The sphere of statutory audit is meant to make sure that the annual accounts provide with an honest, impartial and perfectly fair view of the current conditions of the accounting process. They are prepared by following several specific legal requirements. Processes associated with statutory audit are conducted by practicing Chartered Accountants. The purpose of statutory audit is to provide the users of the accounts with a reasonable assurance that the accounts are true and fair. Apart from annual financial statements, in many cases other forms of reporting are also required. A common example of that would be to satisfy needs of the regulator or some other interested party. The auditing services offered by a leading CA firm can help in meeting diverse regulatory requirements and particular requirements of a business organization.
Professional CA firms that have been operating for many years can manage all requirements of complete financial reporting that are in complete compliance with diverse statutes. The expertise that are offered by these firms can include creating financial reporting for corporates, banks, micro-finance institutions, insurance companies, stockbrokers, brokers, parastatal bodies operating under various acts, charities and co-operative societies. A substantial part of such endeavors is to make sure that the financials of a company meetsthe standards that are imposed by the Indian Accounting Standards or the International Financial Reporting Standards. Expert chartered accountants help to make sure that a business organization is meeting all the obligations that are present under the statutes. They also offer proactive, practical and completely up-to-date counseling and advice on how these can be maintained in the future.
Here are some of the distinct advantages of consulting a CA firm for managing statutory audit requirements.
- A professional CA firm is thoroughly committed to deliveraudits and reports that can add value to the endeavors of a company. Such annual statutory audit services canhelp to improve the efficiency of the company on multiple levels.
- Expert CA firms always strive hard to understand the nature of business of their clients and explore their goals and challenges so that they can offer the best service and support. They also bring with them their extensive sector experience and knowledge to improve a company’s prospects.
- They offer customized solutions and continued support to a company all throughout the year.
- CA firms make use of a risk-based working approach, thus performing upfront risk assessment that deals with the key concerns of a business and helps in identifying potential threats.
- Expert CA firms can flag other potential issues, such as those of internal or financial controls which can affect a business.
While working with smaller organizations, CA firms also provide with basic audits that can deliver compliance based results at affordable prices.