Statutory Audit Services
A Statutory Audit is a mandatory financial examination required under the Companies Act, 2013 for companies registered in India. It ensures that financial statements present a true and fair view of a company's financial health, while also ensuring adherence to statutory and regulatory requirements.
Our Comprehensive Statutory Audit Services
1. Conducting Audits as per the Companies Act, 2013
- Performing statutory audits for companies, LLPs, and other entities as mandated by law.
- Reviewing internal controls, accounting policies, and compliance with financial reporting standards.
2. Preparation & Verification of Financial Statements
- Examining Balance Sheets, Profit & Loss Statements, and Cash Flow Statements.
- Validating accounting records and ensuring transparency in financial disclosures.
3. Compliance with Indian Accounting Standards (Ind AS) & GAAP
- Ensuring that financial statements comply with Ind AS or Generally Accepted Accounting Principles (GAAP) as applicable.
- Providing expert advisory on financial reporting frameworks and necessary disclosures.
4. Reporting & Certification
- Issuing independent audit reports based on factual financial analysis.
- Certifying compliance with corporate governance and statutory requirements.
5. Risk Assessment & Fraud Detection
- Identifying potential financial risks, irregularities, or fraudulent transactions.
- Advising on remedial actions to strengthen financial integrity and internal controls.
6. Representation & Support During Regulatory Inspections
- Assisting companies in responding to audits conducted by government agencies.
- Supporting in case of inquiries from the Ministry of Corporate Affairs (MCA), SEBI, RBI, or Income Tax authorities.
The Value of Professional Statutory Audits
A statutory audit is not just a regulatory requirement but a crucial process to enhance financial credibility and investor confidence. Ensure your business remains compliant and financially sound with our professional statutory audit services.
Our expert auditors bring years of experience across different industries, helping businesses not only meet statutory requirements but also strengthen their financial reporting systems and internal controls.
Why Choose Us for Statutory Audit Services
- Experienced auditors with in-depth knowledge of corporate financial regulations.
- Transparent and ethical audit practices ensuring compliance with Indian laws.
- Customized audit solutions for companies across industries.
- Expert guidance to mitigate financial risks and ensure seamless compliance.
- Timely completion of audits to meet statutory deadlines.
Frequently Asked Questions
A statutory audit is a legally mandated examination of a company's financial statements required under the Companies Act, 2013. It's required to ensure that financial statements present a true and fair view of the company's financial position, helping protect stakeholders' interests and ensuring compliance with regulatory requirements.
Under the Companies Act, 2013, all public companies regardless of size and private limited companies with annual turnover exceeding ₹1 crore or having loans/borrowings from banks/financial institutions exceeding ₹1 crore are required to conduct statutory audits. All LLPs with contributions exceeding ₹25 lakhs or annual turnover exceeding ₹40 lakhs also require a statutory audit.
A statutory audit must be completed and the audited financial statements must be filed with the Registrar of Companies (ROC) within 30 days of the Annual General Meeting (AGM). The AGM must be held within 6 months from the end of the financial year, which typically ends on March 31st in India.
Documents required include financial statements (balance sheet, profit & loss account, cash flow statement), books of accounts, bank statements, investment documents, fixed asset registers, loan agreements, minutes of board meetings, previous years' audit reports, tax returns, and regulatory compliance documents.
While legally possible in some cases, it's generally not recommended as it may compromise the independence of the auditor. Best practice suggests having separate auditors for statutory and internal audits to maintain objectivity and avoid conflicts of interest. Our firm can provide guidance on establishing the right audit structure for your organization.
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