Statutory Audit
Statutory Audit & Reporting for your entity
Ensure compliance and transparent reporting with Vakilify's expert statutory audit services.
Benefits of Statutory Auditing
• Boost your market credibility with Vakilify.
• Ensure seamless regulatory compliance with our services.
• Optimize your financial strategies for improved planning.
• Enhance budgeting processes with Vakilify's assistance.
• Safeguard against fraudulent activities with our robust solutions.
• Ensure the integrity of your financial statements with Vakilify.
Statutory Audit Procedure
• The appointed Chartered Accountant must submit the audit report online using their official login credentials.
• Organizations are required to provide relevant information about their Chartered Accountant on their login platform.
• Upon submission, organizations can review and either accept or reject the audit report. If rejected, the process can be repeated until acceptance.
Statutory Audit Checklist
• Comprehensive compilation of financial statements.
• Submission of all required documents to the Registrar of Companies (ROC).
• Detailed record of transactions with involved parties.
• Previous year's statutory audit report for reference.
• Verification of bank statements, attested by respective banks.
• Thorough assets and inventory verification report.
• Documentation of all contingent liabilities.
• Reconciliation of sales, purchases, and tax records.
• Comprehensive list of credit and debit notes.
Why Vakilify?
• Access expert assistance round the clock.
• Enjoy seamless service delivery tailored to your needs.
• Experience minimal legal formalities for a hassle-free experience.
• Receive audit reports promptly and efficiently with Vakilify.
FAQs
What is a Statutory Audit?
A Statutory Audit is a legally required examination of a company's financial records, transactions, and statements to ensure accuracy, compliance with applicable laws and regulations, and fairness in presentation.
Why is a Statutory Audit important?
A Statutory Audit is important as it provides assurance to stakeholders including shareholders, investors, creditors, and regulatory authorities about the reliability and integrity of a company's financial information. It also helps ensure transparency and accountability in financial reporting.
When is a Statutory Audit required?
A Statutory Audit is usually required annually for certain types of entities such as public companies, large private companies, and entities regulated by specific authorities. Additionally, lenders, investors, or contractual agreements may also require a Statutory Audit.
What are the benefits of a Statutory Audit?
Benefits of a Statutory Audit include assurance of financial accuracy and reliability, detection and prevention of fraud and errors, compliance with legal and regulatory requirements, enhanced credibility and trust among stakeholders, and identification of areas for improvement.
Can Vakilify assist with Statutory Audits?
Yes, Vakilify offers professional Statutory Audit services conducted by experienced auditors to help companies fulfill their legal obligations, ensure compliance with regulatory requirements, and enhance the transparency and reliability of their financial reporting.