Why Statutory Audit
The objective of a Statutory Audit of the financial statements is to enable the Auditor to express an opinion whether the financial statement are prepared, in all material respects, in accordance with identified financial reporting framework.
The financial statements are ordinarily prepared on an annual basis towards the common information needs of various users. The financial statements are prepared in accordance with the:-
- Relevant Statutory Requirement e.g. the Companies Act, 1956 for the Companies,
- Accounting Standards issued by the Institute of Chartered Accountants of India and
- Other recognised accounting principles and practices e.g. those recommended by way of Guidance Notes issued by the Institute of Chartered Accountants of India.
Section 224 of the Companies Act talks about the Appointment of the Auditors. The Auditor assesses the evidence collected as a result of the procedures conducted and expresses a conclusion. The level of assurance is determined by the procedures performed and results thereof.
The objective of a review of the financial statements is to enable an Auditor to state whether on the basis of the procedures which do not provide all the evidence, anything has come to the Auditor's attention that cause him to believe that the financials statement are not prepared in all material respect, in accordance with the recognised accounting policies, standards and applicable statutory requirements.
Income Tax Act, 1961 contains provision for the Audit of Accounts under various sections for tax purposes.
How we can assist:
We carry out Statutory & Tax Audits along with Limited Reviews in accordance with the rule and regulations prescribed by the government, the General Accepted Accounting Practices (GAAP), Accounting Standards (AS) and Auditing and Assurance Standards (AAS) prescribed by the Institute of Chartered of India.