- Auditing and Assurance
Auditing and Assurance
Auditing and Assurance is a legally required review of the accuracy of a company’s or government’s financial statements and records (irrespective of its size or legal form) by an independent auditor. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
What is Auditing and Assurance?
With businesses seeking greater success on a global scale, it is becoming more and more important to set the right regulatory practices in auditing and assurance. This is where we come into the picture and assist you in meeting these demands with thorough auditing and seamless assurance. We not just provide great services for you and your organization, but also give way to clear and transparent information, which is beneficial for your stakeholders and investors.
- Statutory Audit
- Internal Audit
- Internal Financial Control (IFC) over financial reporting Audit
WHY US
TESTIMONIAL
What our users are saying
So far good experience. Still need to complete the full compliance before due date by Corporate Avenue.
OCTANE CAPITAL PRIVATE LIMITED, Anjali bhatia
Experience was awesome. Thanks for all the help and coordination. Parth was really helpful in the journey.
Dakshta trust, Daksh Midha
Would definitely recommend this website to other people and would also use it myself in future as well if need be
From the Fields Pvt Ltd, jasbeer Singh
- FAQS
Frequently Asked Questions
Ans- A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records (irrespective of its size or legal form) by an independent auditor. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
Ans- In India, every company whether public or private, is mandatorily required to get its financial statement audited by statutory auditor once in a financial year, irrespective of its turnover or nature of business. And certain LLPs are required to get their accounts audited in each financial year. The LLPs having turnover in any financial year exceeds Rs.40,00,000 or its Capital contribution exceeds Rs.25,00,000. The purpose of statutory audit is to determine whether company’s books of accounts are providing true and fair representation of its financial statement by examining the information, such as books of accounts, bank balance and other supporting records prepared by company. Shareholders needs assurance that the accounts maintained and published by the company are authentic and genuine, so that they will be assured about the investment made in the company.
Ans- As per the provisions of section 141 of The Companies Act 2013, only a “CHARTERED ACCOUNTANT” having certificate of practice (whether firm including LLP or individual) is eligible for conducing audit of a company. The following person shall be disqualified for appointment as auditor of a company. • An officer or employee of the company • A person who is partner, or who is in the employment, of an officer or employee of the company. • A person or firm who, whether directly or indirectly has a business relationship with the company or its subsidiary, or it’s holding, or associate company or subsidiary of such holding company or associate company of such nature as may be prescribed. • A person who, or his relative or partner; is holding any security of or interest in the company or its subsidiary, or its holding or associate company or subsidiary of such holding company, provided relative may hold security or interest in the company of face value not exceeding R.S 1,00,000. is indebted to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company, in excess of such amount as may be prescribed Has given guarantee or provided any security in connection with indebtness of any third person in excess of R.s 1,00,000. • A person whose relative is director of the company or is in the employment of the company as a director or key managerial personnel • A person or partner of a firm holding appointment as its auditor for more than 20 companies (other than one person company, small company, private company having paid up share capital of less than 100 crore rupees). • A person who has been convinced by court of an offence involving fraud and period of 10 years has not elapsed from the date of such conviction.
Ans- • To ensure compliance with applicable law and regulations • Monitors the efficiency of internal controls • Government may require audited and certified financial statements before it gives assistance or issue license for a particular trade. • Financial institutions al • so require Audited financial statement for disbursement of loans. • Detection of fraud and misrepresentation in financial statement • Improves the credibility of published financial statements. • The auditor also comments on the strength of the organization’s internal control and internal checks among the departments or segments. He also suggests the area where internal control is weak and prone to risk. It helps the company to mitigate the risk and results in the improvement of the performance of the company.
Ans- Statutory audit is to be conducted for every financial year wise i.e. for period from 1st April to 31st March of every year, once the books have been finalized for the respective financial year.
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