Statutory Audit.
Our statutory audit practice covers the audits the law requires of companies, LLPs, charitable trusts, co-operative societies and banks, and the audits partnership firms need for tax and lenders. Each is planned under the ICAI Standards on Auditing and the law that governs the entity. The opinion we sign is our independent judgement, formed on the evidence.
Not sure which service applies to you? Tell us your situation and a partner will tell you — free, with no obligation.
Signs it's time to talk to us.
- Your company has just been incorporated and needs its first auditor
- Your auditor's term is ending or you need to change auditors
- Your LLP or firm has crossed the audit limits, or your lender wants audited accounts
- Your trust or society must file audit reports to keep its tax exemption
- Your co-operative society needs its annual audit by a panel auditor
How Statutory Audit works with us.
- 1
Acceptance and independence
We check eligibility and independence and agree the scope in an engagement letter.
- 2
Audit planning
We understand the business, assess risks and set materiality.
- 3
Audit fieldwork
We test controls, transactions and balances, including confirmations and inventory counts.
- 4
Completion and review
We discuss findings, obtain written representations and agree the final accounts with management.
- 5
Reporting and management letter
We issue the audit report and any regulatory annexures, with a management letter on control gaps.
Statutory Audit services.
Open any service to see exactly how it works: the steps, what we need from you, what you receive and how long it typically takes.
Company Statutory Audit
Every company registered in India, whatever its size, must have its annual financial statements audited by a chartered accountant under the Companies Act, 2013.
LLP Audit
Every limited liability partnership must have its accounts audited under the LLP Act, 2008 and the LLP Rules unless its turnover or partners' contribution is within the limits the Rules prescribe, and many smaller LLPs choose an audit anyway because banks or investors ask for one.
Trust/Society Audit
Charitable trusts and societies usually face two audits that run together: the accounts audit required by the state public trusts law, and the income-tax audit report a registered non-profit must file to keep its income exempt.
Partnership Firm Audit
The Indian Partnership Act, 1932 does not itself require a firm's accounts to be audited, but an audit is often needed anyway: for a tax audit once turnover or receipts cross the income-tax limits, because the partnership deed requires it, or because a bank asks.
Bank Audit
Banks commission several kinds of audit from chartered accountant firms: concurrent audit, which examines transactions soon after they happen; revenue audit, which looks for income leakage; and statutory branch audit at year-end.
Cooperative Society Audit
Co-operative societies, including housing societies, must have their accounts audited every year under the state co-operative law, by an auditor from the panel approved by the state government; in Maharashtra this is the Maharashtra Co-operative Societies Act, 1960.
Not sure which one you need?
Tell us what you're dealing with. A partner will tell you what applies and what it costs — a free 30-minute call, no commitment.