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Audit and Assurance

Statutory Audit

Understanding Statutory Audit:

In the realm of financial governance, the Statutory Audit stands as a cornerstone, ensuring the veracity and adherence of financial records to regulatory frameworks. It entails an independent scrutiny of a company's financial statements, mandated by statutes and regulations, to ensure compliance with legal requisites and accounting standards. At Kanumuri & Co, we specialize in providing tailored Statutory Audit services to meet the unique requirements of businesses.

Requirement for Statutory Audit:

Under the provisions of the Companies Act, 2013, and other relevant statutes, certain entities are mandated to undergo a Statutory Audit. These primarily include:

Private Limited Companies
Public Limited Companies
Limited Liability Partnerships (LLPs)
Other entities as stipulated by pertinent laws

Penalty for Non-Compliance:

Non-compliance with statutory audit obligations can result in severe penalties imposed by regulatory bodies. These penalties may include fines, legal sanctions, and, in extreme cases, the suspension or annulment of business licenses. Adherence to statutory audit requirements is thus critical to evade such repercussions.

Benefits of Statutory Audit:

Engaging in a Statutory Audit yields several advantages for businesses, such as:

Ensuring adherence to legal and regulatory statutes
Augmenting transparency and accountability in financial reporting
Identifying areas for operational enhancement and risk mitigation
Facilitating access to external funding and investment avenues
Bolstering stakeholder trust and confidence in the company's financial integrity

Services Provided under Statutory Audit:

Our Statutory Audit services encompass a wide gamut of activities, including:

Scrutiny of financial statements and accounting records
Validation of compliance with applicable laws, regulations, and accounting norms
Evaluation of internal controls and risk management mechanisms
Detection and reporting of material misstatements or irregularities
Provision of actionable recommendations for enhancing financial reporting processes
Issuance of an audit report containing insights and suggestions for management and stakeholders

At Kanumuri & Co, we are dedicated to delivering meticulous Statutory Audit services that furnish invaluable insights and assurance to our clients while ensuring strict adherence to legal and regulatory stipulations.

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