations as per the set accounting standards. A company or a business organization can get audit services to audit activities of the organization as a whole or to audit specific function, process or a procedure of the operational activity. We provide varied kinds of auditing services here in Universal Commercial Bank. Our audit services include statutory audit, internal audit, audit management, tax auditing, information system audit, sox audit and clause 49.

Assurance

  • Assurance service is generally provided by the independent professionals such as Chartered or Certified accountants with the mission to improve context of the information so that an organisation can take an informed decision.  Moreover, informational and system audit (IS audit) ensures that IS data is integrated safely within the enterprise and it is causing no harm to business assets. Our team for IS audit consists of qualified computer engineers and system auditors (DISA). In case you are looking for Information system audit should contact us.

Universal Commercial Bank Internal & Management Audit

The main focus of our audit management service is to ensure that you are provided with a strong internal and managerial control system that reduces the risk of deliberate or accidental errors and omissions. Our audit management service in Universal Commercial Bank with the help of our team of experts also helps you to:
  • Safeguard your assets.
  • Divide authority amongst the key control areas.
  • Compliance with corporate governance and internal operating policies.
Moreover, informational and system audit (IS audit) ensures that IS data is integrated safely within the enterprise and it is causing no harm to business assets. Our team for IS audit consists of qualified computer engineers and system auditors (DISA).

Statutory Audit

  • Manufacturing sector.
  • Public sector undertakings (PSUs).
  • Charitable Institutions.
  • Trading sector.
  • Service sector.
  • IT companies.
  • Financial Institutions.
  • NGO’S
  • Hotels
  • Hospitals
  • Co-operative societies.
  • Small and medium sized enterprises).

Tax Audits

Not every business organization needs tax and auditing services. In case your business organization/firm/company is one of those enterprises whose turnover exceeds $10,000,000.00 or whose total receipts from a profession exceeds $2,500,000 in any previous year then you need to get tax and audit services.
Do ensure you are hiring a tax and auditing services in Universal Commercial Bank who is thorough with the know-how and has at least a few years’ experience on field. We are providing tax and auditing services at Universal Commercial Bank from over a decade now.
Our team of experts will audit your accounts thoroughly and will generate a report u/s 44AB of the Income Tax Act. Moreover, u/s 44AD if your organization has declared the net profit below 8% of the total turnover we provide you the tax audit report as per the tax law.
In case you are looking for tax and auditing services here in Universal Commercial Bank contact us