Statutory Audit Services:
At Samrat Consultancy, we offer comprehensive Statutory Audit services to ensure that your financial statements are accurate, compliant with legal regulations, and provide a true reflection of your business’s financial health.
What is a Statutory Audit?
A statutory audit is a legally required review of the accuracy of a company’s financial records and statements. Conducted by an independent auditor, this process ensures compliance with laws and regulations, enhancing the credibility of financial reports.
- Legal Compliance: It ensures that your organization adheres to relevant laws and regulations, minimizing the risk of penalties.
- Financial Accuracy: A statutory audit verifies the accuracy of your financial statements, building trust with stakeholders.
- Enhanced Transparency: Regular audits promote transparency and accountability, which can boost investor confidenc
We provide a range of statutory audit services tailored to meet the needs of various businesses and organizations.
1. Audit Planning
- Overview: We assess your business operations and financial reporting systems to create a customized audit plan.
- Why It’s Important: A well-structured plan ensures that all key areas are covered during the audit.
2. Fieldwork and Data Collection
- Overview: Our team conducts on-site examinations, gathers financial data, and interacts with your staff to obtain necessary information.
- Why It’s Important: Effective data collection is crucial for a thorough audit.
3. Financial Statement Review
- Overview: We review your financial statements to ensure compliance with accounting standards and regulations.
- Why It’s Important: Accurate financial statements are vital for decision-making and stakeholder trust.
4. Audit Reporting
- Overview: After completing the audit, we provide a detailed report outlining our findings, recommendations, and any areas of concern.
- Why It’s Important: The audit report is essential for regulatory compliance and internal review.
Documents Required for Statutory Audit
To facilitate a smooth statutory audit, the following documents are typically required:
1. Financial Statements:
2. Books of Accounts:
3. Tax Returns:
4. Bank Statements:
5. Invoices and Receipts:
6. Board Resolutions:
7. Other Supporting Documents:
1. Financial Statements:
- Balance Sheet
- Profit and Loss Account
- Cash Flow Statement
- Notes to Accounts
2. Books of Accounts:
- General Ledger
- Journal Entries
- Subsidiary Books (Purchase, Sales, etc.)
3. Tax Returns:
- Income Tax Returns for the previous financial years
- GST Returns
4. Bank Statements:
- Bank statements for all accounts for the relevant audit period
5. Invoices and Receipts:
- Sales and purchase invoices
- Expense receipts
6. Board Resolutions:
- Copies of board resolutions relevant to financial transactions
7. Other Supporting Documents:
- Asset registers
- Inventory records
- Loan agreements
Why Choose Samrat Consultancy for Statutory Audit Services?
- Expertise: Our team comprises qualified professionals with extensive experience in conducting statutory audits across various sectors.
- Tailored Approach: We customize our audit approach to meet the specific needs and complexities of your business.
- Ongoing Support: We provide continuous support and guidance, ensuring your organization remains compliant with all regulations.