Details

A statutory audit is a legally mandated review of the accuracy of a company’s financial statements and records. Under the Companies Act, 2013 and other applicable laws, certain entities are required to have their financial statements audited annually by a qualified Chartered Accountant. The objective is to ensure that the financial statements reflect a true and fair view of the entity’s financial position and performance.

Our firm conducts statutory audits in accordance with the auditing standards issued by the Institute of Chartered Accountants of India (ICAI), and relevant provisions of the Companies Act and other applicable regulations.

Scope of services includes:

• Audit planning and risk assessment based on the nature, size, and complexity of the entity

• Evaluation of internal controls and accounting systems

• Verification and validation of books of accounts and supporting documentation

• Examination of income, expenditure, assets, and liabilities to ensure completeness and accuracy

• Review of compliance with applicable accounting standards (Ind AS/AS), laws, and corporate governance requirements

• Preparation and issuance of audit report under Section 143 of the Companies Act, 2013

• Audit of consolidated financial statements, where applicable

• Reporting of frauds, if identified, as per statutory requirements

• Audit support for private limited companies, public limited companies, LLPs (where mandated), and other entities

• Coordination with management for finalisation of financial statements and audit observations

• Filing of audited financials and relevant forms (e.g., AOC-4) with the Registrar of Companies (ROC)

The statutory audit process is conducted with independence, objectivity, and adherence to professional ethics, with an emphasis on providing assurance to stakeholders regarding the reliability and accuracy of the financial statements.