Statutory Audit
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A statutory audit is required to verify the accuracy of financial records and statements of a government or company. The purpose of a statutory audit is to assess information such as financial transactions and accounting records in order to determine whether an organisation presents an accurate and honest representation of its financial position.
FREQUENTLY ASKED QUESTIONS
How Statutory Audit functions?
Audits are the examination of records that are held by an agency or company, a government department, or an individual. This involves analyzing financial records and other areas. A financial audit can include reports on revenue, benefits, returns of investment, expenditures and other information. A variety of these elements can be used to determine a cumulative ratio. A financial audit’s purpose is usually to determine if funds were properly managed and if all required records and filings are correct. A statutory audit does not necessarily indicate misconduct. It is a formality that helps discourage criminal acts, such as misappropriation of funds, by making sure that a professional third party regularly scrutinises documents. Similar principles apply to other audit forms.
NOTE: Not all businesses have to go through mandatory audits. Audits are required for government corporations, banks and brokerage houses, as well as insurance companies. These charities can also conduct statutory audits. Usually, small businesses are exempt from audits. Businesses must be at least 50 employees to qualify for an exemption from audit.
Process to conduct Statutory Audit
- Fill up our online application form
- Mail documents at info@indiataxhub.in
- Choose payment option from list
- Our team will reach you soon to conduct Statutory Audit.