How often should a statutory audit be performed?

Statutory audits are typically conducted annually, but the frequency may vary depending on the size and nature of your business.

Can I conduct a statutory audit in-house?

While it's possible, it's recommended to hire a professional firm like My Startup Solution to ensure compliance and expertise.

What happens if issues are found during the audit?

My Startup Solution will provide you with a comprehensive report, and our experts will assist you in addressing any issues.

How long does a statutory audit take?

The duration depends on the complexity and size of your business. It may take a few weeks or a few months.

How does statutory audit benefit small businesses?

It helps small businesses gain credibility, attract investors, and ensure financial transparency.

Statutory Audit Services in Lucknow

Statutory Audit Services in Lucknow - My Startup Solution

Looking for top-notch Statutory Audit Services in Lucknow? My Startup Solution offers expert audit services to ensure your business's financial compliance. Statutory audits are a critical aspect of maintaining financial transparency and compliance for businesses in Lucknow. My Startup Solution, a renowned firm in the field, offers a range of comprehensive statutory audit services designed to cater to the unique needs of businesses in the region.

What is Statutory Audit?

Statutory audits are mandatory for all companies registered in India under the erstwhile Companies Act, 1956, and the Companies Act, 2013. Limited Liability Partnerships (LLPs) with a turnover exceeding Rs. 40 Lakhs or a contribution of Rs. 25 Lakhs also fall under this purview.

Under Section 139(1) of the Companies Act, 2013, coupled with Rule 3 of the Companies (Audit & Auditors) Rules, 2014, every company must appoint an individual or a firm as an auditor. This step is pivotal to ensuring financial transparency and legal compliance.

Steps which are to be followed for Statutory Audit Services

Obtaining the appointment letter and board resolution copy
Securing a No Objection Certificate (NOC) from the previous auditor
Filing the no disqualification status with the company
Submitting Form ADT-1 to the Registrar of Companies (ROC)
Crafting a Letter of Engagement
Assessing internal controls
Developing an internal audit program action plan and calendar
Conducting the audit in compliance with Indian Generally Accepted Accounting Principles (IGAAP), Companies Act, ICAI Accounting Standards, and Auditing Standards
Forming an opinion on the financial statement prepared by the company
Reporting the audit findings to shareholders
Attending the Annual General Meeting (AGM)

Why Do Statutory Audit Services Matter?

Statutory audit services in Lucknow are vital for several reasons.

Ensuring Financial Transparency: These audits provide a clear view of a company's financial health, enabling stakeholders to make informed decisions.
Legal Compliance: It is essential to comply with regulatory requirements and laws governing businesses in Lucknow.
Detecting Fraud and Errors: Statutory audits can uncover discrepancies, fraudulent activities, or errors, helping to rectify them promptly.
Business Growth: By ensuring compliance and transparency, statutory audits can boost a company's reputation and help attract investors.
Risk Mitigation: Identifying potential risks in financial management and operations is crucial for long-term success.

Statutory Audit Process

How does it work?

When you engage My Startup Solution for Statutory Audit Services in Lucknow, you can expect a systematic and thorough process.

Planning: The audit begins with a detailed plan outlining the scope, objectives, and timeline.
Fieldwork: Audit professionals collect and review financial data, including transactions, accounts, and documents.
Verification: All financial transactions are verified to ensure accuracy and compliance.
Reporting: A comprehensive report is prepared, highlighting findings, recommendations, and areas that need attention.
Follow-Up: My Startup Solution offers post-audit support to help clients address any issues identified.

Benefits of My Startup Solution's Services

Why Choose My Startup Solution?

Expertise: My Startup Solution boasts a team of seasoned audit professionals well-versed in local and international regulations.
Customized Solutions: Services are tailored to meet the unique requirements of your business.
Efficiency: The audit process is conducted efficiently to minimize disruption to your business operations.
Transparent Reporting: Clear, concise, and transparent reporting that helps you understand your financial status better.
Risk Management: Identification of financial risks and suggestions for mitigation.

Best Statutory Audit Services in Lucknow

Our Comprehensive Services

Financial Statement Audit: My Startup Solution conducts a detailed examination of your financial statements to ensure they are accurate and compliant with the law.
Tax Audit: We review your tax records, helping you identify areas where you can optimize tax planning.
Compliance Audit: Ensuring your business adheres to all relevant laws and regulations
Internal Control Audit: An in-depth assessment of your internal controls and processes
Forensic Audit: Investigation of financial irregularities and potential fraud.
Statutory Compliance: Helping you navigate the complexities of statutory compliance.

Contact My Startup Solution for Statutory Audit Services in Lucknow

My Startup Solution is your go-to destination for statutory audit services in Lucknow. Our commitment to excellence and customer satisfaction is unmatched. Reach out to us today for all your auditing needs.