A Statutory Audit is not just a legal requirement – it's a safeguard for the accuracy, transparency, and credibility of your company's financial statements.
At Tax Ustaad, our qualified Chartered Accountants (CAs) carry out statutory audits with precision, ensuring full compliance with the Companies Act, 2013 and other applicable laws.

1. What is a Statutory Audit?

A Statutory Audit is a legally mandated examination of a company's financial records, books of accounts, and transactions to ensure they present a true and fair view of the company's financial position.
It is compulsory for:

• All companies registered in India (Private Limited, Public Limited, OPC, Section 8 Company).
• Certain LLPs meeting turnover and contribution thresholds.

Tax Ustaad Tip: Even if your company is small, the law makes statutory audits mandatory – skipping it can lead to penalties and legal consequences.

2. Objective of a Statutory Audit

• Verify the accuracy of financial statements.
• Detect and prevent fraud or misstatements.
• Ensure compliance with Companies Act and accounting standards.
• Build stakeholder confidence (investors, lenders, partners).

3. Applicability of Statutory Audit

As per Section 139 of the Companies Act, 2013:

• Every company must appoint a statutory auditor (CA in practice).
• Audit is required irrespective of turnover or profit.
• LLPs must get an audit if:
• Turnover exceeds ₹40 lakh, OR
• Capital contribution exceeds ₹25 lakh.

4. Process of Statutory Audit – By Tax Ustaad

• Appointment of Auditor – As per Companies Act requirements.
• Planning the Audit – Understanding the business, risk assessment, scope.
• Examination of Records – Books of accounts, invoices, bank statements, contracts.
• Verification & Testing – Revenue, expenses, assets, liabilities, compliance.
• Reporting – Issuing the Audit Report with observations and opinion.
• Filing & Compliance Support – Helping with ROC & other statutory submissions.

5. Role of Tax Ustaad in Statutory Audit

• Qualified CA Team – Registered and experienced auditors.
• Error-Free Reporting – 100% compliance with law & accounting standards.
• Complete Support – From appointment of auditor to submission of the final report.
• Pan-India Service – For companies and LLPs across India.

6. Penalties for Non-Compliance

• Monetary fines on the company & officers.
• Disqualification of directors in certain cases.
• Legal action by MCA (Ministry of Corporate Affairs).

Tax Ustaad Reminder: Statutory audits are mandatory every year – avoiding them can cause more trouble than you think.

Tax Ustaad Tip: Keeping your documents well-organised before the audit can save both time and cost.

📞 Contact Tax Ustaad Today

Our CA, CMA, and CS professionals will ensure your Statutory Audit is completed smoothly, accurately, and on time, so you can focus on growing your business with confidence.