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Companies Act 2013 has made it compulsory for all companies to go for statutory audits. This is done to ensure that the financial reports of the companies are in order. So, if you are willing to get your statutory audit done by one of the most reliable accounting firms in India, then you may reach out to VITTADHARA and avail of their services.
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.
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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.
Introduction
A statutory audit is an audit for reviewing the accuracy of a company's finances. The purpose of a statutory audit is to check whether a company is offering an accurate representation of its current financial position. This is done by examining the bookkeeping records and financial transactions of the organisations.
Various companies, banks, NGOs and government agencies go for statutory audits from time to time. The statutory audit is conducted by a Chartered Accountants in India. The firm will analyse your financial data and provide you with insights into the same.
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