Statutory Audit is a legally mandated review of the accuracy of a company’s financial statements and records.
It ensures transparency, builds stakeholder confidence, and verifies that the organization complies with the applicable laws and accounting standards.
Audit of Financial Statements:
Examination and verification of the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and related disclosures in accordance with Companies Act, 2013, and applicable accounting standards.
Verification of Books of Accounts:
Ensuring that the accounting records accurately represent the financial position and performance of the company.
Internal Control Review:
Assessing internal control mechanisms and recommending improvements for better financial governance.
Compliance Verification:
Checking adherence to statutory requirements under the Companies Act, Income Tax Act, GST Laws, and other applicable regulations.
Reporting and Certification:
Issuing audit reports, certifications, and opinions required for regulatory filings, financial institutions, and stakeholders.
Fraud Detection and Risk Assessment:
Identifying and reporting any material fraud, misstatements, or irregularities observed during the audit process.
Assurance for Stakeholders:
Providing an independent opinion that enhances the credibility of financial statements for investors, banks, regulators, and shareholders.
Audit under Special Laws:
Performing statutory audits required under special acts such as Banking Regulation Act, Insurance Act, Societies Registration Act, Trust Acts, etc.