Statutory Auditing

In India, Statutory Audit is equated with audit under the Companies Act, 2013. Every company incorporated whether the public or private under the Companies Act is required to get its account audited by a Practicing Charted Accountant having the certificate of practicing. We have practicing chartered accountants dedicatedly involved for the purpose of providing accurate Statutory Auditing services. It’s an examination of financial information to draw the opinion thereon that whether the statement of financial position is showing true and fair view or not.

In other words, Statutory Auditing is a procedure to check whether the compliance of provisions and rules under enacted Statute. A legally required review of the accuracy of an entity is called Statutory Audit. Basically, by conducting the statutory audit it is determined whether the financial statements of an entity are showing “true & fair” view or not.  As it is a work of expertise and perfection which requires superior qualification along with experience and exposure in the field of compliance of provisions and rules that ought to fulfill the requirement of globalized standards of auditing and assurance.

A Statutory Audit Offers The Following Benefits :

  • It enhances the trustworthiness of published financial statements.
  • It ensures the management whether they have performed their statutory duties appropriately or not.
  • It gives assurance to management that they have complied with non-statutory requirements, such as corporate governance requirements.
  • It gives view on the efficiency & adequacy of internal controls in pursuance of Standards on Auditing by Auditing and Assurance Standards Board. 

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