The Definition for Auditing and Assurance Standard (AAS) 1 by ICAI

"Auditing is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon."

Types of auditing
  • An external auditor is an audit professional who performs an audit on the financial statements of a company, government, individual, or any other legal entity or organization, and who is independent of the entity being audited.

  • Internal auditing is a profession and activity involved in helping organizations achieve their stated objectives. It does this by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.

Auditing Services at Ashwani Gupta & Associates

Ashwani Gupta and Asociates has been engaged in external and internal auditing since its inception. The firm has been dealing with all kinds of errors in accounts and correcting them in the best possible way. The firm keeps an upto date knowledge of all the latest policies and procedures and does its work accordingly. Even the most subtle errors in accounts do not escape our eyes.

Stages of Auditing


  • Preliminary Engagement Activities
  • Planning Activities
  • Contents of the Audit Plan
  • Planning During the Audit
  • Supervision
  • Documentation

We, at Ashwani Gupta and Associates perform each stage above with great precision. We understand that every process requires each stage to be done most effectively. That is why, our work on the whole, is the best.

Auditing Procedure

Auditing procedure is the auditor technique in gathering Auditing Evidence to substantiate the reliability of the accounting records. The auditor evaluates whether the information presented is logical and reasonable.

Examples of auditing procedures are observing assets to verify existence and amount (e.g., fixed assets), collecting independent confirmations from external parties (e.g., bank confirmation), evaluating internal control, appraising management's activities, and obtaining management representations.

The audit procedures to be followed on an engagement are indicated in the Audit Program. The Work Papers indicate what has been done on the audit.

We carry out cost effective audits for small and medium sized entities and have over the years acquired an expertise in effectively executing special assignments. Our audit and assurance services include:

  • Statutory audit
  • Tax audit
  • Regulatory approvals
  • Management/Internal/Operational/System audits
  • Special/ Investigation assignments
  • ERP implementation
  • Management Information System (MIS) development
  • Review and establishment of costing systems Risk assurance

We, at Ashwani Gupta and Associates are engaged in performing all types of auditing. We have the record of delivering excellence in all auditing services.

  • External and Internal Audit
  • System & management audit
  • Concurrent and Income & Expenditure audit
  • Bank audit
  • Stock audit
  • Due diligence
  • Cerification work

Client and government expectations

We understand the expectations of the client and the government and we try our best to meet them in a professional way.