Service Details

Statutory Audit (Yearly)

What Is Statutory Audit?

A Statutory Audit is an independent examination of a company's financial statements, accounting records and supporting documents to determine whether the financial statements present a true and fair view in accordance with applicable accounting standards and legal requirements. Companies required to undergo statutory audits must appoint a qualified practising Chartered Accountant or eligible audit firm in accordance with applicable law.

Who Needs Statutory Audit?

• Private Limited Companies and Public Limited Companies.
• One Person Companies (OPCs), subject to applicable requirements.
• Other companies required to conduct an annual statutory audit under the Companies Act, 2013.
• Businesses requiring audit reports for statutory filings, financial reporting or other applicable legal obligations.

Types of Statutory Audit Services

• Company Statutory Audit: Annual audit of financial statements under applicable company law.
• Financial Statement Audit: Examination of the Balance Sheet, Profit & Loss Account and related statements.
• Accounting Records Verification: Review of ledgers, vouchers, invoices and supporting records.
• Bank and Loan Reconciliation: Verification of bank balances, loan accounts and related transactions.
• GST and Tax Record Review: Examination of relevant tax records and reconciliations within the agreed scope.
• Fixed Asset and Liability Verification: Review of asset registers, liabilities and supporting documentation.
• Audit Report and Compliance Support: Assistance with audit documentation and applicable statutory filing requirements.

Eligibility and Applicability

• Companies registered under the Companies Act are generally required to have their financial statements audited annually, irrespective of turnover or profit, subject to applicable law.
• The statutory auditor must meet the qualifications and eligibility requirements prescribed under the Companies Act, 2013.
• Auditor appointment, rotation, independence and reporting requirements depend on the company's category and applicable provisions.
• Statutory audit requirements for entities other than companies may differ under their respective laws.

Important Note

• Statutory audit is generally mandatory for companies under the Companies Act, 2013, subject to applicable legal provisions.
• The statutory auditor must be a qualified and eligible practising Chartered Accountant or eligible audit firm.
• Audit fees depend on the company's size, turnover, transaction volume and complexity.
• Statutory audit is different from internal audit and tax audit; separate requirements may apply.
• Audit findings and the audit opinion depend on the financial records and evidence available.
• Applicable financial statements, audit reports and annual returns must be filed within prescribed deadlines.

Benefits

• Supports compliance with applicable statutory audit requirements.
• Helps improve the reliability of financial statements.
• Provides an independent examination of financial records.
• Helps identify accounting discrepancies and financial reporting issues.
• Supports transparency for directors, shareholders, lenders and investors.
• Helps maintain organised financial documentation for annual compliance.

Package Includes:

• Annual Audit Planning and Document Checklist
• Review of Accounting Records and Financial Statements
• Verification of Balance Sheet and Profit & Loss Account
• Bank, Loan and Ledger Reconciliation Review
• Review of Assets, Liabilities and Related-Party Transactions
• Examination of Supporting Documents and Relevant Compliance Records
• Audit Observations and Clarification Coordination
• Statutory Audit Report and Applicable Financial Statement Documentation
• Assistance with Relevant Statutory Filing Coordination, as agreed
• Dedicated Relationship Executive Support

Additional Services

• Tax Audit under Applicable Income Tax Provisions
• Internal Audit and Quarterly Financial Review
• Annual Financial Statement Preparation
• Income Tax Return Filing for Companies
• GST Return Review and Reconciliation
• ROC Annual Compliance and Filing Assistance
• Bookkeeping and Accounting Services
• Financial Due Diligence and Investor Documentation Support
• Management Reports and Financial Analysis

Approximate Time Duration : 15–30 Working Days, depending on the completeness of records, transaction volume, business complexity and audit observations.

Price Covers -Service + executive + admin + support: – end-to-end assistance including documentation, online uploads, portal management, expert consultation, printing and support from a dedicated relationship executive.

Note: Our service charges may vary depending on the specific requirements of each client. Prices are determined individually for every service based on scope, complexity, and customization needs. A detailed quotation will be provided after understanding your exact requirements.

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