Statutory Audit Services for Accurate and Compliant Financial Reporting
Statutory Audit is an independent examination of a company’s financial records and statements as required under applicable laws. It helps eligible businesses verify financial reporting, identify discrepancies, and meet audit and compliance requirements with support from qualified professionals.
Whats Included
- ✓ Coordination of information required by the statutory auditor
- ✓ Assistance with audit documentation and supporting schedules
- ✓ Support during audit queries and financial statement finalisation
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Statutory Audit Services for Accurate and Compliant Financial Reporting
Why Do You Require a Statutory Audit?
A statutory...
My Startup Solution offers statutory audit services that guarantee that your financial records and reports are accurate and true. A statutory audit is greatly needed to be sure of getting a view that's truthful and fair for your company's financial position, and the Companies Act 2013 mandates every company that registers itself under the same, with excess or over the threshold turnover or capital contribution amounting to the LLP.
Why Do You Require a Statutory Audit?
A statutory audit endeavours to ascertain whether or not your business adheres to a number of statutory and regulatory requirements. You could be a Private Limited Company, a Public Company, an LLP, or any other registered entity; an audit is required, without which, your business would not be transparent and compliant. A statutory audit is compulsorily needed for the following :
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All Companies, regardless of the nature of business or sales turnover.
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LLP's with turnover exceeding Rs. 40 lakhs or contribution exceeding Rs. 25 lakhs
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Proprietorship firms with turnover exceeding Rs.1 crore or professional receipts exceeding Rs.25 lakhs
Key Steps involved in Statutory Audit
Appointment of Auditor:
The first auditor shall be appointed within 30 days from the date of registration under Section 139 of the Companies Act, 2013. We ensure that the auditors are appointed and that compliance is done on time. The audit planning will include assessing your internal controls and developing an audit plan tailored to address areas of concern and potential risks.
We conduct our review of internal controls with your team.
We test the effectiveness in fraud and error detection.
We do a detailed financial verification that includes verification of items on your balance sheet, profit and loss account, and other relevant financial reports to ensure their accuracy and compliance.
Final Reporting:
Fully audited, an objective report could then be issued to shareholders, and for sure, that is what a company needs in terms of knowing its health financially.
Areas of Emphasis During Statutory Audit
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Control Over Internal Control: We consider if fraud-proofing or error-proofing systems are available. If weaknesses are noted, substantive testing is enhanced.
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Key items of the Balance Sheet Audit: Ensuring key items about secured loans, fixed assets including depreciation, and all other sundries relate to supporting documents.
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Profit & Loss Verification: Review of sales, purchases, and expense items. Industry benchmarking and trend analysis in regard to financial performance.
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TDS Compliance: Review of your transactions related to TDS accounts, ensuring proper vouchers, reconciliation with returns and compliance of all applicable regulations.
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Other Regulatory Checks: We check for Provident Fund, ESIC, Gratuity, and so much more so that we can ensure that your company complies with relevant statutes.
Why My Startup Solution?
My Startup Solution removes the tussle of statutory audits for you, offering you accurate, on-time, and compliant audit reports. Our qualified auditors will help you in ensuring that you have surpassed the regulatory requirements, besides ensuring complete transparency to financial aspects of your business.
If you are seeking good quality statutory audit services in Lucknow, then contact us today!
Eligibility Criteria for SEBI RA Registration
- Eligible Applicant: The applicant must meet the eligibility conditions prescribed by SEBI for registration as a Research Analyst, including the applicable qualification and experience requirements.
- Professional Qualification: The applicant or relevant personnel must possess the prescribed educational and professional qualifications required for carrying out research analyst activities.
- Certification Requirement: Applicable NISM certification requirements must be fulfilled by the applicant and other persons involved in research activities, as prescribed by SEBI.
- Fit and Proper Person: The applicant must satisfy SEBI's fit and proper person criteria and maintain the required professional standards.
- Infrastructure and Systems: The applicant should have adequate infrastructure, technology, record-keeping systems, and other arrangements necessary to provide research analyst services.
- Compliance Framework: The applicant must be capable of following SEBI regulations, disclosure requirements, code of conduct, and other compliance obligations applicable to Research Analysts.
Documents required
Documents Required for SEBI RA Registration
Registration process
A simple four-step process, start to finish.
