Statutory Audit & Assurance Services

About Statutory Audit & Assurance

Statutory audit is a legally required assessment of the accuracy of a company's or organization's financial statements and records. At SRPC, we provide comprehensive statutory audit services that ensure compliance with regulatory requirements while maintaining the highest standards of accuracy and integrity.

Our experienced team of chartered accountants conducts thorough examinations of financial records, accounting procedures, and internal controls. We not only ensure compliance with statutory obligations but also provide valuable insights that help improve your financial reporting processes and strengthen your business operations.

Whether you're a startup, SME, or large corporation, our statutory audit services are designed to meet your specific needs while delivering exceptional value through our detailed, transparent, and timely approach.

Why Use Statutory Audit & Assurance Services?

Legal Compliance: Income tax Act 1961 requires all LLP, registered companies, certain professionals like Doctors, Lawyers, and Architects to maintain the books of accounts as per prescribed rules at principal place of business.
Enhanced Credibility: As per Companies Act 2013 and require for certain MSME's also, the books of accounts must be audited by qualified CAs - builds trust with stakeholders, investors, and financial institutions.
Error Detection: The LLP Act, 2008 makes it mandatory for registered LLP to have a books of accounts - systematic examination identifies discrepancies, fraud, and accounting errors before they escalate.
Improved Financial Management: Professional audit reveals areas for improvement in accounting practices, internal controls, and overall financial management.
Stakeholder Confidence: Regular audits increase transparency and confidence among shareholders, creditors, and other stakeholders in your business.
Strategic Insights: Our comprehensive audit reports provide valuable insights that support better business decisions and long-term planning.

How Can SRPC Help You with Statutory Audit?

Our comprehensive audit services are designed to meet all your statutory compliance needs while adding strategic value to your business.

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Company Audit

Complete statutory audit for companies as per Companies Act 2013, ensuring full compliance with regulatory requirements and accounting standards.

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LLP Audit

Specialized audit services for Limited Liability Partnerships complying with LLP Act 2008 and related regulations.

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Tax Audit

Comprehensive tax audits under Section 44AB of Income Tax Act for businesses exceeding prescribed turnover limits.

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Internal Audit

Regular internal audits to evaluate internal controls, risk management processes, and operational efficiency.

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Stock Audit

Detailed verification of inventory and stock records for banks, financial institutions, and businesses requiring accurate stock valuation.

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Concurrent Audit

Ongoing audit processes to ensure continuous compliance and timely detection of errors and irregularities.

Our Audit Process

We follow a systematic, thorough approach to deliver high-quality audit services

1

Planning & Engagement

Initial consultation to understand your business, assess risk areas, and develop a customized audit plan. We establish clear timelines, scope, and deliverables for the engagement.

2

Documentation Review

Comprehensive review of all financial statements, accounting records, vouchers, and supporting documents. We verify compliance with applicable accounting standards and statutory requirements.

3

Testing & Verification

Detailed testing of transactions, internal controls, and accounting procedures. We conduct sample testing, analytical procedures, and substantive testing to ensure accuracy.

4

Reporting & Recommendations

Preparation of comprehensive audit report with findings, observations, and recommendations. We provide actionable insights for improving financial management and compliance.

5

Follow-up & Support

Post-audit support to help implement recommendations and address any queries. We remain available for clarifications and assistance throughout the year.

Why Choose SRPC for Audit Services?

We bring expertise, integrity, and a client-focused approach to every audit engagement

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Expert Team

5 qualified partners and 10+ experienced professionals with deep expertise in statutory audits across diverse industries.

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Timely Delivery

Committed to meeting all statutory deadlines and ensuring your compliance obligations are fulfilled on time.

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Quality Assurance

Multi-level review process ensuring the highest standards of audit quality and accuracy in our deliverables.

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Value Addition

Beyond compliance, we provide strategic insights and recommendations to improve your business operations.

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Confidentiality

Strict adherence to confidentiality and data security protocols, protecting your sensitive financial information.

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Ongoing Support

Year-round availability for queries, consultations, and support on audit-related matters and compliance issues.

Frequently Asked Questions

Is maintaining books of accounts mandatory? +

Yes, maintaining proper books of accounts is mandatory for all companies under the Companies Act 2013, LLPs under the LLP Act 2008, and professionals/businesses exceeding prescribed turnover limits under the Income Tax Act 1961. The books must be maintained at the principal place of business as per prescribed accounting standards.

Does SRPC use cloud-based accounting? +

At SRPC, we leverage modern cloud-based accounting software and tools to ensure efficient audit processes, real-time collaboration, and secure data management. This allows us to provide faster turnaround times while maintaining the highest quality standards.

What software do you work with? +

We work with all major accounting software including Tally ERP, QuickBooks, Zoho Books, SAP, and other industry-standard platforms. Our team is proficient in adapting to your existing software ecosystem to ensure seamless audit processes.

For how many years must books be maintained? +

As per statutory requirements, companies must maintain books of accounts for a minimum of 8 years from the end of the relevant financial year. For tax purposes, records should be maintained for at least 6 years from the end of the relevant assessment year. We recommend maintaining comprehensive records to ensure compliance with all regulatory requirements.

What are the consequences of not maintaining books? +

Non-maintenance of proper books of accounts can lead to severe penalties including fines up to ₹25,000 for companies under Section 128 of Companies Act, prosecution of directors, rejection of books by income tax authorities leading to best judgment assessment, and potential disqualification of directors. It's crucial to maintain proper records to avoid such consequences.

How long does the audit process take? +

The duration depends on the size and complexity of your business. For small to medium businesses, statutory audits typically take 2-4 weeks. We work efficiently to ensure timely completion while maintaining thorough examination standards. We provide a clear timeline during the initial engagement phase.