Statutory Audit
Get your statutory audit completed with proper audit planning, books review, schedules, financial statement verification, CARO applicability check, auditor coordination, board/AGM readiness and ROC filing support.
Prepare your accounts, schedules and financial statements before audit and annual ROC filing deadlines.
Statutory audit requires proper books of account, ledgers, reconciliations, fixed asset records, statutory dues, board records, financial statements, disclosures, audit evidence and timely coordination with the auditor.
What we review before starting audit work
Statutory audit readiness depends on complete books, bank reconciliations, GST/TDS records, fixed asset register, loan confirmations, debtor-creditor balances, related party details, board records and financial statement disclosures.
Keep your financial statements credible, compliant and ROC-ready.
Statutory audit is not only a year-end formality. It validates accounts, strengthens governance, supports directors’ reporting, prepares annual filing records and improves confidence for banks, investors, vendors and regulators.
Financial Statement Confidence
Audit helps verify books, balances, disclosures and financial statement presentation.
Tax & Statutory Reconciliation
Review GST, TDS, income tax, payroll dues and statutory payment records before reporting.
Board & AGM Readiness
Prepare audited financials for board approval, AGM adoption and annual ROC filings.
Internal Control Review
Identify accounting gaps, documentation weakness, approvals and process-control issues.
Audit Evidence Discipline
Maintain confirmations, schedules, invoices, contracts and supporting documents cleanly.
Compliance Protection
Timely audit reduces late filing, qualification, mismatch and governance risks.
Documents needed for statutory audit.
The exact list depends on company size, activity, transactions and auditor requirements, but these records are commonly needed for statutory audit.
Accounting Records
- Trial balance, ledger and journal entries
- Bank statements and bank reconciliation statements
- Sales, purchase, expense and receipt records
- Fixed asset register and depreciation working
- Inventory, debtors, creditors and loan schedules
Compliance Records
- GST returns, GSTR-2B and tax ledgers
- TDS returns, challans and Form 26AS/AIS support
- Income tax, PF, ESIC and professional tax records
- ROC forms, board minutes and statutory registers
- Related-party and director transaction details
Audit Evidence
- Invoices, agreements, loan confirmations and bank letters
- Debtor and creditor confirmations where applicable
- Management representation and disclosure inputs
- Contingent liability and litigation details
- Previous audit report and financial statements
How CompanyJi prepares your statutory audit file.
We focus on accounts cleanup, audit schedules, compliance reconciliation, financial statement preparation and audit coordination.
Books Review
We review trial balance, ledgers, bank reconciliation, statutory dues and closing balances.
Schedule Mapping
We prepare fixed assets, loans, debtors, creditors, expenses and statutory schedules.
Compliance Check
We reconcile GST, TDS, payroll dues, income tax records and ROC compliance points.
Audit Coordination
We organise auditor queries, supporting documents, confirmations and management inputs.
Finalisation
We support audited financials, board approval, AGM readiness and annual filing handover.
Statutory Audit vs Tax Audit vs Internal Audit vs Secretarial Audit.
Different audits serve different purposes. A company may require one or more depending on legal status, turnover, transactions, governance and regulatory thresholds.
Statutory Audit FAQs
Category-wise answers covering audit basics, applicability, documents, audit process, reporting, CARO, tax reconciliation, timelines, penalties and common audit mistakes.
Basics
Important statutory audit guidance.
Statutory audit is the legally required audit of financial statements by an auditor to report whether accounts present a true and fair view.
Companies generally require statutory audit under company law, even where turnover is low or business activity is limited.
A statutory auditor, usually a Chartered Accountant or audit firm appointed as auditor, conducts the audit and signs the audit report.
No. Statutory audit is under company law, while tax audit is under income tax law and depends on tax-specific thresholds.
Even inactive or low-activity companies may need audit and annual compliance unless exempt under specific rules.
Applicability
Who needs statutory audit.
