What is Statutory Audit?

A statutory audit is a legally required review of the accuracy of a company’s or governments financial records. The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organisation is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

As per the company’s Act it is mandatory for all the registered companies to get their books of Accounts audited by the practicing Chartered Accountants

Statutory audit is an audit by a practicing Chartered Accountant which has its operations exterior to the organisation which it is auditing. Statutory Auditors are a part of the external audit process is focused on the various financial accounts or risks associated with the domain of finance and are appointed by the shareholders of the company. The chief responsibility of statutory auditors is to perform the process of annual statutory audit of the company’s financial accounts, providing opinions if they are an impartial and fair reflection of the company’s financial position. As part of this effort, statutory auditors by means of the statutory audit process often deal with the examination and evaluation of internal controls to manage the risks that could possibly affect the financial accounts, to decide if they are working as according to intended plans.

Information Required

  • Documents Required for GST Registration

    Information required

    • Company Details
    • Mobile Number
    • Email-Id

Process for Statutory Audit

  • Step 1

    Enter details & get a call back to set up an appointment

  • Step 2

    Visit our office for a personal tax consultation with our expert

  • Step 3

    Get a customised quote depending on your tax profile

  • Step 4

    Pay fees to get your return diligently prepared & filed by our expert

Frequently Asked Questions

All companies are required to get their accounts audited annually under Companies Act, 2013 irrespective of the amount of turnover.

Due date for income tax return filing for Companies is 30th September

The primary objective of ‘Statutory Audit’ is “to ensure that the financial statements i.e. the Balance Sheet, Income & Expenditure Account and Receipt & Payment Account, give a true & fair view and are free from any material misstatements.

Chartered Accountant can be appointed as statutory Auditor.