A statutory audit is a legally required audit of the financial statements of a company by an external auditor. It is conducted to ensure that the financial statements are in compliance with applicable accounting standards and other legal requirements. The statutory audit of a private limited company is conducted to ensure that the financial statements presented by the company to its shareholders are true, fair and accurate. The statutory audit of a private limited company is conducted by an independent Chartered Accountant (CA) or an audit firm registered with the Institute of Chartered Accountants of India (ICAI). The auditor is required to check and verify the accuracy of the financial statements, the reliability of the accounting records, the internal controls, and compliance with applicable laws and regulations. The auditor is also required to provide an opinion as to whether the financial statements give a true and fair view of the company’s financial position and operations. The statutory audit is conducted in accordance with the applicable accounting standards and other legal requirements. The auditor is required to review the financial statements in detail and provide an independent opinion as to whether the financial statements are prepared in accordance with the applicable accounting standards and other legal requirements. The auditor is also required to review the internal controls and ensure that the company’s financial records are accurate and reliable. The statutory audit report is issued by the auditor to the shareholders at the end of the audit process. The audit report contains the opinion of the auditor as to whether the financial statements give a true and fair view of the company’s financial position and operations. The audit report is important because it provides the shareholders with assurance that the financial statements are accurate and reliable. The statutory audit of a private limited company is an important process that helps to ensure the accuracy and reliability of the financial statements. It is also important for shareholders to receive assurance that the financial statements are in compliance with applicable accounting standards and other legal requirements.
