A Statutory Audit under the Companies Act of 2013 is a legally mandated examination of a company’s financial records, accounts, and other relevant documents. The objective is to ensure accuracy, transparency, and compliance with the provisions outlined in the Companies Act, 2013.

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Key Aspects of Statutory Audit under Companies Act 2013.

Applicability:

Mandatory for all companies registered under the Companies Act, 2013, irrespective of their size or nature of business.

Auditor Appointment:

The company appoints a qualified auditor, who is usually a Chartered Accountant, to conduct the statutory audit.

Audit Period:

The audit typically covers the company’s financial statements for a specific financial year.

 

Compliance Verification:

The auditor verifies compliance with accounting standards, legal requirements, and regulations specified in the Companies Act.

Financial Statement Audit:

Thorough examination of financial statements, including the balance sheet, profit and loss account, and cash flow statement.

Internal Control Assessment:

Evaluation of the company’s internal controls to ensure reliability and integrity of financial information.

Corporate Governance Check:

Assessment of corporate governance practices to ensure ethical and transparent business conduct.

Audit Report:

The auditor issues an audit report, expressing their opinion on the fairness of the financial statements and compliance with applicable laws.

Filing Requirements:

The audited financial statements and the auditor’s report are filed with the Registrar of Companies (RoC) within the stipulated time frame.

 

Benefits of Statutory Audit:

Financial Transparency:

Provides stakeholders with a clear and accurate picture of the company’s financial health.

Legal Compliance:

Ensures adherence to the regulatory framework specified in the Companies Act, 2013.

Investor Confidence:

Builds trust among investors, creditors, and other stakeholders by demonstrating a commitment to transparency and accountability.

Our Statutory Audit Services:

Partner with us for a seamless and effective Statutory Audit process. Our team of skilled auditors ensures a comprehensive examination, compliance with regulatory requirements, and valuable insights for your business. Contact us to discuss your statutory audit needs and experience the assurance of financial transparency and compliance.

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