75-78, Level 4, A-Wing, KK Market, Dhankawadi, Pune-411043.
What is Propriety Audit
Propriety audit is been defined as “that which meets the tests of public interest, commonly accepted customs and standards of conduct and particularly as applied to professional performance, requirements of Government regulations, and professional codes.”
How we Provide Propriety Audit services
Interlink Capital based in Pune, India provides Auditing services that evaluates the underlying evidence, but also attempts to examine the regularity, reasonability, prudence and impact of various acts. In this audit, instead of too much dependence on documents, vouchers and evidences, it shifts emphasis to the substance of transactions and looks appropriateness thereof on a consideration of financial prudence, public interest and prevention of wasteful expenditure. Our audit service ensures that expenditure is not only suitable to the circumstances the objectives for which it was incurred are also achieved.
Our experienced hands can evaluate and understand whether any transaction has met all criteria to be in line with the standards. Our expert Team undertakes proprietary audit with a focus to financial prudence, public interest and prevention of wasteful expenditure. Our audit report gives insights to the appropriateness of the transactions and its impact on the organization. Proprietary audit extends beyond the formality of the expenditure to its wisdom, faithfulness and economy. It should not only ensure that an expenditure incurred is duly sanctioned by an appropriate authority but should also investigate the justifications and the necessity for it.
Importance of Proprietary Audit to the Organisations
In the case of limited companies, the shareholders are generally spread all over the country. They do not have any real say or control on the conduct of the activities of the company. The company is in the hands of the Board of Directors. The shareholders need an assurance that their funds are properly managed. The statutory auditor has a right to enquire such matters designed to curb exact malpractices often committed by the persons at the helm of the affairs.
All Companies where cost accounting record rules are made compulsory and where the Central Government particularly issues orders for the conduct of cost audit under Section 233B of the Companies Act 2016.
Propriety audit can be extended to any organisation whether sole proprietorship or ownership, partnership, club, financial institutions, trust etc. which desire to get the advantages out of it namely, efficiency, economy, etc.