Audit & Assurance Services

A statutory audit is mandated by law and focuses on the accuracy and compliance of financial statements. It is conducted by external auditors like us. Internal audit, on the other hand, is a voluntary process initiated by management to evaluate internal controls, risk management, and operational efficiency. It is typically conducted by internal auditors or outsourced to firms like ours.

In India, all companies registered under the Companies Act, 2013 are required to undergo a statutory audit. Additionally, certain other entities like LLPs with contributions exceeding ₹25 lakhs or turnover exceeding ₹40 lakhs also require statutory audits. The specific requirements may vary based on the type and size of the entity.

Internal audits provide numerous benefits including improved internal controls, enhanced risk management, identification of operational inefficiencies, prevention and detection of fraud, better compliance with laws and regulations, and valuable insights for management decision-making. As experienced auditors in Bengaluru, we can help you design and implement an effective internal audit program.

The frequency of internal audits depends on various factors including the size and complexity of the organization, industry regulations, risk profile, and specific business needs. Some companies conduct continuous audits throughout the year, while others may opt for quarterly, semi-annual, or annual audits. Our audit experts can help you determine the optimal frequency for your organization.

Our audit process typically includes planning and risk assessment, understanding internal controls, substantive testing, evaluation of findings, and reporting. We follow a risk-based approach to focus on areas with the highest risk of material misstatement. Throughout the process, we maintain open communication with management to ensure a smooth and efficient audit experience.