The term ‘propriety’ has 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.”
Propriety Audit evaluates the underlying evidence, but also attempts to examine the regularity, reasonability, prudence and impact of various acts. In propriety 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. The propriety audit seeks to ensure that expenditure is not only appropriate to the circumstances, the objectives for which it was incurred are also achieved.
An experienced hand can only evaluate and understand whether any transaction has met all criteria to be in line with the standards. Our expert Team undertakes proprietary audits 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.