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Statutory Audit | Statutory Audit Services Bengaluru | CAnest

Statutory Audit Services

“To build a trustworthy reputation in the eyes of stakeholders, businesses must be dynamic and open in their business practices in addition to complying with ever-increasing regulatory requirements and globalization.”

The company’s financial statements should be clear and inculcate readers’ minds with a sense of trust. The statutory auditors at CAnest possess a thorough knowledge of regulatory requirements, business challenges, and technical knowledge of national and international accounting and auditing standards to provide the top class statutory audit services all over the globe. We believe in adding value by conducting auditing in accordance with regulatory requirements in a fair manner to bring transparency into the financial statements of the companies.

Statutory Audit

A statutory audit, also referred to as an external audit, is a type of audit required by a particular statute or law to ensure that the financial statements of the entities give a true and fair picture of their financial position and success. The Companies Act of 2013 and the Companies (Audit and Auditors) Rules of 2014 both regulate statutory audit.

The parameters set by the government for guidelines and regulations largely determine the scope of the statutory audit. To avoid inconsistencies or any potential misrepresentation and to guarantee reliability, the organization’s financial statements and accounts are carefully examined.

INTERNAL AUDIT V/S EXTERNAL AUDIT

Internal audits are different from statutory audits since the internal auditor is chosen by the management of the company, whereas the statutory auditor is chosen by the stakeholders. The law establishes the statutory audit’s scope of work in order to determine whether the company’s financial statements accurately reflect its state of affairs. On the other hand, internal audit is carried out in accordance with the management-determined scope to increase operational efficacy.

In order to perform audits for domestic and foreign businesses, our team of statutory auditors at CAnest  is knowledgeable about both the Indian Accounting Standards (Ind-AS) and International Financial Reporting Standards (IFRS). Our work is done in accordance with the laws and guidelines established by the government, which gives our audit reports even more validity, accuracy, and reliability.

Types of Statutory Audit

The following types of statutory audit are recognised by the Companies Act of 2013 and the Companies (Audit and Auditors) Rules of 2014, but are not limited to:

  • Financial audit as imposed under Section 139 of the Companies Act, 2013.
  • Cost Audit as imposed under Section 148 of the Companies Act, 2013.
  • Secretarial audit as imposed under Section 208 of the Companies Act, 2013.
  • Tax Audit as imposed under Section 44AB of the Income Tax Act, 1961.
  • GST Audit as imposed under Section 35(5) of the GST Act, 2017.
  • National Health Mission (NHM) decrees Internal Audit/Concurrent Audit.
  • Financial audit of banks, insurance companies, cooperative societies, partnership firms, LLPs, proprietorships, HUFs, societies, trusts, etc. as per their respective Acts.
  • A performance audit of cooperative societies as imposed under the Cooperative Societies Act.
  • Audit of Stock Brokers and Credit Rating Agencies as mandated by the Securities & Exchange Board of India (SEBI).
  • Internal & Concurrent audit for Depository Operations  as mandated by the National Securities Depository Limited (NSDL).

Statutory Audit Process

We consider taking a risk-based approach, to address the fundamental problems affecting your finances and business.

To obtain a reasonable level of assurance that the financial statements are free of material misstatements, CAnest has developed a proprietary audit process. We can gather enough proof using our auditing methodologies to lower the audit risk. To reach meaningful conclusions from the audit, we employ professional skepticism. It aids in our understanding of the item’s materiality and aids in our critical analysis of the audit evidence.

Our ideal Statutory Audit process would involve:
  1. Appointment of the Auditor.
  2. Acceptance and Engagement.
  3. Pre-audit Meeting.
  4. Audit Planning.
  5. Audit Execution.
  6. Audit Report.
  7. Follow up.

Depending on the level of risk identified, we adjust the nature, timing, and scope of our audit procedures as determined by our professional judgement. We uphold our independence and promote open communication throughout the audit. We think that the statutory audit process in India offers an opportunity to help our clients achieve greater efficiencies and their business objectives in addition to serving as a means of complying with the law.

We use technology to improve the effectiveness and efficiency of our auditing. We keep audit working papers and files up to date using cutting-edge audit tools and procedures. To make sure that our best resources are placed onsite for our audits, we plan them using the software. We keep a close eye on our development and implement the necessary measures to meet the deadlines.

Our strengths

Our Statutory Auditors have the expertise and in-depth knowledge necessary to provide the best auditing services. They are familiar with a variety of industries and the difficulties that businesses in those industries face. We allocate audit resources according to the client profile and industry to ensure that the audit is carried out by someone who has a thorough understanding of your industry. By making significant investments in their education and growth, we keep them informed. We schedule a weekly meeting with our partners and auditors to discuss problems and ideas while advancing our combined knowledge.

Our main priority is Quality :

CAnest adheres to this principle in everything we do. On our quality standards and code of conduct, our audit professionals have received training. To make sure the work is of a high standard, we have established processes and procedures. By doing this, we can make sure that our audit work is always of the highest caliber and complies with our quality standards. In order to make sure the work complies with our policies and procedures, partners and managers also review it as part of our peer review system.

In order to address their concerns and meet their expectations for audit services, we routinely ask our clients for feedback.

Benefits of Statutory Audit

  • As the auditor correctly verifies the statements, the financial reports become more authentic.
  • It helps to encourage the management to perform their job efficiently.
  • Enhances the organisation’s image because the financial reports are free of errors, fraud, misrepresentation and inaccuracies.
  • Limit the risk of fraud in an organisation.
  • It improves the organisation’s reputation because the financial reports are devoid of errors, fraud, misrepresentation and inaccuracies.
  • It helps to gain the confidence of shareholders, banks and the government.
  • The auditor includes a comment regarding the existence and effectiveness of internal controls within the organisation. He also advises the organisation about the areas where internal control is inadequate, and risk is more.

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