Audit & Attestation
Trust Audit
Audit of public and charitable trusts under the applicable trust and income-tax law.
Overview
Trust audit is the audit of the accounts of public, charitable and religious trusts under the relevant State Public Trusts Act and, where the trust claims exemption, under the applicable provisions of the Income-tax Act, 1961.
The engagement includes reporting in the formats prescribed by the relevant authority and is carried out in accordance with the Standards on Auditing issued by the ICAI.
Scope & areas covered
- Audit under the applicable State Public Trusts Act
- Reporting in the prescribed form for exemption-claiming trusts
- Verification of application and accumulation of income
- Review of corpus, restricted funds and donation records
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