Statutory Audit Services

Khandhar Mehta and Shah | Statutory Audit

statutory audit Services

Along with the globalization and ever-increasing regulatory requirements, companies need to be dynamic and transparent in the business to create a trustworthy image in the minds of stakeholders.

The financial statements of the company should provide the required clarity, quality, and create an environment of trust in the mind of readers. The statutory auditors at KMS possess a thorough knowledge of regulatory requirements, business challenges, and technical knowledge of local and international accounting and auditing standards to provide the top class statutory audit services in Ahmedabad. We believe in adding value by carrying out auditing in accordance with the regulatory requirements in a free and fair manner to bring transparency into the financial statements of the companies through our external audit services in Ahmedabad.

What is Statutory audit

Statutory audit, also known as external audit, is a type of audit that is mandated by a specific statute or law to make sure that the financial statements of the entities represent a true and fair view of its state of affairs and profitability. Statutory audit is governed by the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014.

The scope of the statutory audit mainly depends upon the guidelines and regulations set by the government. The financial statements and the accounts of the organization are scrutinized to avoid discrepancies or any possible misrepresentation and ensure reliability.

Internal Audit and Statutory Audit

Statutory audit differs from internal audit in the sense that the statutory auditor is appointed by the stakeholders, whereas the internal auditor is appointed by the company management. The scope of the work in the statutory audit is decided by the law to check if the company’s financials represent a true and fair view. Internal audit, on the other hand, is done as per the scope decided by the management to improve operational efficiencies.

Our team of statutory auditors at KMS are well-versed with the Indian Accounting Standards (Ind-AS) and International Financial Reporting Standards (IFRS) to carry out audits for local and international firms. We work in compliance with the regulations and set of rules as prescribed by the government, which makes our audit reports even more credible, precise, and reliable.

We have experience and expertise in serving clients within retail, manufacturing, distribution, technology, banking, insurance, contracting, construction, healthcare, utilities, and non-profit organizations.

Khandhar Mehta and Shah

for a journey beyond excellence.

knowledge. Experience. Teamwork.

Being one of the well established CA firms in Ahmedabad, we always focus on giving our clients the best in class services that reflect our values and vision of transparency, flawless, and professional work. Visit our CA website to understand and know more about our services and our company. Choose us for your business as the best deserves the best.

Statutory Audit Process

Follow up

application of subtantive audit procedures

Pre-audit
meeting

Audit
planing

Audit
execution

Appoinment

Acceptance of
engagement

pre-audit
meeting

Audit
planning

issuance of audit report

Audit
execution

Audit
report

Accpetance of
engagement

pre-audit
meeting

Audit
planning

Audit
execution

Audit
report

We adopt a risk-based approach to address the core issues affecting your financials and business.

KMS has devised proprietary audit methodologies to obtain reasonable assurance that the financial statements are free from material misstatements. Our auditing methodologies enable us to obtain sufficient evidence to reduce the audit risk. We exercise professional skepticism during the course of the audit to draw meaningful conclusions. It helps us in knowing the materiality of the item and performing the critical evaluation of the audit evidence.

We customize the nature, timing, and extent of our audit procedures as per our professional judgement commensurate with the level of risk identified. During the course of the audit, we maintain our independence and encourage free communication. We believe that statutory audit in India is not merely a compliance exercise but also an opportunity to provide recommendations to our clients so that they can achieve higher efficiencies and their business goals.

We leverage technology to bring efficiency and effectiveness in our auditing. We use state-of-the-art audit tools and techniques to maintain audit working papers and files. We plan our audits utilizing the software to ensure that our best resources are deployed onsite. We continuously monitor our progress and take the necessary steps to meet the deadlines.

Our Strengths:

Our Statutory Auditors have a thorough knowledge of the subject and experience to deliver the best auditing services. They have knowledge of various industries and challenges within the businesses operating in those industries. We allocate audit resources as per the client profile and industry to make sure that the person who has a complete understanding of your industry carries out the audit. We keep them updated by investing heavily in their training and development. We organize a weekly meeting with our partners and auditors so as to exchange ideas and challenges and enhance our collective know-how.

Quality is our prime focus:

KMS believes in delivering nothing but the quality in everything that we do. Our audit professionals are trained on our quality standards and code of conduct. We have established processes and procedures to ensure the quality of work. This ensures that our audit work is of consistently high quality and in line with our quality standards. We also have a peer review system where partners and managers review the work to ensure that it complies with our policies and procedures.

We regularly seek feedback from our clients to ensure that their concerns are taken care of, and we provide audit services as per their expectations.

Benefits of a statutory audit

Key differences of kms

Our high-quality auditing services uniquely combine functional specialization, decades of industry expertise, and new age auditing tools and techniques. Our proprietary auditing process, audit procedures, and statutory audit checklists help us fulfill our task with utmost confidence.

Our team of highly-qualified, hardworking chartered accountants with years of experience and expertise work with you, to bring an environment of trust and transparency. We work in compliance with the regulations and rules set by the government.

We have immense experience in carrying out the statutory audit of companies and the statutory audit of banks. Choose KMS if you want an auditing experience that is seamless and absolutely accurate for you to keep walking hiccup-free towards a brighter future.

Few words from our clients

trust. transparency. professional expertise.

“The advice and suggestions of KMS have been invaluable and very helpful to us. They have an excellent team of experienced and hardworking chartered accountants who have worked and even went the extra mile for us to give us solutions and ideas for better opportunities in the future. They have a wide horizon of services other than auditing in which they excel as well. Still, for us, their exceptional statutory auditing services made us believe that they are the best external auditing services in Ahmedabad for a reason. We would love to continue and pair up with KMS for our future ventures too.”

“ KMS and our working relationship are a decade old, and not a single day or a single audit made us think twice about our choice. These years of trust and close working is the result of their impeccable work and results shown to us. We have made several changes in our internal controls and working methodology as per their recommendations, and they have turned out to be very beneficial in achieving higher operational efficiencies. Truly, KMS provides the best external audit service in Ahmedabad.”

frequently asked questions(faqs)

What is the limit for statutory audit?

For Limited Liability Partnerships (LLP): If turnover in any financial year of the LLP firm exceed Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. For Private/Public Limited Companies: Statutory audit is mandatory irrespective of turnover or profits.

What kind of audit is a statutory audit?

Statutory audit is an external audit conducted by an auditor based on the rules and regulations stated by the government, law, or a specific statute.