Statutory Audit Services

What is Statutory Audit Services?

Statutory Audit Services is a critical corporate requirement in India. At Atlaz, we ensure your business remains 100% compliant with government regulations. Engaging a professional service for your Statutory Audit Services mitigates legal risks, optimizes operational efficiency, and establishes a foundation of trust with stakeholders and regulatory bodies.

Aspect With Professional Support Without Support
Compliance Speed Accelerated Prone to delays
Legal Risk Mitigated High
Cost Efficiency Optimized Hidden Penalties

Ensure total compliance with the Companies Act 2013 with our rigorous Statutory Audit services conducted by expert Chartered Accountants.

Thorough Guide to Statutory Audit Services

A Statutory Audit is a legally mandated review of a company's financial records to ensure that the financial statements represent a true and fair view of the company's financial position. In India, it is governed by the provisions of the Companies Act, 2013, and is mandatory for all Private Limited and Public Limited Companies, irrespective of their turnover or profit.

Our Statutory Audit methodology is highly risk-oriented. We do not just tick boxes; we evaluate your internal financial controls, assess the risk of material misstatements, and ensure strict compliance with Indian Accounting Standards (Ind AS). Our goal is to provide absolute assurance to shareholders, regulators, and stakeholders.

Failure to conduct a statutory audit can lead to severe penalties, freezing of bank accounts, and the striking off of the company by the ROC. We ensure that your audits are completed well within the statutory deadlines, minimizing compliance risks and enhancing corporate governance.

Information Required

  • Trial Balance and Financial Statements (P&L, Balance Sheet)
  • Bank Statements and Bank Reconciliation Statements (BRS)
  • Fixed Asset Register and Depreciation Schedules
  • Inventory Valuation Reports
  • Statutory Dues Payment Challans (TDS, GST)
  • Minutes of Board Meetings and AGMs

Engagement Process

1

Appointment of Auditor and filing of ADT-1 with the ROC

2

Audit Planning and evaluation of internal controls

3

Substantive testing, vouching, and verification of ledgers

4

Drafting of the Audit Report and Management Letter

5

Discussion of findings with the Board of Directors

6

Signing the final Audit Report and filing AOC-4

Service Timeline

Varies (Ongoing Statutory Requirement)

Value Delivered

Regulatory Compliance

Avoid heavy penalties from the Ministry of Corporate Affairs and ROC.

Fraud Detection

Identify and rectify potential frauds, errors, and material misstatements early.

Stakeholder Trust

Enhance credibility with banks, investors, and vendors through verified financials.

Financial Health

Gain actionable insights into your company's true financial health and operational efficiency.

Engage Our Audit Team

Frequently Asked Questions

Is a statutory audit mandatory if my company made no sales this year?
Yes. A statutory audit is mandatory for all registered companies (Private, Public, OPC) regardless of turnover, profit, or loss. Even a dormant company must be audited.
Who is eligible to conduct a Statutory Audit?
Only an independent practicing Chartered Accountant (CA) or a firm of CAs registered with the ICAI can conduct a statutory audit in India.
What is the deadline for conducting the statutory audit?
The audit must be completed in time for the company's Annual General Meeting (AGM), which must be held within 6 months from the end of the financial year (i.e., by September 30th).
How long is an auditor appointed for?
The first auditor is appointed by the Board of Directors within 30 days of incorporation. Subsequent auditors are appointed by shareholders at the first AGM for a term of 5 consecutive years.
Can the same auditor do the statutory audit and book-keeping?
No. To maintain independence, Section 144 of the Companies Act explicitly prohibits a statutory auditor from providing bookkeeping or accounting services to the same company.
What happens if a company fails to get audited?
Failure to conduct an audit or file annual returns leads to heavy penalties on the company and directors, possible disqualification of directors, and striking off the company name from the ROC register.