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DEPARTMENT AUDIT

DEPARTMENT AUDIT

The purpose of auditing internally is to provide insight into an organization’s culture, policies, procedures, and aids board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.

The departmental auditors investigate the assessee’s own (private) records to verify whether the assessee is paying central excise duty correctly on excisable goods manufactured or deemed to be manufactured and service tax on taxable services provided and whether proper procedures are followed where required to be followed viz., in case of exports or while claiming the benefit of any exemption from duty or tax.

The main intention in having the departmental audit is generally to avoid revenue leakage though the officers are also supposed to act as facilitators for trade and industry.

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