M.V.P.S. Prasad Rao and co

Maintaining Conformity and Building Trust

Our statutory audit services are designed to guarantee adherence to legal obligations and offer unbiased confirmation on the integrity and equity of financial reports. To give stakeholders trust in the accuracy of financial information, our team of skilled auditors performs thorough audits in compliance with relevant laws, rules, and accounting standards.

A third-party examination of an organization’s financial statements and accounting records to verify conformity with statutory laws, rules, and accounting standards is called a statutory audit, sometimes referred to as an external audit. Usually, certified public accountants (CPAs) or audit companies with auditing authority carry it out as an external audit.

Frequently Asked Questions

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Who conducts a statutory audit?

External auditors, who are independent experts or audit firms certified to undertake audits, carry out statutory audits. They have no connection to the company that is being audited.

What is the purpose of a statutory audit?

The primary purpose of a statutory audit is to provide assurance to stakeholders, such as shareholders, investors, lenders, and regulators, regarding the accuracy, reliability, and fairness of the financial statements prepared by the organization’s management.

How long does a statutory audit take?

The length of a statutory audit is determined by a number of variables, such as the organization’s size and complexity, the scope of the audit processes, the accessibility of pertinent data and paperwork, and the management’s responsiveness. The duration of an audit might be anywhere from a few weeks to several months.

What happens if issues are identified during a statutory audit?

Auditors have the right to alert management of any problems or inconsistencies they identify during a statutory audit and to ask for more details or justifications. The auditors may suggest corrective measures or modifications to the financial accounts, contingent on the seriousness of the problems.