Statutory audits play a vital role in ensuring financial transparency, regulatory compliance, and stakeholder confidence. At our Chartered Accountancy firm, we provide meticulous statutory audit services, ensuring your financial records align with legal and regulatory standards. Our approach is rooted in accuracy, independence, and integrity, designed to add credibility to your financial reporting.

What is a Statutory Audit?

A statutory audit is a legally mandated review of the accuracy of a company's financial statements and records. It is conducted in accordance with the provisions of applicable laws, such as the Companies Act, 2013 in India. The goal is to determine whether the financial statements present a true and fair view of the company’s financial position.

Audit is Compulsory for Which Companies?
Under Section 139 of the Companies Act, 2013, the following entities are required to undergo a statutory audit:

All Companies (Private and Public), regardless of turnover.

Limited Liability Partnerships (LLPs) with turnover exceeding ₹40 lakhs or contribution exceeding ₹25 lakhs.

Co-operative societies if bylaws or state rules mandate it.

Banks, NBFCs, and Insurance Companies as per their regulatory frameworks.

Trusts and Societies registered under specific acts with gross receipts exceeding specified thresholds.

Our Comprehensive Statutory Audit Services

1. Annual Statutory Audit

We conduct an annual statutory audit of financial statements to ensure:

Compliance with applicable accounting standards and laws

Verification of books of accounts, vouchers, and supporting records

Independent assessment of financial accuracy

Detection of material misstatements, fraud, or irregularities.

2. Internal Controls Evaluation

As part of the audit, we assess the effectiveness of the company’s internal controls.

Review of internal financial controls (IFC) as per Companies Act requirements

Suggestions for control enhancements and process improvement.

3. Audit Programme for Statutory Audit

We follow a structured audit programme customized to your business:

Planning Phase: Understanding the business, risk assessment, and audit strategy development

Fieldwork: Ledger scrutiny, transaction sampling, revenue and expense verification, and analytical procedures

Reporting: Preparation of the audit report, CARO report (if applicable), and communication with management.

4. Regulatory and Legal Compliance Checks

Our statutory audit ensures that your entity is fully compliant with:

Companies Act, 2013

Income Tax Act

GST Laws (where applicable)

RBI/SEBI/IRDA guidelines (for regulated entities).

5. Reporting to Stakeholders

The audit report serves as a reliable communication tool for:

Shareholders and investors

Financial institutions and lenders

Regulatory bodies.

Why Statutory Audit is Important

Ensures Transparency: Validates the correctness and reliability of financial statements.

Builds Credibility: Instills trust among investors, lenders, and stakeholders.

Strengthens Compliance: Helps identify and correct regulatory and financial discrepancies.

Prepares for Growth: Enables informed decision-making and readiness for funding, IPOs, or partnerships.

Our Audit Methodology
Our audit is conducted in accordance with Standards on Auditing (SA) issued by ICAI:

Understanding the Entity and Its Environment

Risk Assessment and Internal Controls Testing

Substantive Testing and Analytical Procedures

Final Audit Review and Opinion Formation

Drafting and Issuance of Audit Reports.

Documentation & Reporting

Our final deliverables include:

Statutory Audit Report

Annexures as per CARO (Companies Auditor’s Report Order)

Management Letter on control deficiencies or improvements

Audit Working Papers & Checklists (for internal records).

Benefits of Our Statutory Audit Services

Independent, objective assessments

Industry-specific audit knowledge

Experienced audit professionals

Use of audit software and tools for accuracy

Timely completion and communication with client teams.

Who We Serve

We offer statutory audit services for:

Private and Public Limited Companies

LLPs and Partnership Firms

Co-operative Societies and Trusts

Educational Institutions

NGOs and Section 8 Companies

Financial Institutions and Startups.

Frequently Asked Questions (FAQs)

Is audit mandatory for all companies in India?
Yes, all companies registered under the Companies Act are mandatorily required to undergo statutory audits, regardless of turnover.

When should a statutory audit be completed?
Ideally, the audit should be completed before the due date for filing annual returns with the ROC and income tax department (typically by September 30 for most companies).


What are the consequences of not conducting a statutory audit?
Non-compliance can lead to penalties, disqualification of directors, legal action, and difficulty in raising capital or loans.

Do you help companies prepare for audits?
Yes, we assist in pre-audit preparation, including financial review, compliance checks, and documentation readiness.

Schedule Your Statutory Audit with Us

Ensure compliance, build investor trust, and drive better governance through our expert statutory audit services. Contact us today to schedule a consultation and streamline your annual statutory audit process.