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Statutory Audit Services - Canest

CAnest is one of the best statutory audit services firms in Bangalore. Our clients are utmost priority, Statutory Audits are conducted every year to report the state of the company’s finances and accounts to the Government of India. If you are looking for the best statutory audit services in Bangalore we will be happy to serve you better. 

Statutory audit services

Statutory Audit

A statutory audit is a mandatory audit of a company’s financial records to determine if an organization delivers an honest and accurate representation of its financial position by evaluating information, such as accounting records, bank balances and financial transactions.

Our team has been working with clients from different industries such as Ecommerce, automobiles, real estate, Information Technology (IT), ITES, manufacturing, garments, pharmaceuticals etc.

 

statutory audit applicability

statutory audit applicable to every entity which is registered under the Companies Act, whether it is Private Limited or a Public Limited company it has to get its books of accounts audited every year. However it also depends upon the company  if any company’s turnover  exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs in any financial year then they should find a Statutory Auditor for their  Business.

Statutory Audits are not optional if a business satisfies certain criteria and it must be completed by qualified Chartered Accountants who are independent of the Business. We have a team of qualified Chartered Accountants who are expertise in this field and they can help you to do statutory audit for your business.

Types of Statutory Audit

Statutory Audits are of two types, company audits and tax audits. 

Company audits

Every company, irrespective of its types of business or turnover must have its annual accounts audited each financial year. For this  the company and its directors have to  appoint an auditor to do statutory audit of the company. A person who is a qualified Chartered Accountants can only be appointed to do statutory audit of any organization.

Tax Audits

A tax audit determines whether  transactions and  financial records are correctly recorded and accounted for. A tax audit is done by Chartered Accountants to validate the income tax computation made by the taxpayer in the income tax return. However there are criteria for tax audit if any person turnover is less than Rs. 1 Crore in case of business and less than Rs. 25 lakhs in case of profession they must required to have tax audit.

 

Process of Statutory Audit

Although there cannot be any fixed checklist of verification under statutory audit, here is the checklist of statutory audits which can be used for  reference purposes.

Assets

The auditor should physically visit and verify the fixed assets and they should have the key control on how the entity manages and controls its fixed assets. 

Inventories

The auditors will be conducting an audit and he must physically verify the inventories of the company.

Deposits

The auditor should verify the bank account details of the company where he should check all the company deposits and withdrawals.

Statutory Dues

The auditor must verify the regular deposit of statutory dues like Goods and Service Tax (GST), wealth tax, customs duty, tax,  sales tax, etc., with the appropriate authorities. The auditor also should check the statutory due arrears.

Profit and Loss

The auditor must check the company’s turnover and find the statement of their profit and loss in the current financial year.

Other Dues and Payments

In this process the auditor must check whether the company has any due payments of loans and bankruptcy of the company to its bankers, debentures, or any other financial institutions.

Loan Usage

If a company has taken any loan from any bank or financial institution The auditor must verify whether the company is doing  proper usage of loans, The auditor also must ensure whether the company serves the purpose of the loan.

 

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