Statutory Audit
Independent examination of financial statements as mandated by law under the Companies Act, 2013 and other applicable statutes, ensuring compliance with Indian Accounting Standards (Ind AS) and Standards on Auditing issued by ICAI.
What is Statutory Audit?
Statutory Audit is a legally mandated examination of an organization's financial records and statements. In India, it is governed by the Companies Act, 2013, where Section 139 mandates appointment of auditors, Section 143 defines auditor's duties, and Section 144 prohibits certain services by auditors.
As per ICAI guidelines, auditors must follow Standards on Auditing (SAs) issued by the Auditing and Assurance Standards Board. The audit provides an independent opinion on whether the financial statements give a true and fair view of the company's financial position.
Types of Statutory Audits
Company Audit
Mandatory audit under Section 139 of Companies Act, 2013 for all registered companies.
Tax Audit
Audit under Section 44AB of Income Tax Act for businesses exceeding prescribed turnover limits.
Bank Audit
Statutory and concurrent audit of banking institutions as per RBI guidelines.
Cooperative Society Audit
Audit under respective State Cooperative Societies Act.
Our Audit Process
Engagement Planning
Understanding your business and risk assessment
Control Testing
Evaluation of internal controls and systems
Substantive Testing
Detailed verification of transactions and balances
Report Issuance
Independent audit opinion and management letter
Benefits of Statutory Audit
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