Every company wants to ensure the accuracy of its financial statements and records for credibility. The statutory audit helps to determine whether a company is giving a fair and true representation of its financial status by examining its bank balances, bookkeeping records, and financial transactions. All public and private limited companies have to complete a statutory audit every financial year, irrespective of their nature or turnover.
The company that does not obey the necessary regulations associated with the statutory audit will be penalized under the law. Therefore, business or banking institutions must take the process of this audit quite seriously. Unlike internal audits, Statutory Audits are not optional and need to be performed if a business satisfies certain criteria.
Who can conduct a Statutory Audit?
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As per the law, Statutory audits should be conducted by qualified Chartered Accountants who are independent of the company. Further, the report prepared by them must be presented in the format stated by the Regulator.
To get more clarity, have a look at the Companies Act, 2013. It specifically disqualifies the following individuals or firms for conducting statutory audits:
A corporate body other than the LLP enlisted under the Limited Liability Partnership Act, 2008
An officer or employee of the firm
A person who is a partner with a company’s employee or itself is an employee of a company
Any person who is indebted to a company for an amount exceeding Rs. 1,000 or who has guaranteed an amount exceeding Rs. 1,000 to the company on behalf of another person
Any person who has seized any securities in the company after one year from the date of commencement of the Companies (Amendment) Act, 2000
Any person who has been sentenced by a court to an offense accusing fraud and a period of 10 years has not elapsed from the date of such conviction.
What makes RBG Consultants Pvt Ltd. the top choice for Statutory Audit in Dwarka?
It is a must for every company to conduct a statutory audit by following all legal procedures. Since it is a minimum requirement, a professional independent or a Chartered Accountant firm can perform statutory audits keeping the financial records and everyday transactions of your business into consideration. But, it’s also important to hire qualified professionals who know their job well and understand your business demands.
RBG Consultants Pvt. Ltd. has got the best team of Chartered Accountants who can efficiently perform Statutory audits in Dwarka. With a vision to provide only the highest-quality service to our clients, we exceed their expectations with our personalized services and specialization. Complying according to the legal obligations for conducting the audits demands professionalism. You don’t need to be concerned about this part after having us on board. Make the most out of your business by ensuring all the legal procedures with our reasonable services. We make sure that our clients get the best solutions with our experienced and dynamic team of professionals.
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