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Information of Statutory Audit

information about Statutory Audit ?

In India, statutory audit services are governed by various laws, regulations, and standards, primarily the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014. These regulations mandate that certain types of companies are required to undergo a statutory audit on an annual basis.

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Here's an overview of statutory audit services in India:

  • Applicability: Statutory audits are typically mandatory for various entities, including:
    1. Companies registered under the Companies Act, 2013, including private limited companies, public limited companies, and certain classes of LLPs (Limited Liability Partnerships).
    2. Banking and financial institutions regulated by the Reserve Bank of India (RBI).
    3. Insurance companies regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
    4. Listed companies on stock exchanges in India.
    5. Other entities as specified by the government.
  • Appointment of Auditors:

    The auditor or audit firm conducting the statutory audit must be appointed by the company's board of directors or shareholders in accordance with the provisions of the Companies Act and relevant regulations.

  • Audit Standards:

    Auditors in India are required to follow the Generally Accepted Auditing Standards (GAAS) issued by the Institute of Chartered Accountants of India (ICAI) while conducting statutory audits. Additionally, they must adhere to the Standards on Auditing (SAs) issued by the ICAI.

  • Audit Procedures:

    The audit process involves examining the company's financial records, transactions, internal controls, and financial statements to ensure compliance with applicable accounting standards and regulatory requirements. Auditors may also assess the effectiveness of internal controls and identify any instances of fraud or non-compliance.

  • Audit Report:

    Upon completion of the audit, the auditor issues an audit report expressing their opinion on the fairness and accuracy of the financial statements. The audit report includes the auditor's findings, any qualifications or exceptions to their opinion, and other relevant disclosures.

  • Filing Requirements:

    Companies are required to file their audited financial statements along with the auditor's report with the Registrar of Companies (RoC) within prescribed timelines.

  • Penalties for Non-compliance:

    Failure to comply with statutory audit requirements can result in penalties, fines, or legal consequences for the company's management and directors.

Overall, statutory audit services play a crucial role in ensuring transparency, accountability, and reliability in financial reporting for companies operating in India, thereby fostering investor confidence and trust in the corporate sector.

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