STATUTORY AUDIT
A Statutory Audit is an independent examination of a company’s financial records to ensure that the financial statements present a true and fair view of its financial position. Under the Companies Act, 2013, every company is required to get its accounts audited by a qualified Chartered Accountant.
Statutory audits help businesses maintain compliance, improve financial transparency, and build confidence among shareholders, investors, lenders, and regulatory authorities.
Financial Documents
- Trial Balance
- Balance Sheet
- Profit & Loss Account
- General Ledger
- Cash Book and Bank Book
- Fixed Asset Register
Compliance Documents
- GST Returns
- TDS Returns
- Income Tax Returns
- Previous Audit Reports (if applicable)
Supporting Documents
- Bank Statements
- Invoices and Bills
- Purchase and Sales Registers
- Loan Agreements
- Statutory Registers
- Board Resolutions and Minutes (if applicable)
- Understanding Business Operations: Review the nature of business activities, accounting systems, and internal controls.
- Collection of Financial Records: Obtain financial statements, books of accounts, statutory records, and supporting documents.
- Verification and Audit Testing: Examine financial transactions, account balances, compliance records, and supporting evidence.
- Audit Report Issuance: Upon completion of the audit, issue the Statutory Audit Report along with observations and recommendations, if any.
- Audit Observations & Discussion: Identify discrepancies, compliance issues, or areas requiring clarification and discuss them with management.
A Statutory Audit is a legally mandated audit conducted to verify whether a company's financial statements present a true and fair view of its financial position.
Each business entity (with a different PAN) must register separately. However, multiple activities (manufacturing and services) under the same PAN can be included in a single registration.
It ensures legal compliance, enhances financial transparency, and increases the credibility of financial statements.
Financial statements, books of accounts, bank statements, GST and tax returns, invoices, and statutory records are typically required.
The duration depends on the size and complexity of the business and the completeness of financial records provided.
Our audit professionals conduct thorough statutory audits, ensure regulatory compliance, and provide valuable insights to strengthen your financial reporting processes.