Statutory Audit
Statutory Audit
In the area of business transparency and regulatory adherence, statutory audits are imperative for entities like companies and Limited Liability Partnerships (LLPs) in India. These audits are mandated by various statutory acts, including the Companies Act, 2013 & LLP Act 2008, to ensure financial accountability and compliance.
Statutory audits go beyond financial statements examination; they audit an organization’s financial records, transactions, and internal controls to validate their accuracy and legality. By doing so, they foster transparency, instil investor and stakeholder confidence, and contribute to the overall integrity of corporate financial reporting. This not only fulfils a legal requirement but also bolsters the credibility of businesses.
Independent Statutory Audit Statutory Audit
In India, Independent Statutory Audits follow ICAI SA’s, ensuring impartiality, compliance with ethical principles, and upholding financial reporting integrity. Adhering to Schedule III of the Companies Act, statutory audits provide a comprehensive report, including CARO reporting when applicable. Chartered Accountants not only certify financial statements but also offer valuable improvement recommendations, emphasizing unbiased assessment and meticulous adherence to auditing standards for companies.
Our Statutory Audit Services
Our Statutory Audit Services
Approach
Our audit approach helps an organisation exercise their fiscal and compliance obligations prudently and with circumspection. We have standard audit methodology which we follow for statutory audit clients.
Quality
Our firm’s internal quality standards in our audit engagements helps us to maintain high standards of statutory auditing services. The approach includes compliance with principals of SQC-1.
Peer Review
Objective of Peer Review is to ensure (a) comply with Technical, Professional and Ethical Standards as applicable and (b) have in place proper systems including documentation thereof. ICAI has mandated peer review for each firm registered with it.
Technology
For documentation and standardised work papers we use software like CaseWare, we use Microsoft tools extensively for data exchange, communication and storage.
How We Provide Statutory Audit Services
How We Provide Statutory Audit Services
Industry Specialization
Our allocated audit teams come equipped with deep domain knowledge tailored to auditee industry, ensuring quality of audit processes.
Tools & Techniques
We Leverage audit technology and methodologies such as CaseWare, to ensure standard audit quality across all our audit engagements.
Ethical Standards
We follow highest standards of integrity, ethics and confidentiality.
Continuous Training
Our auditors regularly undergo training to stay abreast of the latest regulatory changes and audit best practices.
Compliance with Standards
We ensure compliance with prescribed Standards on Auditing" (SAs) in case of statutory audit and various guidance notes issued by the institute of chartered accountants of India.
High quality Audit and attestation services are required under various statutory acts and regulations which are applicable in Indian regulatory environment.