Audit of Financial Statements

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Overview

The Statutory Audit, mandated by the Companies Act, 2013, requires Indian companies to have their financial statements and accounts independently audited. This crucial process ensures accuracy, legal compliance, and provides stakeholders with assurance that the financial statements are free from material misstatements, offering a true and fair view of the company’s financial health. Beyond compliance, statutory audits are vital for fraud detection and prevention, enhancing financial reporting, and increasing transparency and accountability in corporate operations. SureTax Fincare’s expert team is dedicated to providing comprehensive assistance and guidance throughout your company’s Statutory Audit process.

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Advantages

Improved transparency

A statutory audit significantly enhances transparency, thereby building trust among various stakeholders, including shareholders, regulators, and tax authorities.

Enhanced credibility

Undergoing a statutory audit enhances a company’s credibility, thereby attracting investment and boosting business opportunities.

Compliance

A statutory audit ensures companies adhere to the legal requirements stipulated by the Companies Act, 2013, and other relevant legislation.

Early detection of fraud

A statutory audit aids in fraud detection and prevention by offering an independent and objective review of financial transactions and records.

Improved decision making

The insights gained from a statutory audit empower company management to make better-informed decisions regarding future business strategies and investments.

Better Risk Management

“By providing an in-depth analysis of financial records and transactions, a statutory audit assists companies in identifying and managing risk.”

Increased shareholder value

A statutory audit enhances shareholder value by offering stakeholders a transparent view of a company’s financial health and performance.

Features of Statutory Audit:

1. Conducted by a qualified chartered accountant (CA)

2. Required for all companies

3. Covers the examination of financial statements and books of account

4. Includes review of internal controls and management practices

5. Required to be completed within 9 months from the end of the financial year

6. The auditor is required to issue an auditor's report indicating the findings of the audit

7. Non-compliance with the provisions of the Companies Act, 2013 may result in penalties and disqualification of the directors.

The statutory audit is crucial for safeguarding stakeholder interests—including those of shareholders, creditors, and employees—by promoting transparent and accountable company operations.