Ensure Compliance & Financial Accuracy for Your Business
In today’s changing business world, making sure your financial statements follow the law is more than just necessary—it’s key to keeping the trust of your stakeholders. At CA Alok Kumar, we provide statutory audit services that do more than just meet legal requirements; we offer insights that help your business grow.
Our statutory audit services are designed to give you peace of mind by ensuring that your financial records are accurate, complete, and in line with all necessary regulations. But we don’t stop there. We use the audit process as an opportunity to identify areas where your business can improve its financial practices, manage risks better, and increase efficiency.
All companies, whether private or public, are required to undergo a statutory audit. This includes companies registered under the Companies Act, regardless of their turnover, profit, or loss.
LLPs are required to have a statutory audit if their turnover exceeds ₹40 lakh in a financial year or if their contribution exceeds ₹25 lakh.
While these entities are not mandated by law to undergo statutory audits, they may still be required to do so if their turnover exceeds certain thresholds under tax laws.
Statutory audits are mandatory if these entities are registered under specific laws and regulations or if they receive government grants or donations above certain limits.
Certain entities registered under various laws, such as cooperative societies, must undergo statutory audits as required by the governing legislation.
We follow a comprehensive statutory audit process to ensure your business stays compliant with all regulations while providing valuable insights for improvement. Here’s a step-by-step breakdown:
We start by thoroughly understanding the nature of your business and identifying potential risks. This tailored approach allows us to conduct a statutory audit that addresses the unique challenges of your organization.
Our team gathers all essential financial documents, including bank statements, invoices, and other relevant records. This comprehensive data collection is crucial for an accurate audit of your financial position.
Once we have your financial data, we conduct a detailed audit procedure. We examine all necessary evidence to ensure your financial statements are accurate and compliant with statutory requirements.
We maintain clear communication with your management and board of directors throughout the audit process. This dialogue is essential for discussing our findings and ensuring that all parties are well-informed.
Our audit process includes a thorough assessment of fraud risks and compliance issues. We identify any financial discrepancies and report them to the appropriate authorities to ensure full transparency.
We conclude the audit with a detailed report that includes our observations and actionable recommendations. This report also covers internal control financial reporting, providing you with a clear picture of your business’s financial health