Statutory Audit Services

Statutory Audit Services

A statutory audit is a mandatory requirement for companies registered under the Companies Act, 2013, ensuring that their financial records align with regulatory standards and accounting principles. This audit validates compliance with the law, providing transparency and credibility to stakeholders.

At Bhanushali & Bhanushali, we leverage our expertise to deliver well-structured and efficient statutory audits. Our team ensures strict adherence to all legal and auditing standards, helping your business stay compliant and instill trust in its financial practices. Let us simplify your compliance process with precision and care.

1. What steps does Bhanushali & Bhanushali take for statutory audit compliance?

At Bhanushali & Bhanushali, we consider statutory audits a cornerstone of financial integrity and compliance. Guided by SA 200, our audits aim to provide reasonable assurance that financial statements are free from material misstatements while ensuring all findings and insights are reported in accordance with auditing standards.

Our process involves:
• Assessing critical elements of financial statements for precision and adherence to regulatory standards.
• Evaluating the adequacy and reliability of financial data by examining accounting systems and internal controls.
• Verifying that all necessary disclosures align with statutory and accounting requirements.
• Reviewing internal controls and accounting practices to identify gaps and ensure efficiency.
• Conducting detailed checks of transactions and balances using sampling, inquiries, and supporting documentation.
• Confirming that financial statements accurately reflect underlying records and consistent accounting policies.

Through our systematic approach, we deliver audits that foster transparency, compliance, and trust in your financial reporting.

According to most regulations, only a licensed Chartered Accountant can perform statutory audits, such as those under the Companies Act, 2013, Income Tax Act, 1961, and GST law. At Bhanushali & Bhanushali, we carry out audits in an organized, structured, and compliant manner, ensuring full adherence to applicable laws and accounting standards. This ensures the accuracy of financial statements, essential for business growth.

We provide tailored solutions rather than generic approaches. Through risk-based evaluations, we identify potential risks and help businesses stay proactive. Our experts also implement internal and financial control systems to ensure compliance and efficient audits.

Financial statements are crucial for stakeholders like shareholders, creditors, banks, and customers to assess a company's credibility. To prevent potential losses due to errors or fraud, statutory audits ensure that these statements accurately represent the company's true financial position.

Key benefits include:
• Protecting stakeholders' financial interests by ensuring accuracy.
• Detecting and preventing fraud within the organization.
• Supporting tax calculations and business valuations.
• Identifying inefficiencies and improving internal controls.
• Ensuring compliance for government grants, tenders, and insurance claims.