Statutory Audit is a type of audit which is mandated by a Statute or Law to ensure true and fair view of the book of accounts. Statutory Audit is required to assess whether company is compliant with applicable laws, rules and standards and its financial statements reflect true and fair view of financial position of the company. Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business.
Statutory Audit Applicability
- All companies (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), irrespective of nature of business and sales turnover must appoint a Statutory Auditor.
- All Limited Liability Partnership (LLP) must have its accounts audited if the annual sales turnover exceeds Rs.40 lakhs or if capital contribution exceeds Rs.25 lakhs, irrespective of the nature of business.
We at BCS have in place, a sophisticated Management Software which enables us to work in a highly efficient manner and will help us in producing Quality service, thereby increasing the quality of the Statutory Audit provided by our firm.
This Software allots an Audit Job to our Qualified and Experienced Chartered Accountants and their assistants, who will be allotted standard time to work on the Statutory Audit, with a checklist and tailor-made steps to perform audit of each client. Audit assignments go through a number quality review and audit documentation maintained with us in a secured database. This will not only make sure that Statutory Audit will be completed on a timely basis, but will also ensure that the Checklists and Steps will not let the quality to compromise.
Apart from this, we will be providing our clients a separate confidential Online Login Portal, where all the documents, status updates will be uploaded to the cloud and the client can easily track the status of the Audit work. This assures the Confidentiality and timely process of the Statutory Audit.