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Contents

Tags:
  • Audit and Assurance, Chartered Accountant Services, Companies Act 2013 Audit, Compliance Audit, Corporate Governance India, Financial Statement Audit, Independent Auditor Report, Statutory Audit India

Statutory Audit

Our pricing starts from Rs.25,000 to Rs. 90,000/-

A Statutory Audit is a legally mandated, independent examination of a company’s financial statements and records to ensure they present a “true and fair” view of its financial position and performance. As stipulated by the Companies Act, 2013, this audit is compulsory for all companies registered in India, irrespective of their size, turnover, or profitability. At Innobrant, we approach the statutory audit not merely as a compliance exercise but as a crucial business health check. This process is fundamental to enhancing financial transparency, strengthening corporate governance, and building unwavering trust among all stakeholders, including investors, lenders, and regulators. Our meticulous, technology-driven audit process provides the robust assurance your business needs to operate with confidence and integrity in a complex regulatory environment.

Benefits of Our

Statutory Audit

Service

Enhanced Financial Credibility and Transparency
A statutory audit independently verifies the accuracy and reliability of your financial statements, lending significant credibility to the information presented to stakeholders.4 This transparency is vital for building and maintaining the confidence of shareholders, investors, and the public, assuring them that the financial records are a trustworthy representation of the company's performance and position.
Ensured Regulatory and Legal Compliance
The primary objective of a statutory audit is to ensure your financial statements strictly comply with the Companies Act, 2013, and adhere to the prescribed accounting standards issued by the Institute of Chartered Accountants of India (ICAI). Our rigorous audit process helps your organization avoid severe penalties for non-compliance and protects directors from potential legal repercussions.
Improved Internal Controls and Operational Efficiency
During our audit, we conduct a thorough assessment of your internal control systems, identifying weaknesses and procedural gaps.6 Our detailed findings and actionable recommendations help you strengthen these controls. This not only improves the accuracy of financial reporting but also enhances overall operational efficiency, reduces the risk of mismanagement, and streamlines your business processes.
Detection and Prevention of Fraud and Errors
Our audit process is systematically designed to detect material misstatements, whether they arise from unintentional errors or deliberate fraud.2 By scrutinizing transactions, account balances, and internal records, we help safeguard company assets and deter fraudulent activities. This promotes a culture of accountability and integrity within the organization.
Increased Investor and Lender Confidence
Audited financial statements are a fundamental requirement for attracting investment and securing loans from financial institutions.1 A clean audit report from a reputable firm like Innobrant signals strong financial health and robust corporate governance, making your business a more attractive and reliable proposition for both equity investment and credit facilities.

Our

Statutory Audit

Process

Step 1
Planning and Risk Assessment
Our engagement commences with a deep-dive into your business, its operational environment, and industry-specific risks. We develop a customized, risk-based audit plan that identifies critical financial areas and evaluates the likelihood of material misstatements. This strategic approach ensures our efforts are focused, efficient, and tailored to your unique context.
Step 2
Evaluation of Internal Controls
We conduct a detailed assessment of your company's internal control systems to determine their effectiveness in preventing, detecting, and correcting financial inaccuracies. This involves comprehensive documentation reviews, structured interviews with key personnel, and direct observation of processes to gauge the reliability of your internal financial reporting framework.
Step 3
Substantive Testing and Evidence Gathering
Our team performs detailed substantive testing on account balances, classes of transactions, and disclosures presented in the financial statements. We gather sufficient and appropriate audit evidence by verifying assets and liabilities, cross-referencing financial records with supporting documents like invoices and contracts, and ensuring the completeness and accuracy of the data.
Step 4
Financial Statement Analysis and Finalization
We meticulously analyze the finalized financial statements including the balance sheet, profit and loss account, and cash flow statement to ensure they are free from material misstatements and present a true and fair view in all material respects. This stage involves a final review to confirm compliance with all applicable accounting standards and disclosure requirements.
Step 5
Reporting and Closure
Upon completion of the audit, we issue a formal Independent Auditor's Report, which presents our professional opinion on your financial statements. This report is shared with the management, the Board of Directors, and the shareholders. We also provide a separate Management Letter detailing our findings on internal control weaknesses and offering actionable recommendations for improvement. The audit is formally closed once all outstanding issues are resolved and the report is presented at the Annual General Meeting (AGM).

Pre-requisites for Engagement

To ensure an efficient and timely audit process, we require access to the following:
  • Statutory records and registers as mandated by the Companies Act, 2013.
  • Complete books of accounts, including ledgers, journals, and cash books for the financial year.
  • Finalized financial statements (Balance Sheet, Profit & Loss Account, Cash Flow Statement).
  • Supporting documents for all transactions, such as invoices, bank statements, contracts, and lease agreements.
  • Detailed schedules of assets, liabilities, inventory, accounts payables, and accounts receivables.
  • Documentation related to tax payments (Income Tax, GST, etc.) and other statutory compliances.
  • Access to key management personnel and finance team members for interviews and clarifications.

Deliverables

Independent Auditor's Report:
A formal report expressing our professional opinion on whether the financial statements provide a "true and fair" view, prepared in the format prescribed by regulatory authorities.
Certified Financial Statements:
Audited and signed financial statements, ready for submission to the Registrar of Companies (ROC) and other stakeholders.
Certified Financial Statements:
Audited and signed financial statements, ready for submission to the Registrar of Companies (ROC) and other stakeholders.
Management Letter (Letter of Weakness):
A detailed communication addressed to the management and board, highlighting identified internal control deficiencies and providing practical, value-added recommendations for improvement.

FAQs

Related Services

Tax Audit
Internal Audit
GST Audit
Risk Management

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