Statutory Audit Consultant
A Statutory Audit Consultant provides independent and objective audit services to ensure that an organization’s financial statements comply with statutory requirements and applicable accounting standards. By conducting a thorough examination of books of accounts, financial records, and internal controls, a statutory audit consultant helps businesses meet legal obligations, enhance financial transparency, and maintain regulatory compliance.
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Statutory Audit Consultant for Companies and Firms
A Statutory Audit Consultant for Companies and Firms provides independent audit and assurance services to ensure that financial statements are prepared in compliance with applicable laws, accounting standards, and statutory requirements. The audit process involves a detailed review of books of accounts, financial records, and internal controls.
By engaging a professional statutory audit consultant, companies and partnership firms can ensure timely audit completion, accurate reporting, and adherence to regulatory deadlines. These services help strengthen corporate governance, identify compliance gaps, and build trust among stakeholders, regulators, investors, and financial institutions.
Applicability of Statutory Audit
- Mandatory for all companies registered under the Companies Act, irrespective of turnover or profit
- Applicable to Limited Liability Partnerships (LLPs) as per the provisions of the LLP Act
- Required for partnership firms, trusts, and societies as per applicable laws and regulations
- Mandatory when required by regulatory authorities, funding agencies, or financial institutions
- Applicable where statutory provisions or governing laws specifically mandate an audit
Who Requires a Statutory Audit Under Law
A statutory audit is legally required for certain organizations to ensure that their financial statements present a true and fair view and comply with applicable laws and accounting standards. The requirement for a statutory audit depends on the type of entity, its legal structure, and the regulations governing its operations.
All companies incorporated under the Companies Act are mandatorily required to undergo a statutory audit every financial year, irrespective of their turnover, profit, or size. In addition, Limited Liability Partnerships (LLPs), partnership firms, trusts, societies, and non-profit organizations may also be required to conduct a statutory audit as per the provisions of their respective governing laws.
Statutory audits may also be compulsory when mandated by regulatory authorities, funding agencies, lenders, or grant-issuing bodies. Understanding whether a statutory audit applies to your organization helps ensure timely auditor appointment, proper maintenance of records, and smooth compliance with statutory obligations.
Documents Required for Company Statutory Audit
- Complete accounting records of the company
- Bank statements of all company bank accounts
- Expense vouchers and supporting bills
- Sales and purchase registers
- GST returns and related data
- TDS returns and supporting records
- Final accounts including Balance Sheet and Profit & Loss Statement
- Previous year’s annual report (if applicable)
- Any additional documents as requested by the Chartered Accountant during audit
How Much Does a Statutory Audit Cost?
All-inclusive annual compliance & statutory audit services by Chartered Accountant
- Auditing of Books of Accounts
- Preparation of Statutory Audit Report
- Filing of Income Tax Return
- ROC Filings (AOC, MGT, ADT Forms)
- DIN KYC Filing
- DPT-3 & MSME Filings
- All Other Mandatory Annual Compliance Filings
- Board Meeting & AGM Paper Preparation
Step-by-Step Statutory Audit Process
Document Collection & Review
Share the required documents for company audit with our team. We review the records thoroughly and may request additional information, if necessary, to ensure audit readiness.
Audit Execution & Report Preparation
Our Chartered Accountant conducts the statutory audit as per applicable laws. Based on the audit findings, we prepare the statutory audit report and handle related compliance filings such as Income Tax Return and ROC filings.
Timely Filing & Compliance Closure
The audit and all statutory compliances are completed within due dates. We ensure accurate filing and provide confirmation once all audit and compliance obligations for your company are successfully fulfilled.
Statutory Provisions for Chartered Accountants in Company Law
Section 139 – Appointment of Auditors
Defines the procedure for appointing company auditors, including eligibility, tenure of office, and mandatory auditor rotation requirements.
Section 140 – Removal & Resignation
Prescribes the legal process for removal or resignation of auditors and the requirement of special notice where applicable.
Section 141 – Eligibility & Disqualifications
Specifies qualifications required for auditors and lists circumstances that disqualify individuals or firms from audit appointments.
Section 142 – Remuneration of Auditors
Governs the fixation and approval of auditor remuneration as per statutory procedures and company approvals.
Section 143 – Powers & Duties of Auditors
Outlines the powers, responsibilities, and auditing standards auditors must adhere to while conducting statutory audits.
Section 144 – Restricted Services
Prohibits auditors from providing specified non-audit services to ensure independence and avoid conflicts of interest.
Section 145 – Auditor’s Report
Specifies the form, content, and signing requirements of the auditor’s report submitted under the Companies Act.
Section 146 – Attendance at General Meetings
Mandates auditors to attend general meetings to clarify audit-related matters and address shareholder queries.
Why Choose Us for OPC Registration?
Need professional guidance for statutory audit and company compliance? Our experienced Chartered Accountants are ready to assist you with accurate audits, timely filings, and complete regulatory support.