Statutory Audit
A Statutory Audit is a legally mandated examination of a company’s financial records to ensure accuracy and compliance with applicable laws and regulations. It helps businesses maintain transparency and build trust with stakeholders.
Who Needs Statutory Audit?
- Companies registered under the Companies Act
- LLPs and partnership firms meeting prescribed limits
- Businesses requiring mandatory audit under law
- Organizations seeking financial transparency
Benefits of Statutory Audit:
- Ensures legal compliance
- Enhances credibility with stakeholders
- Detects errors and financial irregularities
- Improves internal financial controls
Documents Required:
- Financial statements (Balance Sheet, P&L)
- Books of accounts
- Bank statements
- Invoices and supporting documents
- Previous audit reports (if any)
Statutory Audit Process:
- Understanding business operations
- Review of financial records
- Verification & compliance checks
- Audit report preparation
- Final submission