Statutory Audit is Audit of Books of Accounts according to requirements of any Statute to ensure true and fair view of the accounts as well as compliance with any special requirements of the statute under which audit is undertaken.
In simple terms statutory audit in India is equated with Audit under the Companies Act. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various consumers of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.
The complexity of Statutory Audit Function has increased manifolds during recent times. Globalisation, Fast Changing Business and Statutory environment combined with need for synchronisation with various global accounting standards and ever increasing reliance on audited accounts by a variety of interested parties has put ever increasing responsibilities on the shoulders of any statutory auditor.
Our statutory audit team consist of ever improving set of skilled individuals trained extensively for conducting auditing function. Our auditing team is trained and updated on the ever changing compliance requirements to stay ahead of the curve.
Our statutory audit department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure useability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and general public at large.