A Statutory Audit is a legally mandated audit of a company’s financial records, conducted to determine whether they present a true and fair view of the company’s financial position. It is compulsory under the Companies Act, 2013 for certain classes of companies and is performed by an independent Chartered Accountant.

The primary objective is to ensure compliance with statutory requirements, detect any material misstatements, and build trust with stakeholders such as investors, lenders, and regulatory authorities.

Applicability of Statutory Audit

A statutory audit is mandatory for:

• All companies (Private or Public) registered under the Companies Act, regardless of turnover or size.

• Certain LLPs and other entities, based on threshold limits prescribed under respective laws.

Key Objectives of Statutory Audit

• Verify accuracy of financial statements

• Ensure adherence to applicable accounting standards and laws

• Detect and prevent fraud, errors, or misstatements

• Provide assurance to shareholders and regulatory authorities

• Enhance the credibility of the company in the eyes of stakeholders

Scope of Statutory Audit

• Review of Balance Sheet, Profit & Loss Account, and Cash Flow Statements

• Examination of Books of Accounts including ledgers, journals, invoices, and vouchers

• Verification of statutory compliance with laws such as GST, TDS, Companies Act, etc.

• Assessment of internal controls and their effectiveness

• Reporting findings in the Auditor’s Report as required under Section 143 of the Companies Act

Deliverables:

• Auditor’s Report with observations and qualifications (if any)

• CARO (Companies Auditor’s Report Order) Report for applicable companies

• Compliance checklist and risk areas

• Suggestions for financial and control improvements

Why Statutory Audit is Important

• Legal Compliance: Fulfillment of statutory requirements

• Investor Confidence: Audited financials build trust and credibility

• Internal Insights: Identifies operational and compliance inefficiencies

• Loan & Funding Readiness: Required by banks, investors, and financial institutions

Why Choose Us for Statutory Audit?

• Experienced team of Chartered Accountants and Audit Professionals

• Industry-specific knowledge for better audit insights

• Transparent communication and timely reporting

• End-to-end support with document preparation and ROC filings

Ensure compliance, protect your company, and gain financial clarity.
Contact us today for expert Statutory Audit services tailored to your business needs.