The purpose of a statutory audit is the same as the purpose of any other audit i.e. to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions. In simple terms statutory audit in India is equated with Audit under the Companies Act. Every company incorporated under the companies act is required to get its accounts audited by a Chartered Accountant in Practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of the Companies Act. Statutory Audit ensures reliability of annual accounts of the company for various users of Accounts of the Company like government, shareholders, debtors, creditors, bankers etc.
Our statutory audit department is geared to conduct audit under any applicable statute along with complying with various global standards to ensure usability of audited accounts.