Statutory Audit

Know more statutory audit

HomeStatutory audit

Statutory Audit

Statutory audit is governed by the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014. It comprises of reviewing compliance with accounting procedures, provisions of company law, tax laws and other related laws & standards and guidelines as recommended by the Institute of Chartered Accountants of India, in line with international accounting norms. Besides, we analyse and report on the performance of the Company and whether its Financial Statements reflect true and fair view of the financial position of the Company to the Board of Directors through meaningful ratios, cash flows and other analytical tools.

Who needs a Statutory Audit?

All companies (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), irrespective of nature of business and sales turnover must appoint a Statutory Auditor.
All Limited Liability Partnership (LLP) must have its accounts audited if the annual sales turnover exceeds Rs.40 lakhs or if capital contribution exceeds Rs.25 lakhs, irrespective of the nature of business.

Benefits of statutory audit for Businesses and stakeholders

Statutory audit services enhance the credibility and authenticity of an organisation's financial statements.
A regular statutory audit and GST audit of an organisation helps to remain in compliance with the legal requirement and framework of the country.
It helps to identify the gaps and weaknesses in the financing structure.
It helps in securing finance from financial institutions.
It helps in assessing the areas prone to risk and losses and thus to make well-informed decisions for the business.