Statutory Audit
A statutory audit under the Companies Act, 2013 is a mandatory requirement for companies registered in India. It ensures that financial statements give a true and fair view of the company’s position and performance. Conducted by independent auditors, statutory audits strengthen governance, compliance, and stakeholder confidence.
With extensive experience across industries, T R Chadha & Co LLP conducts statutory audits in line with the Companies Act, Accounting Standards, and Indian Accounting Standards (Ind AS). Our statutory audit services address the legal requirements while contributing to transparent financial reporting.
About This Service
Statutory audits are designed to provide reasonable assurance that a company’s books of accounts are free from material misstatements and comply with applicable laws. Every company, whether public or private, must appoint a statutory auditor who examines its annual financial statements.
The process goes beyond checking balances and figures. Auditors review accounting policies, test internal financial controls, and evaluate compliance with the Companies Act, 2013. They examine the balance sheet, profit and loss account, cash flow statements, and related notes to accounts. Particular attention is given to whether disclosures comply with Ind AS, Schedule III, and other statutory requirements.
Auditors also assess governance and control frameworks. This includes evaluating whether systems are robust enough to safeguard assets, prevent fraud, and ensure reliability of reporting. Independent statutory audits may also highlight deficiencies in processes, offering insights that help companies strengthen compliance and governance structures.
In today’s regulatory environment, statutory audits are not just a formality. They enhance credibility of financial reporting, facilitate better decision-making, and support trust in corporate governance. For companies seeking funding, complying with statutory audits also builds confidence with investors, banks, and other financial institutions.
Key Features / Scope of Work
- Examination of financial statements under the Companies Act, 2013.
- Verification of books of accounts, vouchers, and supporting documentation.
- Review of compliance with Ind AS, disclosure requirements, and Schedule III.
- Testing adequacy of internal financial controls over reporting (IFC).
- Certification of financial statements as presenting a “true and fair view.”
- Identification of control weaknesses and governance gaps.
- Support in audit-related statutory filings and regulatory submissions.
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