What is Statutory Audit?

  • An audit prescribed under any statute (law) is referred to as a Statutory Audit. It covers Tax Audit, VAT Audit, GST Audit, Audit under the provision of the Companies Act, 2013, Societies Registration Act, 1860 etc
  • Tax Audit as prescribed u/s 44AB of the Income Tax Act
  • Companies Audit as prescribed under Chapter X of the Companies Act 2013 

Documents required for Statutory Audit?

  1. Auditor Appointment Letter & Acceptance
  2. NOC from previous auditor as applicable
  3. Copy of Financial Statements
  4. Previous year Financial Statements and Audit Report where applicable
  5. Organization Chart
  6. Management Representation Letter
  7. Access to all vouchers, invoices, registers related to income, expenses, loans, advances, stock, assets, investments etc.
  8. Bank Statements for the given year
  9. Cash and Stock confirmation statements
  10. Salary Registers
  11. Challans and returns of all employee benefits scheme, professional tax
  12. GST/Service Tax / VAT records as applicable
  13. Disclosure of related party transactions
  14. Certificate under section 40A(3), 269SS & 269TT of the Income Tax Act
  15. MOA/AOA/Partnership Deed etc. as applicable

The above list is not exhaustive and can vary from case to case and as per circumstances.