Statutory Audit
Independent statutory audit of financial statements as required under law.
Statutory audit provides an independent opinion on whether your financial statements give a true and fair view, as required under the Companies Act and other applicable laws. We plan and execute the audit with the right balance of rigour and efficiency, keeping disruption to your team minimal.
Why this matters for your business
- Independent assurance for shareholders, lenders and regulators
- Compliance with Companies Act and applicable accounting standards
- Early identification of accounting or reporting issues
- Audit report and CARO reporting completed on schedule
What you'll need to share
- Trial balance and financial statements
- Bank statements and reconciliation
- Fixed asset register
- Statutory registers and board minutes
- Prior year audit report
How It Works
A comprehensive, step-by-step look at how a statutory audit is planned, executed, and reported.
Audit Planning & Engagement
Define objectives, assess risks, determine materiality, and establish the terms of engagement.
Internal Control Evaluation
Evaluate the effectiveness of the client's internal control systems and identify key control points.
Risk Assessment
Assess inherent and control risks to determine the nature, timing, and extent of substantive procedures.
Substantive Testing
Perform detailed testing of transactions, account balances, and disclosures to detect material misstatements.
Audit Completion & Review
Review all audit evidence, perform final analytical procedures, and evaluate unadjusted misstatements.
Auditor's Report
Issue the final audit report expressing an opinion on the financial statements based on the evidence obtained.
Statutory Audit questions, answered
All companies registered under the Companies Act must have their accounts audited annually, regardless of turnover or profitability.
Timeline depends on the size and complexity of operations, typically ranging from a few days to a few weeks.
The Companies (Auditor's Report) Order requires auditors to comment on specific matters like fixed assets, inventory and loans, applicable to most companies.
Yes, though independence rules may apply depending on your entity type; we structure engagements to stay compliant.
Ready to get started with Statutory Audit?
Share a few details and our team will reach out with next steps within one business day.