A Statutory Audit is a mandatory compliance measure prescribed by law to verify the accuracy of financial statements. These statements include the balance sheet, profit and loss account, cash flow statement, notes to accounts, and other supporting documents, collectively referred to as a company's records. The primary objective is to confirm whether an organization presents an honest and accurate representation of its financial position by evaluating various financial information, including bank balances, financial transactions, and accounting records.

How Does a Statutory Audit Function?

Statutory Audits are conducted by independent professionals known as Chartered Accountants, who operate under the regulations set by the Institute of Chartered Accountants of India (ICAI) and other relevant laws. All businesses in India, irrespective of their structure, are required to conduct an annual audit of their financial statements. This mandatory compliance helps ensure transparency and accountability in financial reporting.

A statute is defined as a regulation or law enacted by the government, providing the legal basis for conductingStatutory Audits. An audit involves examining records maintained by an organization, government department, or individual, with the goal of assessing whether funds have been properly managed and that all required records and filings are accurate. Undergoing a Statutory Audit is not an implicit indication of misconduct; rather, it serves as a formal procedure designed to deter financial crimes, such as misappropriation of funds, by ensuring that a qualified third party routinely scrutinizes various documents.

At BizMantra, we offer comprehensive Statutory Audit services tailored to meet the unique needs of our clients. Our experienced team of Chartered Accountants and trained staff is dedicated to providing high-quality audit services, ensuring compliance with ICAI guidelines. Our services include :