Companies generally require statutory audit, while LLPs, firms and other entities may require audit based on their governing law or thresholds.
Yes. Private limited companies normally require statutory audit and audited financial statements for annual filings.
Yes. Public limited companies require statutory audit and may have additional governance and reporting requirements.
Annual financial statements are generally audited before board approval, AGM adoption and ROC filing.
Yes. CompanyJi can review entity type, turnover, structure and applicable laws to map audit and filing obligations.
Documents
Records commonly required.
Trial balance, ledgers, bank statements, invoices, reconciliations, statutory dues, fixed assets, confirmations and financial statements are commonly required.
Bank confirmations may be requested by auditors depending on audit approach and account balances.
Confirmations may be required for material balances or where auditor wants external evidence.
Yes. Fixed asset register and depreciation workings are important for audit and financial statement reporting.
Board minutes and approvals may be reviewed for loans, related-party transactions, financial approval and compliance support.
Process
How statutory audit moves.
CompanyJi reviews books, balances, reconciliations, statutory records and pending schedules before coordinating audit readiness.
Timeline depends on books quality, transaction volume, document readiness, auditor queries and financial statement finalisation.
Pre-audit review can start before finalisation to identify gaps, missing documents and reconciliation issues.
Yes. A query tracker can help manage audit points, documents, explanations and closure status.
Audited financials are used for board approval, AGM, income tax return and ROC annual filing.
Reporting
Audit report and financial statements.
An audit report is the auditor’s opinion on the company’s financial statements and related reporting matters.
A qualified report indicates the auditor found certain matters requiring modification or qualification of opinion.
Yes. Notes explain accounting policies, disclosures, balances and statutory reporting requirements.
Auditors may review internal financial controls and process risks depending on company applicability and audit scope.
Director disclosures, related-party details and governance records are often relevant for audit and board reporting.
Tax
Tax and statutory dues review.
Audit may review GST balances, returns, input credit, liabilities and reconciliation with books where material.
Yes. TDS payable, deposited and return filing records may be reviewed as part of statutory dues.
Tax provision, deferred tax and related financial statement disclosures may be reviewed by the auditor.
Payroll statutory dues may be checked where applicable, including payment and return filing status.
Yes. Unpaid or delayed statutory dues can require disclosure and may attract auditor attention.
CARO
CARO and special reporting.
CARO is Companies Auditor’s Report Order reporting applicable to specified companies, requiring additional auditor comments on prescribed matters.
No. CARO applicability depends on company type, exemptions and thresholds.
Fixed asset records, loans, statutory dues, inventory, deposits, fraud checks and other prescribed information may be needed.
Yes. Missing CARO evidence or unresolved matters can delay audit closure or create report comments.
Yes. CompanyJi can help prepare CARO-related schedules and document readiness checklist.
Timelines
Audit timing and filing connection.
Audit planning should start soon after year-end closing so financials, board approval, AGM and filings are not delayed.
Audited financial statements are generally placed before members at AGM for adoption.
Yes. AOC-4 filing is based on approved financial statements and audit report.
Yes. Delayed audit finalisation may delay board approval, AGM, AOC-4 and annual return filings.
Yes. CompanyJi can help track audit, AGM, income tax and ROC filing timeline.
Mistakes
Common statutory audit mistakes.
The biggest mistake is starting audit with incomplete books, unreconciled balances and missing supporting documents.
Yes. GST mismatches with books can create audit questions and financial statement adjustments.
Yes. Fixed asset records are important for depreciation, CARO and financial statement support.
Auditor appointment and related filings should be handled on time to avoid compliance gaps.
Poor evidence, unresolved balances or non-compliance can increase the risk of audit observations or qualification.
Make your statutory audit review-ready and ROC-ready.
Before audit delays, unreconciled balances, CARO gaps, statutory dues mismatch or annual filing pressure affect your company, prepare a clean statutory audit file with CompanyJi’s structured audit support.