Statutory Audit
Statutory Audit
A statutory audit under the Companies Act, 2013 is a mandatory obligation for companies registered in India. It ensures that financial statements present a true and fair view of the company’s financial position and performance. Conducted by independent auditors, statutory audits enhance governance, regulatory compliance, and stakeholder confidence.
With broad experience across multiple industries, Singh Gulati & Associates delivers statutory audit services in accordance with the Companies Act, Accounting Standards, and Indian Accounting Standards (Ind AS). Our statutory audits not only meet legal requirements but also support transparent and reliable financial reporting.
About This Service
Statutory audits are intended to provide reasonable assurance that a company’s books of account are free from material misstatements and are prepared in compliance with applicable laws and regulations. Every company, whether public or private, is required to appoint a statutory auditor to examine its annual financial statements.
The audit process extends beyond verifying numbers and balances. Auditors assess accounting policies, test internal financial controls, and evaluate compliance with the provisions of the Companies Act, 2013. The review covers the balance sheet, statement of profit and loss, cash flow statement, and accompanying notes to accounts. Special focus is placed on ensuring that disclosures comply with Ind AS, Schedule III, and other statutory requirements.
Statutory auditors also evaluate governance and control mechanisms within the organization. This involves assessing whether systems are adequate to safeguard assets, prevent and detect fraud, and ensure the reliability of financial reporting. Independent audits may further identify gaps or weaknesses in processes, providing valuable insights to help companies enhance compliance and governance practices.
In the current regulatory landscape, statutory audits are far more than a procedural requirement. They improve the credibility of financial information, enable informed decision-making, and reinforce trust in corporate governance. For companies seeking external funding, statutory audit compliance also strengthens confidence among investors, lenders, and financial institutions.
Key Features / Scope of Work
Examination of financial statements in accordance with the Companies Act, 2013
Verification of books of accounts, vouchers, and supporting records
Review of compliance with Ind AS, Schedule III, and disclosure requirements
Testing the adequacy of internal financial controls over financial reporting (IFC)
Certification that financial statements present a “true and fair view”
Identification of control deficiencies and governance gaps
Assistance with audit-related statutory filings and regulatory submissions
- Statutory & Regulatory Audits
- Statutory Audit
- Ind-AS, IFRS & US GAAP Audits
- Tax Audit under Income Tax Act
- PCAOB-Compliant Audit for Foreign Listed Companies
- Audit of Trusts, Societies & NGOs
- PSU & Government Audits
- Restatements, certifications, comfort letter under IPO
- https://sgacharteredaccountants.com/practice-areas/audit-assurance/audit-under-llp-act-and-other-special-acts/
- Limited Review, Interim Financial Review
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