In the intricate tapestry of financial regulations, businesses are entrusted with the responsibility of meticulous compliance. The statutory audit is the compass that ensures they navigate this labyrinth with precision. At Asire, we recognize that a statutory audit is not merely a legal requirement; it’s a vital tool for sustaining financial transparency and integrity.
Statutory audits are mandated to ascertain whether a company complies with the extensive array of laws, rules, regulations, and standards. They serve as the safeguard for legal adherence.
Beyond compliance, statutory audits unravel the financial truth concealed within a company’s statements. They assure stakeholders that financial data reflects a genuine and accurate representation of the company’s health.
According to Section 139(1) of the Companies Act, 2013, every company is required to appoint an individual or firm as an auditor. This financial watchdog plays a pivotal role in ensuring the company’s fiscal health.
At Asire, we approach statutory audits with meticulous attention, following a comprehensive set of steps:
We initiate the process by obtaining an appointment letter and the board’s resolution.
We secure a No Objection Certificate (NOC) from the previous auditor and confirm there are no disqualifications.
To meet regulatory requirements, we file Form ADT-1 with the Registrar of Companies (ROC).
We establish the terms of engagement, setting the framework for a seamless audit.
Our auditors evaluate the company’s internal controls to understand their effectiveness in preventing errors and fraud.
We meticulously craft an internal audit program, action plan, and a calendar for conducting the audit.
The heart of the process is conducting the audit as per the Indian Generally Accepted Accounting Principles (IGAAP), Companies Act, ICAI Accounting Standards, and Auditing Standards.
We assess the company’s financial statements and provide an expert opinion based on rigorous analysis.
We present the findings to shareholders and ensure complete transparency.
Our engagement extends to attending the Annual General Meeting (AGM).
Statutory audits are not confined to specific business types but are extensive in their applicability:
All companies, regardless of their nature, must appoint a statutory auditor.
Limited Liability Partnerships (LLPs): LLPs exceeding a turnover of Rs. 40 lakhs or a contribution of Rs. 25 lakhs are subject to statutory audit.
For proprietorship firms, a tax audit is mandatory if annual sales turnover exceeds Rs. 1 crore in business or Rs. 50 lakhs in a profession.
Asire’s statutory audits are meticulous examinations that cover crucial areas like:
We meticulously test internal controls to ensure they are robust and effective.
Assets, liabilities, and equity are rigorously scrutinized.
We analyze income, expenses, and other financial aspects.
Compliance with tax deducted at source (TDS) regulations is a focal point.
We review dividend payments, statutory benefits, loan/advances compliance, and more.
Asire Consulting is at the forefront of delivering excellence in Stat Audits, Company Audits, and Corporate Audits, providing businesses with comprehensive solutions to ensure compliance and financial integrity. Our team of seasoned professionals specializes in conducting thorough audits tailored to meet the specific needs of companies across various sectors. Leveraging our deep understanding of auditing standards and regulatory requirements, we help businesses navigate the complexities of Stat Audits, Company Audits, and Corporate Audits with precision and accuracy. As one of the top CA firms in India, we are committed to delivering high-quality audit services that instill confidence among stakeholders and drive sustainable growth.
At Asire Consulting, we understand the importance of rigorous audit processes in ensuring transparency and accountability in financial reporting. Whether you’re a small startup or a large corporation, our team offers personalized support to meet your auditing needs. From assessing internal controls to evaluating financial statements and ensuring compliance with regulatory standards, we provide end-to-end audit solutions that help businesses mitigate risks and achieve their objectives. By partnering with Asire Consulting, businesses gain access to top-tier audit services that enable them to demonstrate financial reliability and enhance trust with stakeholders.
Ready to elevate your audit processes and ensure compliance with precision? Partner with Asire Consulting for expert guidance and support in Stat Audits, Company Audits, and Corporate Audits. Contact us today to learn more about how our team of professionals can assist you in navigating the complexities of auditing and achieving your business goals. With Asire Consulting as your trusted advisor, you can navigate the audit process with confidence and assurance, driving transparency and accountability in your financial operations.
