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Statutory Audit

Statutory Audit

Statutory Audit is Audit of Books of Accounts according to requirements of any statute to assure true and fair view of their accounts as well as compliance with special provisions of the Companies Act 2013, ICAI guidelines and Accounting and Auditing Standards problems by ICAI. In short, statutory audit is Audit under the Companies Act. Accounts of each firm incorporated under the companies act in India are all required to get it audited from a Chartered Accountant in Practice to assure fair and true view of its own accounts & interrelated statements. Further, the auditor must check compliance with many regulations & provisions of the Companies Act. Statutory Audit assures reliability of yearly accounts of the organization for various stakeholders of Accounts of the Company like authorities, shareholders, debtors, lenders, bankers etc..

The complication of Statutory Audit Function has improved manifolds recently. Globalization, complex Industry and Statutory environment combined with requirement for synchronization with assorted global accounting standards and ever increasing religion on audited accounts with a variety of stakeholders has placed ever increasing answerability in the shoulders of any statutory auditor.

Our firm is well furnished and well encountered in Statutory Audits of listed and confidential companies and we make it as per the Audit Program designed for each company after the charge of their Internal Control.
 

Statutory Audit Execution General Process. Steps generally we follow:

1. Preparing Appointment Letter & Board Resolution Copy

2. Getting NOC from the Previous Auditor

3.  Filing our no refusal situation to the organization

4. Filing of Form ADT-1 to ROC

5. Getting Letter of Engagement

6. Assessment of Internal Control

7. Formulation of Internal Audit Program Action Plan including Table 8. Conduction Audit as through IGAAP Companies Act       ICAI Accounting Standards and Auditing Standards

9. Forming an opinion on a financial statement prepared by the company

10. Reporting to Shareholders

11. Attending AGM