Statutory Audit.
Independent audit of financial statements under the Companies Act, 2013 and other applicable statutes.
About this service.
All companies registered under the Companies Act, 2013. Listed and certain public-interest entities additionally require IFC and KAM reporting.
Statutory audit is the audit of an entity's financial statements that is required by law. The objective is to express an independent opinion on whether the financial statements give a true and fair view, in conformity with the applicable financial reporting framework.
Statutory audits are conducted in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI), and reporting is governed by the Companies Act, 2013, the Companies (Audit and Auditors) Rules, 2014, and CARO 2020.
Engagements are partner-led from planning to sign-off. Risk-based planning, documented evidence, engagement quality reviews and partner-signed reports characterise every assignment.
What the engagement covers.
Audit of standalone and consolidated financial statements under Ind AS or AS
Reporting under the Companies (Auditor's Report) Order, 2020 (CARO)
Reporting on Internal Financial Controls over Financial Reporting (IFC-FR)
Reporting on Key Audit Matters under SA 701, where applicable
Engagement quality review under SA 220 / SQC-1
Audit committee and management communication under SA 260 / SA 265
Applicable laws and standards.
What you receive.
- Audit report and opinion on financial statements
- Annexure to the Independent Auditor's Report (CARO 2020)
- Annexure on Internal Financial Controls
- Management letter and audit committee communication
Other audit & assurance services.
Top questions.
The questions clients most often ask about this service. For anything specific to your situation, write to the firm.
Every company registered under the Companies Act, 2013, irrespective of turnover or profit. Other entities may require audit under their governing statute.
The Standards on Auditing (SA 100 to SA 720) issued by the ICAI, along with the Companies Act and CARO 2020.
The Companies (Auditor's Report) Order, 2020 — it requires the auditor to report on a list of specified matters in an annexure to the audit report.
Reporting on the adequacy and operating effectiveness of internal financial controls over financial reporting, required for companies under Section 143(3)(i).
In time for the financial statements to be adopted at the Annual General Meeting, within the timelines prescribed by the Companies Act.
Both — the applicable framework depends on the company's net worth, listing status and the Companies (Ind AS) Rules.
No. Key Audit Matters under SA 701 apply to listed entities and certain public-interest entities.
Yes. Planning, review and sign-off are done by the engagement partner, with fieldwork under direct partner supervision.
An independent review of significant judgments and conclusions before the report is issued, under SA 220 and SQC-1.
Yes — audit findings and control deficiencies are communicated under SA 260 and SA 265.
Looking for statutory audit support?
Write to the firm to discuss the engagement. Each engagement is scoped through a formal letter, preceded by independence and conflict-of-interest checks.