A Statutory Audit is an independent examination of the financial statements and records of an organization, conducted by a qualified auditor or audit firm, to ensure compliance with specific laws and regulations. The audit is mandated by law and aims to verify the accuracy, completeness, and fairness of the financial reporting.
Statutory Audit
A Statutory Audit is an independent examination of the financial statements and records of an organization, conducted by a qualified auditor or audit firm, to ensure compliance with specific laws and regulations. The audit is mandated by law and aims to verify the accuracy, completeness, and fairness of the financial reporting.
A Statutory Audit is a legally required review of financial statements and records to ensure accuracy and regulatory compliance.
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Company Type: Applicable to companies as per the Companies Act, 2013, including public and private limited companies.
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Turnover Threshold: Mandatory for companies with a turnover exceeding ₹1 crore.
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Net Worth: Required for companies with a net worth exceeding ₹1 crore.
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Borrowing Threshold: Applies to companies with borrowings from banks or financial institutions exceeding ₹1 crore.
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Non-Company Entities: Certain non-company entities like firms and societies may also require a statutory audit if specified by relevant laws.
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Compliance with Laws: Must adhere to the Companies Act and other relevant regulations.
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- Legal Compliance: Ensures adherence to statutory regulations and laws.
- Enhanced Credibility: Provides stakeholders with assurance regarding the accuracy of financial statements.
- Fraud Detection: Identifies and mitigates risks of fraud and financial mismanagement.
- Legal Compliance: Ensures adherence to statutory regulations and laws.
- Audit Planning: Develop an audit plan and timeline.
- Fieldwork and Testing: Test financial transactions, internal controls, and compliance.
- Preparation of Financial Statements: Review and prepare statements as per statutory requirements.
- Audit Reporting: Issue a report on financial statements.
- Follow-up and Support: Address findings and provide recommendations.
- Audit Planning: Develop an audit plan and timeline.
- Financial statements (balance sheet, profit & loss statement).
- Bank statements and reconciliation statements.
- Invoices, receipts, and contracts.
- Previous audit reports and financial records.
- Pre-Audit Planning: Assist in setting up an audit plan.
- Audit Execution: Conduct the audit with a focus on compliance and accuracy.
- Report Preparation: Draft and review the audit report.
- Post-Audit Support: Provide guidance on addressing audit findings.
- Pre-Audit Planning: Assist in setting up an audit plan.
Statutory audits are typically conducted annually, but the frequency may vary depending on legal requirements and company size.The frequency of statutory audits is typically annual, meaning they are conducted once a year. However, certain entities, such as listed companies or large organizations, may be subject to quarterly audits as per regulatory requirements.
Legal Disclaimer
The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are general and high-level guidelines on how to write your own Shipping Policy. This article should not be relied upon as legal advice or specific recommendations, as we cannot foresee the exact shipping policies you wish to establish between your business and your customers. We recommend seeking legal advice to assist you in understanding and creating your own Shipping Policy.
Shipping Policy - The Basics
A Shipping Policy is a legally binding document that establishes the legal relations between you and your customers. It provides a framework for outlining your obligations and addressing various potential issues that may arise, and what happens in each case.
A Shipping Policy is good practice and benefits both sides—you and your customers. Customers benefit from being informed about what to expect from your service, while you benefit because clear Shipping Policies can attract more customers by eliminating uncertainties about shipping timeframes or processes.