Company Statutory Audit Services
Professional company audit services by Tulshyan & Co., Chartered Accountants in Raipur, ensuring compliance, accurate reporting, risk identification and reliable financial statements.
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Quick Summary
A statutory audit is the annual, legally mandated examination of a company's books of accounts and financial statements by an independent Chartered Accountant. It is compulsory for every company registered under the Companies Act, 2013 — private limited, public limited, One Person Company, or Section 8 company — regardless of turnover, profit, or size, and for LLPs once turnover crosses ₹40 lakh or capital contribution crosses ₹25 lakh. At Tulshyan & Co., we conduct statutory audits that go well beyond a signature on the balance sheet: our audits give your business, its shareholders, lenders, and regulators genuine assurance that your financial statements present a true and fair view.
What Is a Statutory Audit?
A statutory audit is an independent, legally required review of a company's or LLP's financial statements, undertaken to verify that the accounts are accurate, comply with applicable law, and fairly represent the entity's financial position. Unlike an internal audit, which is a voluntary management tool, a statutory audit is mandated by statute — primarily the Companies Act, 2013 for companies and the LLP Act, 2008 for LLPs — and can only be performed by a practising Chartered Accountant.
- Governed by Sections 139 to 148 of the Companies Act, 2013, which deal with the appointment, qualification, rights, duties, and liabilities of the statutory auditor.
- Culminates in a formal Auditor's Report, presented to shareholders at the Annual General Meeting and filed with the Registrar of Companies in Form AOC-4.
- Must be completed within the statutory timeline — audited financials are required before the AGM, which itself must be held within six months of the financial year-end.
Who Needs a Statutory Audit?
- Every company registered under the Companies Act, 2013 — private limited, public limited, and One Person Companies — must undergo a statutory audit every year. There is no turnover, profit, or dormancy exemption; even a company with zero transactions in the year must still be audited.
- LLPs must get their accounts audited only once they cross a threshold — annual turnover exceeding ₹40 lakh or partners' capital contribution exceeding ₹25 lakh. Below both limits, audit is optional.
- Public companies face additional reporting obligations under the Companies (Auditor's Report) Order, 2020 (CARO 2020), given the wider public interest involved.
Why Statutory Audit Matters
A statutory audit is often seen as a compliance checkbox, but its real value lies in the confidence it builds around your numbers. It matters because it:
- Builds credibility with shareholders, banks, investors, and regulators by giving them an independent, professional opinion on the accuracy of your financial statements.
- Strengthens corporate governance by holding management accountable for the financial statements it prepares.
- Surfaces errors and fraud risk early — audit procedures are specifically designed to detect material misstatements, whether caused by error or fraud.
- Supports better business decisions, since audited financials give owners and management a verified picture of the company's true financial health.
- Enables access to credit and capital — banks, financial institutions, and investors routinely rely on audited financial statements before extending loans or funding.
- Ensures legal compliance, protecting the company and its directors from penalties for non-compliance under the Companies Act.
What Is Actually Checked in a Statutory Audit
A statutory audit is a detailed, evidence-based examination — not a quick review of totals. Broadly, our audit process covers:
- Financial statements review: Verification of the balance sheet, statement of profit and loss, cash flow statement, and notes to accounts for accuracy and compliance with applicable Accounting Standards / Ind AS.
- Books of account and vouching: Checking that transactions recorded in the books are supported by proper vouchers, invoices, and documentation.
- Internal financial controls: Evaluating whether the company's internal control systems are adequate to prevent and detect errors or fraud, as required under Section 143(3)(i) of the Companies Act for applicable companies.
- Statutory registers and compliance: Reviewing minute books, statutory registers, related-party transactions, and compliance with Companies Act provisions.
- Audit trail (edit log) verification: Confirming that the accounting software used maintains a non-configurable, tamper-proof audit trail of every transaction, operational throughout the year, and reporting on it as required under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
- Taxation and statutory dues: Cross-checking GST, TDS, provident fund, and other statutory liabilities as reflected in the books against actual payments and filings.
- Going concern assessment: Forming a view on whether the company can continue its operations in the foreseeable future.
- CARO reporting (where applicable): Responding to the specific clauses prescribed under CARO 2020 for eligible companies, covering fixed assets, inventory, loans, related-party dealings, and more.
- Related party transactions and disclosures: Ensuring transactions with directors, promoters, and related entities are properly disclosed and comply with Section 188 of the Companies Act.
More Than Just a Signature
It's a common misconception that a statutory audit ends with an auditor's signature on the financial statements. In reality, that signature represents the conclusion of a rigorous, evidence-based process, not a formality:
- Independent professional judgment: The auditor forms an opinion based on evidence gathered through testing — not on management's assurances alone.
- Standards on Auditing (SAs): Every statutory audit is conducted in accordance with the Standards on Auditing issued by the ICAI, which prescribe how evidence must be gathered, evaluated, and documented.
- Personal accountability of the auditor: Under the Companies Act, a statutory auditor carries statutory duties and can be held liable — including under Section 147 — for professional negligence or an incorrect opinion.
- Substance over form: The auditor is required to look beyond what is presented and assess whether the underlying transactions actually reflect what they claim to be.
- Ongoing dialogue with management: A genuine audit involves querying unusual transactions, testing controls, and, where needed, flagging concerns to those charged with governance — not simply accepting figures as given.
In short, the signature on an audit report represents months of testing, verification, and professional scrutiny — it is the outcome of the audit, not the audit itself.
Statutory Audit Services by Tulshyan & Co.
As a Chartered Accountancy firm based in Raipur, Chhattisgarh, Tulshyan & Co. conducts statutory audits for private limited companies, public companies, One Person Companies, and LLPs across sectors. Our audits are designed to give you more than a compliance certificate — they are meant to give you a genuine, independent view of your company's financial health, backed by ICAI Standards on Auditing and a thorough understanding of the Companies Act, 2013.
Get in touch with Tulshyan & Co. for statutory audit services in Raipur that go beyond the formality — and give you real assurance.
Important Links Related to Statutory Audit Services
Here are important Links related to Statutory Audit Services :-
- Ministry of Corporate Affairs (MCA) — Official Portal(opens in new tab)
- Companies Act, 2013 — Full Text(opens in new tab)
- Acts & Rules E-Books — MCA (LLP Act, Audit & Auditors Rules, Accounts Rules)(opens in new tab)
- Standards on Auditing (SAs) — ICAI(opens in new tab)
- Institute of Chartered Accountants of India — Official Site(opens in new tab)
- National Financial Reporting Authority (NFRA)(opens in new tab)
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