Statutory Audit Services
A statutory audit is a legally required examination of an organization’s financial records and statements to ensure accuracy, transparency, and compliance with applicable laws and regulations.
Publicly Listed Companies
Private Limited Companies
Non-Profit Organizations
Government Agencies
Partnerships and Joint Ventures
How it Works?
Planning and Preparation
We begin by understanding the client’s business, industry, and regulatory environment. Our team develops a detailed audit plan and timeline to ensure efficient and effective audit execution.
Fieldwork and Testing
Our experienced auditors conduct thorough testing of financial transactions, internal controls, and accounting processes. We verify the accuracy and completeness of financial data and assess compliance with relevant accounting standards and regulatory requirements.
Audit Reporting
Upon completion of fieldwork, we prepare comprehensive audit reports detailing our findings, observations, and recommendations. Our reports provide valuable insights to stakeholders, including management, shareholders, and regulatory authorities.
Follow-Up and Compliance Assistance
We assist our clients in addressing any audit findings or recommendations, ensuring timely resolution and compliance with regulatory requirements. Our ongoing support helps organizations strengthen internal controls and financial reporting processes.
Frequently Asked Questions
What is a statutory audit?
A statutory audit is a legally required examination of an organization’s financial records and statements to ensure accuracy, transparency, and compliance with applicable laws and regulations.
Who requires a statutory audit?
Statutory audits are typically required for publicly listed companies, private limited companies, non-profit organizations, government agencies, partnerships, financial institutions, and large corporations.
What is the purpose of a statutory audit?
The primary purpose of a statutory audit is to provide assurance to stakeholders, including shareholders, lenders, regulators, and the public, about the accuracy and reliability of an organization’s financial statements.
How often should a statutory audit be conducted?
The frequency of statutory audits varies depending on factors such as the organization’s legal structure, industry regulations, and financial reporting requirements. In most cases, statutory audits are conducted annually, but certain entities may require audits more frequently.
How long does a statutory audit take?
The duration of a statutory audit depends on factors such as the size and complexity of the organization, the scope of the audit, and the availability of required documentation. Generally, statutory audits can take several weeks to complete.