The Companies Act of 2013 has made it obligatory for all companies to undergo statutory audits, ensuring the accuracy of their financial records. If you're seeking a reliable accounting firm in India for your statutory audit needs, consider contacting BC Shetty & Co for their services.
A statutory audit, mandated by law, aims to verify the accuracy and fairness of a company's financial statements. It assesses compliance with relevant laws, regulations, and standards, ensuring an accurate representation of the company's financial position. These audits must be conducted by qualified Chartered Accountants who maintain independence from the business.
A statutory audit is a review of a company's financial accuracy, ensuring its depiction of the current financial standing is precise. This involves scrutinizing the organization's bookkeeping records and financial transactions.
Companies, banks, NGOs, and government agencies undergo statutory audits periodically. These audits are carried out by chartered accountants in India. The firm analyzes your financial data, offering valuable insights into your financial state.
Benefits of statutory audit for Businesses and stakeholders
Engaging statutory audit services can bolster an organization's financial statement credibility. Consistent statutory and GST audits ensure compliance with the country's legal mandates. These audits facilitate the identification of financing structure gaps and weaknesses, paving the way for rectification. Moreover, they open doors to funding opportunities and enable informed decision-making for business operations.