Independent examination of financial statements to ensure accuracy, transparency, and compliance with applicable regulations.
A statutory audit is a legally mandated review of a company’s financial statements and records. It ensures that the financial position and results of operations are presented fairly, free from material misstatements, and in line with the applicable accounting framework. For businesses, it enhances credibility and provides assurance to regulators, investors, and stakeholders.
To ensure that financial statements represent a true and fair view.
To confirm compliance with relevant accounting and legal requirements.
To evaluate internal control systems and identify gaps.
To detect potential misstatements, errors, or irregularities.
Verification of Financial Statements: Examining balance sheet, profit and loss, and notes to accounts.
Review of Books of Accounts: Checking ledgers, vouchers, and supporting documents.
Compliance Assessment: Ensuring adherence to laws, regulations, and applicable standards.
Internal Controls Review: Assessing effectiveness of accounting systems and procedures.
Reporting: Providing observations, qualifications (if any), and recommendations for strengthening financial reporting.
Improves the reliability and transparency of financial information.
Strengthens corporate governance and accountability.
Builds trust with shareholders, regulators, and external stakeholders.
Provides management with insights to enhance financial controls and efficiency.
