Statutory Audit

Statutory Audit

Statutory Audit

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WHAT IS STATUTORY AUDIT?

A statutory audit is a legally required review of the accuracy of a company's (or government's) financial statements and records. It is a process of examining all the financial reports and the statements to determine the financial position of a Company.

WHAT IS THE PURPOSE OF STATUTORY AUDIT?

Statutory Audit Mandatory Under Companies Act 2013

The main purpose of statutory audit is to provide an independent, true and fair picture of the financial position of the Company to the shareholders.

WHAT IS THE APPLICABILITY OF STATUTORY AUDIT?
1. For LLP: Statutory audit is applicable if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs.
2. For Private Company/ Public Company: Mandatory irrespective of Turnover, profits etc. If the company is incurring loss even then statutory audit is required.

WHO CAN BE APPOINTED AS STATUTORY AUDITOR?
A practicing chartered accountant or a Chartered accountant firm or LLP can be appointed as a statutory auditor of a company.

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Basic
₹ 11800
  • Package Includes
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Advanced
₹ 23600
  • Package Includes
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₹ 35400
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Documents Required for Statutory Audit

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Directors on behalf on Company
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
  • Copy of GST returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)
  • Copy of TDS Returns filed (If Any)
  • Documentary Evidences regarding appointment/reappointment of an Auditor.
  • Last Years copy of Audited Balance sheet, profit & loss account , schedules, notes on accounts along with 3CA/3CB, 3CD & Audit Report
  • All statutory registers.
  • List of related party transactions if any.
  • Accounting data
  • Stock register if any.

Process Involved

Step 1

1

Getting letter of engagement.

Step 1

2

Documentation

Step 2

3

Conduct Audit as per IGAAP Companies Act, ICAI accounting standards and auditing standards.

Step 2

4

Nature of business

Step 3

5

Selection

Step 3

6

Forming an opinion on financial statement of the Company.

Step 4

7

Prepare audit Report with remark if any.

Step 4

8

Follow ups

Step 5

9

Attending AGM

Step 5

10

Report

Step 6

11

Report to shareholders.

FAQ'S
  • What is DORMANT COMPANIES ?
  • A company that has no accounting transactions for the financial year in question or has not started Business since its corporation
  • What is EXEMPT PRIVATE COMPANIES (EPCs) ?
  • A private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than 20 members OR Any private company, being a private company that is wholly-owned by the Government, which the Minister, in the national interest, declares by notification in the Gazetteto be an exempt private company
  • Statutory Audit is Mandatory or not
  • Statutory Audit is Compulsory by law
  • Documentary Evidences are require to be verify for A Statutory Audit ?
  • Following Documentary Evidences are require to be verify for A Statutory Audit opening balance verification vouching cash vouching bank vouching cash verification bank reconciliation statement purchase vouching sale vouching journal vouching
  • who conducts statutory audit?
  • statutory audit is an audit whcih is conducted by a person or a firm in whcih all the partners are member of ICAI and holding Certificate of practice, statutory auditor is basically responsible for reporting on mistakes , errors which they find during the course of audit.