Statutory Audit

The basic principal of statutory auditing is to ensure that the financial statements give true & fair view and free from any material misstatements.
Our approach to statutory financial auditing services of the financial statements ensures

that the accounts prepared are in accordance with the Generally Accepted Accounting Principles (GAAP).
We offer statutory auditing services, financial auditing services and tax auditing services.

• The word “Statutory” means something which forced to be done by a statute. The law governing the entity is called statute. So, the word “Statutory audit” means an audit required under law.
• The statutory audit is performed by an individual auditor or a firm of auditors, who are eligible for appointment as auditor in the company.
• In the United States of America, statutory audit is performed by Certified Public Accountants (CPA). CPA can be an individual or a firm of such individuals.
• The Sarbanes-Oxley Act (SOX) enacted in 2002, requires the public companies to submit an annual report of the company. As per SOX, such annual report should include the effectiveness of internal controls. SOX is also known as Public Company Accounting Reform & Investor Protection Act.
• SOX applies to public listed companies of US as well as those non-US public companies which have presence in the United States.
• In & around, SOX enforces the public companies to appoint an external auditor who shall report on the effectiveness of the internal controls of the company, disclosures placed in the financial statements as well as reporting on the non-compliances of various laws which are applicable to the said company.