Statutory Audits Services

Our Statutory Auditing Process

Pre-engagement Planning

The statutory audit process will start with pre-engagement planning that focuses on understanding the exact nature of your business. Thereafter, we will assess the risks associated with various entities within your business.

Gathering of Financial Records and Documentation

The next step involves gathering your financial data which includes bank statements, invoices, and much more. This is important for us to get a clear insight into your finances.

Conducting Audit Procedures

After collecting the data, we will perform the audit procedure which involves gathering all requisite evidence supporting your financial statement.

Communication with Management and Board of Directors

We will establish communication with the management and the board of directors to discuss the audit findings.

Fraud Detection and Reporting

The process involves detailed assessment of fraud risk and employing necessary steps to identify the financial statements that may not adhere with the rules and regulations of the country.

Presentation of Audit Observation Report along with Recommendations

We will prepare the audit observation report in detail, during this process if we detect any kind of fraud, then that shall be promptly reported to the respective authorities.

Audit of Internal Control Financial Reporting

Our service includes audit of internal control financial reports on a regular basis. We will also provide necessary recommendations to ensure you have a clear understanding of the current financial state of the business. Our team will also help you with the process of ITR filing online if required.

Why Prefer N4 for Audit Services?

N4 is a leading Statutory Auditing Services , Tax auditing services firm & Consultants in India. We are supported by a dynamic team of professionals & Statutory Auditors well-versed with the sole purpose of Statutory Auditing Services in India. The team can assess and conclude financial statements of an organization regardless whether they represent a true & fair view or not. We have developed a comprehensive Statutory Audit checklist in place to perform audit services which caters to all types of industries including manufacturing, trading, online, E-commerce and Service Companies in India. Here are some of the key benefits of hiring us:

Cost-Effective and Efficient Service

Our audit services are offered at affordable prices which is not only efficient but aims at saving time and money.

Experienced and Qualified Team

We have a dedicated team of experienced and skilled professionals who have many decades of cumulative experience in helping leading organizations with statutory audits.

Comprehensive Service

Our comprehensive service covers all aspects of the statutory audit process which has everything from planning to execution and reporting.

Timely Support

We make sure all audit recommendations are implemented promptly which is important to avoid penalties or fines.

Customized Service

We specialize in offering customized statutory audit services which are specifically tailored to special needs and expectations of our clients.

Stringent Quality Control

Our process of quality control is stringent which ensures only the highest standards dictate all audits.

FAQs

What is a statutory audit?

There are numerous types of audits but the standard types include:

• Internal Audit
• External Audit

All reports and findings of an internal audit are shared within the company’s management. In case of external audits, the findings are shared with external entities such as government authorities.

A statutory audit is a type of external audit mandated to be performed by an external entity on financial statements and records of an organization. Only professionals well-versed with the governing bodies’ principles and ethics are authorized to conduct statutory audits. Auditors are supposed to examine the following for tax purposes:

• Bank statements
• Ledgers
• Bookkeeping records
• Financial records

How can I determine if a Statutory Audit is necessary for my business?

The requirements for a statutory audit in India depend on the organization’s legal structure. All private companies and public companies should get a statutory audit regardless of their revenue, profits, or losses. In case, of LLPs, an audit is mandatory once the turnover exceeds Rs. 40 lakhs or if their contribution to the LLP exceeds Rs. 25 lakh. For more information, get in touch with us.

Is a statutory audit mandatory for all businesses?

Yes. Statutory audit is obligatory for all companies that are governed by statutes and laws governing legal entities such as the Companies Act, 2013. The procedure involves the auditor verifying and checking if the organization has acted and adhered to the Companies Act. Statutory audits are conducted by a professional chartered accountant.

What is the standard duration of a Statutory Audit?

The actual duration of our statutory auditing services depends on various factors such as the size and complexity of the organization. Usually in a normal setting, our audit services take few weeks to complete.

How frequently is a Statutory Auditing necessary?

In India, the frequency of statutory audits depends on the legal structure of organization. Reach us to know more about the process and how often you need them.