Overview
Statutory Audit is a mandatory audit of financial statements of a company conducted as per the provisions of the Companies Act. It is carried out by an independent Chartered Accountant appointed as the statutory auditor of the company. The objective of statutory audit is to examine the books of accounts, financial records, and internal controls to ensure that the financial statements present a true and fair view of the company’s financial position.
Every company registered in India, whether private limited, public limited, or one person company, is required to conduct statutory audit irrespective of turnover or profit. The auditor verifies the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and notes to accounts. The audit ensures compliance with accounting standards and reporting requirements. After completion, the auditor issues an Audit Report which is attached to the financial statements filed with the Registrar of Companies.
Statutory audit also involves verification of compliance with tax laws, TDS provisions, GST implications, loans, related party transactions, and statutory dues. It helps in identifying financial irregularities, errors, or fraud. The audited financial statements must be filed with the Ministry of Corporate Affairs in Form AOC 4 within the prescribed due date. Non compliance with statutory audit provisions may lead to penalties for both company and directors.
At Bizglobal, we provide comprehensive statutory audit services through experienced Chartered Accountants. We conduct detailed verification of books, assess internal control systems, and ensure compliance with accounting and legal standards. Our team provides practical recommendations to strengthen financial systems and ensures timely completion of audit and filing requirements. With our professional support, your company can maintain transparency, credibility, and full statutory compliance.
