Statutory Audit Services

Statutory Audit Services

Ensuring Compliance and Accuracy with Statutory Audits by TKM Associates

At TKM Associates, we specialize in providing comprehensive Statutory Audit Services to help businesses comply with legal requirements while ensuring the accuracy and integrity of their financial statements. Our audit services are designed to meet the mandates of regulatory bodies and provide stakeholders with confidence in your financial reporting.

What Is a Statutory Audit?

A Statutory Audit is a legally required financial audit that is performed to verify the accuracy and fairness of a company’s financial statements. It is mandated by relevant authorities such as the Income Tax Act, Companies Act 2013, or other regulatory bodies, depending on the type and size of the business. The goal is to ensure that a company’s financial statements are true and provide a fair representation of the financial health of the business.

Our Statutory Audit Services Include:

Financial Statement Audit:

• Reviewing balance sheets, profit & loss accounts, and cash flow statements.
• Ensuring the statements accurately reflect the company’s financial position and performance.

Compliance Audit:

• Ensuring adherence to legal and regulatory requirements set by Indian Companies Act, Income Tax Act, and other relevant regulations.
• Verifying compliance with accounting standards like Ind AS and GAAP.

Tax and VAT Compliance:

• Reviewing tax calculations and filings to ensure compliance with GST, income tax, and other applicable taxes.
• Identifying tax-saving opportunities and ensuring correct tax treatment.

Internal Control Assessment:

• Evaluating the effectiveness of internal controls to prevent fraud, errors, or inefficiencies.
• Identifying areas for process improvement and strengthening operational controls.

Management Reporting:

• Providing feedback on business performance and financial controls to management.
• Offering recommendations to improve financial systems and reporting.

Audit Report Preparation:

• Preparing a detailed statutory audit report summarizing findings, observations, and recommendations.
• Issuing the auditor’s report in compliance with statutory requirements.

Verification of Related Party Transactions:

• Ensuring proper disclosure and review of related party transactions as per statutory requirements.

Regulatory Filings:

• Ensuring timely filing of audit reports and financial statements with relevant authorities.

Why Statutory Audits Are Important:

• Regulatory Compliance: Ensures that your business complies with the legal framework, avoiding penalties and legal issues.
• Financial Integrity: Provides assurance to stakeholders that the financial statements are accurate and trustworthy.
• Investor Confidence: Enhances credibility with investors, creditors, and partners by demonstrating transparency.
• Risk Management: Identifies potential risks in financial practices and internal controls that could affect business operations.
• Tax Compliance: Helps ensure that tax filings are accurate and compliant with the law.

Why Choose TKM Associates for Statutory Audits?

• Experienced Professionals: Our team of auditors is well-versed in Indian financial and regulatory standards, ensuring a thorough audit process.
• Tailored Approach: We provide customized audit services based on your business structure and industry needs.
• Timely Delivery: We ensure that audits are completed on time, meeting all regulatory deadlines.
• Transparent Reporting: Our audit reports are clear, comprehensive, and aligned with statutory requirements.
• Confidentiality and Integrity: We maintain strict confidentiality while handling your financial information with the highest degree of professionalism.

Industries We Serve:

• Manufacturing
• Retail & E-Commerce
• IT & Technology
• Healthcare & Pharmaceuticals
• Real Estate
• Financial Services

Stay Compliant and Accurate with TKM Associates

A statutory audit is crucial for ensuring that your financial statements are in line with legal requirements and accurately reflect your business operations. At TKM Associates, we provide thorough and efficient statutory audit services that not only ensure compliance but also strengthen your financial practices.