Statutory Audit Service
Starting from ₹15,000 + GST
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Statutory Audit Service
As a business owner, it’s essential to understand the importance of a statutory audit. It is legally mandated to assess a company’s financial statements, ensuring they present a true and fair view of its financial position.
Statutory audits play a key role in promoting transparency and ensuring compliance with legal requirements. They build trust among investors, regulators, and stakeholders while maintaining the integrity of the company’s financial system.
When conducting a statutory audit, important elements like independence, impartiality, and compliance with IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) must be considered. The requirement for a statutory audit depends on various factors such as business type, turnover, revenue, and employee size.
Benefits of Statutory Audit
Increased Stakeholder Confidence
Fraud & Error Detection
Financial Transparency
Improved Internal Controls
Risk Reduction & Better Governance
Process of Statutory Audit
Independent Auditor Appointment
An independent auditor is appointed, usually approved by shareholders at the AGM, ensuring no conflict of interest.
Audit Planning
The auditor creates an audit plan after reviewing financial reports, past audits, and interviewing key personnel.
Financial Records Examination
The auditor examines financial records, including balance sheets, income statements, and transactions, ensuring accuracy.
Internal Controls Assessment
The auditor assesses the internal control systems to ensure accuracy in financial reporting.
Document Verification
Auditors verify the accuracy of financial records by cross-referencing them with supporting documents like invoices and contracts.
Audit Report Preparation
A final audit report summarizing findings is prepared, offering an opinion on the financial statements.
Report Submission to Authorities
The audit report is submitted to relevant authorities, such as the Registrar of Companies or government agencies.
Documents Required for Statutory Audit
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Financial statements (balance sheet, profit & loss, cash flow, equity changes)
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Trial balance
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General ledger
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Bank statements (including business accounts and loan accounts)
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Invoices and receipts
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Bank reconciliation statements
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Tax filings (GST, VAT)
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Income tax returns
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TDS copies
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Fixed assets register
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Loan agreements
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Payroll records
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Internal audit reports
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Debtor and creditor lists
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Previous audit reports
Frequently Asked Questions
Have a look at the answers to the most asked questions.
