SHUNYATAX GLOBAL

A Statutory Audit is a legally mandated review of the accuracy of a company’s or government’s financial statements and records. It ensures that the financial statements present a true and fair view of the entity’s financial performance and are free from material misstatements. Our Statutory Audit service provides an independent examination of financial information to enhance the credibility and reliability of the financial reports.

Benefits:

• Legal Compliance: Ensure that your financial statements comply with statutory and regulatory requirements.
• Credibility Enhancement: Boost the confidence of investors, creditors, and stakeholders in your financial statements.
• Error Detection: Identify and rectify any errors, omissions, or fraud in financial records.
• Transparency: Provide a transparent view of your company’s financial health to regulators and stakeholders.
• Continuous Improvement: Gain insights into areas of improvement for internal controls and financial management.

FAQs:

Q: What is the scope of a statutory audit?

A: The scope includes examining financial statements, verifying compliance with accounting standards, assessing internal controls, and ensuring adherence to legal requirements.

Q: How often should a statutory audit be conducted?

A: Statutory audits are typically required annually for most companies, as per regulatory mandates.

Q: Who requires a statutory audit?

A: Statutory audits are mandatory for public and private companies, LLPs, and government organizations as per legal requirements.

Q: How long does a statutory audit take?

A: The duration depends on the size and complexity of the organization but generally ranges from 4 to 8 weeks.