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What is Statutory Audit
A statutory audit, commonly referred to as an external audit, is a form of audit required by law to ensure that an entity's financial statements accurately reflect its financial position and profitability. This type of audit is regulated by the Companies Act of 2013 and the Companies (Audit and Auditors) Rules of 2014.
The extent of a statutory audit is primarily determined by the guidelines and regulations established by governmental authorities. The financial statements and accounts of the organization are examined meticulously to prevent any discrepancies or potential misrepresentations, thereby ensuring their reliability.
It enhances the credibility and authenticity of your financial statements because an independent statutory auditor does the audit.
While it confirms that the firm’s financials represent a true and fair view of its state of affairs and profitability, it also helps in assessing the areas prone to risk and losses.
The external audit helps in securing finance from financial institutions as it makes their financial statements more authentic and reliable.
External auditors also provide valuable insights that can help a business improve in several areas and achieve higher profitability and growth. It also helps in identifying and strengthening internal control deficiencies.
What is Statutory Audit
Our exceptional auditing services integrate specialized functions, extensive industry knowledge accumulated over decades, and cutting-edge auditing tools and methodologies. The proprietary auditing process, along with our audit procedures and statutory audit checklists, enables us to execute our responsibilities with the highest level of assurance.
Our team comprises highly qualified and dedicated chartered accountants, each possessing significant experience and expertise, who collaborate with you to foster an atmosphere of trust and transparency. We adhere strictly to the regulations and guidelines established by the government. With vast experience in conducting statutory audits for both companies and banks, KMS is your ideal choice for a seamless and precise auditing experience, allowing you to progress confidently towards a more promising future.
In the case of Limited Liability Partnerships (LLP), a statutory audit is required if the firm's turnover surpasses Rs. 40 Lakhs or if its contributions exceed Rs. 25 Lakhs. For Private and Public Limited Companies, a statutory audit is obligatory regardless of the turnover or profit levels.
Statutory audit is an external audit conducted by an auditor based on the rules and regulations stated by the government, law, or a specific statute.