Statutory Audit Services in India

What is a Statutory Audit?

A Statutory Audit is a legally mandated review of the financial statements of an organization to ensure accuracy, fairness, and compliance with the applicable laws and regulations.
In India, statutory audits are governed by the Companies Act, 2013 and other applicable statutes, and are conducted by a Chartered Accountant or a firm of Chartered Accountants who are independent of the company.

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Objective of Statutory Audit

• Verify the truth and fairness of financial statements
• Ensure compliance with Indian Accounting Standards (Ind AS) and statutory requirements
• Detect and prevent fraud, misstatements, and irregularities
• Provide assurance to shareholders, regulators, and stakeholders about the financial health of the entity
• Assist in improving internal control systems

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Applicability of Statutory Audit in India

Under Section 139 of the Companies Act, 2013, statutory audits are applicable to:

• All companies registered in India – public or private, irrespective of turnover or profit
• Banks, insurance companies, and public sector undertakings as per their governing laws
• Certain LLPs if they meet prescribed turnover/contribution thresholds

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Scope of Statutory Audit

• Examination of books of accounts, vouchers, and supporting documents
• Verification of assets and liabilities
• Review of profit & loss account and balance sheet
• Ensuring compliance with statutory provisions and corporate governance norms
• Reporting of any frauds, irregularities, or material misstatements
• Providing an Independent Auditor’s Report to stakeholders

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Documents Required for Statutory Audit

• Audited trial balance and general ledger
• Bank statements and bank reconciliation statements
• Fixed assets register and depreciation schedule
• Purchase, sales, and expense vouchers
• GST, TDS, and other statutory returns
• Previous year’s financial statements and audit reports
• Board meeting and shareholder meeting minutes
• Loan agreements, investment documents, and related party transactions

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Benefits of Statutory Audit by Calculus

• Assurance of financial transparency and compliance
• Improved internal controls and operational efficiency
• Early detection of financial irregularities
• Enhanced credibility with investors, banks, and regulators
• Independent and unbiased financial opinion
• Timely reporting to meet statutory deadlines

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Why Choose Calculus for Statutory Audit?

• Experienced team of Chartered Accountants with multi-sector expertise
• Detailed and clear audit reports
• Proactive compliance support
• Strict confidentiality and ethical standards
• Cost-effective and timely completion of audits

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