STATUTORY AUDIT
A statutory audit’s goal is to offer an unbiased evaluation of a business’s financial statements, such as its cash flow, balance sheet, and income statement, to make sure they are correct, comprehensive, and in compliance with legal and accounting standards.
Regardless of their size or kind of work, all firms are required under the firms Act of 2013 to participate in a statutory audit annually. In India, a chartered accountant registered with the Institute of Chartered Accountants of India (ICAI) performs the statutory audit. The ICAI’s auditing standards and recommendations, along with any other applicable laws or regulations, must be adhered to by the auditor.
An auditor’s function has become crucial due to India’s regulatory framework and dynamic corporate climate. Expressing an opinion and evaluating the veracity of the claims made in financial statements are the goals of the audit. Statutory audit engagements are founded on the application of national and international auditing standards and rigorous adherence to independence and conflict of interest regulations. A crucial document used by many stakeholders, including lenders, shareholders, and regulators, to evaluate the company’s performance and financial health is the statutory audit report. The audit report guarantees that the financial accounts are trustworthy and suitable for decision-making.
What Assistance Can Popli & Associates Offer?
Our main duty as statutory auditors is to offer an unbiased, independent evaluation of the client’s financial accounts. Because it validates the quality and dependability of financial data, our opinion (Statutory Report) on our customers’ financial statements aids stakeholders in making well-informed decisions. With the utmost regard for independence, our method enables the combination of partnership and rigor. The following are some of the main tasks we can complete for our clients as statutory auditors:
From independent audit reviews to regulatory compliance and control guidance, we can assist with it all.
We examine the client’s financial accounts to make sure there are no significant errors and that they adhere to all applicable laws and accounting standards.
We offer an unbiased assessment of the completeness and accuracy of the financial statements based on the audit. Stakeholders can evaluate the client’s business’s performance and financial health with the aid of this opinion.
We also pinpoint areas for improvement in the client’s internal controls and financial reporting procedures. Additionally, we offer suggestions for improving the caliber and dependability of financial reporting.
