A statutory audit is an independent examination of a company's financial statements to ensure they present a true and fair view. Beyond legal compliance, audits build trust with investors, lenders, and stakeholders.
When Is a Statutory Audit Mandatory?
Under the Companies Act 2013, all private limited companies must appoint an auditor and get accounts audited annually. Certain LLPs and businesses crossing turnover thresholds also require tax audits under the Income Tax Act.
What the Audit Process Involves
- Planning and risk assessment of financial controls
- Verification of transactions, balances, and supporting documents
- Testing of internal controls and compliance with accounting standards
- Issuance of audit report and management letter with recommendations
Our audit team at CAPro Consult delivers thorough yet efficient statutory audits — identifying control gaps and providing actionable recommendations for financial integrity.
