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Annual Audit Service By Senior Auditor-Chartered Accountant

Annual Audit Service By Senior Auditor-Chartered Accountant in Karachi, Islamabad & Lahore, Pakistan.

Statutory Audit: Statutory Audit by Chartered Accountant Firm: Taxocrate offers statutory audits, internal audits & annual audits by CA Firm in Karachi, Islamabad & Lahore, Pakistan. At Taxocrate, our accountants' professionals team works hard to facilitate our valued client organizations in their financial reporting and operations.

What is Statutory Annual Audit?

The annual statutory audit is a legally required checking or record for the accuracy of a company’s or government’s financial records. The audit is the examination of records of an organization, limited liability company or a partnership firm, government department or subsidiary, or proprietary business, which involves the deep analysis of financial records.

Audit is an independent evaluation of the information of the financial entity. The organization presents numerous reports to users as the third party, who produces major investments and other decisions based on what these reports reveal. Auditors conduct an analysis of all the reports given by the organization to end-users. The audit demands to be absolutely objective and thorough.The Firm’s audit approach should be business-oriented. It aims towards an understanding of the client’s business, much in-depth than the knowledge of the records and accounting system in which auditors have conventionally concentrated. Our audit concerns on the substance of the underlying business instead of just the financial statements; we use our competency of the business and consider other services we provide in examining our audit procedures and appropriate sources of audit evidence; we utilize the information we get from other services we might have performed during the year to offer constructive advice to management. Objectively, our focus is, therefore, both client specific and industry-specific.

annual audit report

Statutory Audit: What Is a Statutory Audit?

Types of Statutory Audit

Importance, Objectives & Process

Companies and organizations conduct various types of audits to ensure they are following the law.

Generally, some audits, like internal audits, are conducted by the internal employees of a business, while others, like statutory audits and GST audits, are conducted by external entities, like chartered accountants. If a company meets certain requirements related to annual turnover and capital infusion, such external audits are mandatory.

In an internal audit, the report and the findings are only shared with the company’s management. That is the main difference between an internal audit and an external audit. An external audit report is shared with shareholders and government authorities in statutory audits.

Find out more about Internal Audit – What is it? How are internal audits conducted?

The purpose of this article is to explain what a statutory audit is and its importance to organizations and small businesses. In addition to providing an overview of the types of statutory audits, we will also discuss the process and objectives of statutory audits.

What is a Statutory Audit?

Statutory audits are audits of a company’s financial records by an outside party. The audit is required by law or statute that governs an organization’s principles and ethics.

The purpose of a statutory audit is to examine bank accounts, financial statements, transactions, bookkeeping records, ledgers, and other critical documents that are submitted to the government for tax purposes.

Besides invoices, purchase orders, bills, and challans, it can also include documents related to business operations.

FAQ - Frequently Asked Questions

Is statutory audit applicable to llp?

LLP statutory audit is applicable for every LLP whose turnover exceed Rs. 7,5 million or whose contribution exceed Rs. 25 lakhs in any financial year
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