STATUTORY AUDIT SERVICES
A statutory audit is a legally required review of the accuracy of a company’s financial statements and records. The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining information. It is often a formality designed to help prevent such activities, such as the misappropriation of funds, by ensuring regular examination of various records by a competent third party. The purpose of the statutory audit is to ensure the fairness and credibility of accounting records.
Benefits are offered by a statutory audit:
- It assures the management that their duties in statutory performed perfectly.
- Statutory audit improves the reliability of the published financial statement
- It provides internal control’s efficiency.
- The statutory audit ensures the management that they must abide by non-statutory requirement say Corporate Governance requirement.
- When the internal controls are poor in a company, the statutory auditor will give the suggestion for the company’s improvement which will help the company from risk and improves the company’s performance.
Statutory Audit Requirement
All companies (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), irrespective of nature of business and sales turnover must appoint a Statutory Auditor.
Limited Liability Partnership
All Limited Liability Partnership (LLP) must have its accounts audited if the annual sales turnover exceeds Rs.40 lakhs or if capital contribution exceeds Rs.25 lakhs, irrespective of the nature of the business.
Proprietorship firm must complete a tax audit by a Chartered Accountant if the annual sales turnover exceeds Rs.1 crore in terms of business or if annual gross receipts exceed Rs.25 lakhs in terms of a Profession.
Steps generally we follow:
- Getting Appointment Letter & Board Resolution Copy
- Getting NOC from the Previous Auditor
- Filing our no disqualification status to the company
- Filing of Form 23B to ROC
- Getting a Letter of Engagement
- Assessment of Internal Control
- Formulation of Internal Audit Program Action Plan and Calendar
- Conduction Audit as per IGAAP Companies Act ICAI Accounting Standards and Auditing Standards
- Forming an opinion on a financial statement prepared by the company
- Reporting to Shareholders
- Attending AGM
How we do? Statutory Audit Execution General Process:
Our firm is well equipped and well experienced in Statutory Audit and we perform it as per the Audit Program designed for the company after assessment of their Internal Control.
The time duration for completing a statutory audit would depend on the audit objectives and scope.
- Published in Manage Business
Online accounting in Patna
Clients appointing their first accountant should expect and require that accountants utilize the latest and user-friendly software at the very least for the basic accounting tasks and records. We use quickaccounting.in which is one of the most popular cloud accounting packages and are a gold accredited. This results in us being experts in training clients on how to use the software in conjunction with us – this streamlines things, creates efficiency and saves clients money.
We offer the right online accounting solution for your business and an immediate quote which offers certainty and includes advice from our experienced, dynamic and helpful accountants.
We also have a dedicated Client India which offers our clients dynamic status updates through each of the tasks currently in progress.
How much to pay for online accounts services
One of the reasons many new businesses sacrifice such a significant amount of time and productivity, rather than hiring a startup accountant, is that they may believe (especially in the early days) that they don’t have any other option.
The cost (or at least the perceived cost) of retaining an experienced, dedicated online small business accountant may seem prohibitive until a startup has established a solid customer base and is posting strong, reliable revenue figures.
Rather than paying with time, cash-poor startups should consider turning to an online accountant.
Some online accountants may just provide general bookkeeping services so you can record your income and expenses and then you would need to pay for any bolt-ons such as help with filing, financial forecasts or business plans.
Online accounting – what do you want or need?
An online accountant will often provide you with software such as Xero to input your own invoices and manage your own expenses, but there is plenty of added value you should be seeking beyond that.
It is important to have a qualified accountant who can make sure you are itemizing income and expenses correctly and keeping enough aside for tax.
You need to have someone who can make sure you are on the right track in terms of the income you want and strategy of the business, while also helping reduce your tax bill.
Fixed price cloud accounting
At Accounts and Legal we offer fixed price accounting packages for businesses of all sizes. We offer self-assessment for sole traders and for Pvt Ltd companies we do statutory accounts and Goods and service tax. We also offer GST, payroll, bookkeeping, financial forecasting, business plans and company secretarial services amongst other things meaning we can tailor a package to give you exactly what you need.
Our fees are agreed upfront and include unlimited access to the accounts and tax teams for technical questions and your own commercial manager for commercial assistance.
We understand that keeping costs to a minimum is essential when launching a new business. But just as important is choosing an accountant who can help you hit the ground running.
Contact India based online accountants
So if you’re thinking about moving your accounts online, please don’t hesitate to drop in to see us at our head office or get an instant accounting quote.
We created our online accounts service specifically for businesses appointing their first accountant. It’s designed to include everything you need to get started in the business, namely:
Preparation of your annual accounts.
- GST calculations.
- Award accountancy software.
- Director’s payroll.
- Director’s self-assessment.
- Unlimited phone and email support from our team of qualified accountants.
- Online Bookkeeping
If you are looking for online accountants or online bookkeepers, we are an excellent choice offering the best of technology with personal, experienced accountant advice when you need it. When you need some help with preparing a business plan or securing investor funding, we can help you do this without the need to switch accountants.
- Published in Manage Business