Statutory Audit Built on Clarity, Independence & Depth
In a Better Regulated Global Financial Environment
A statutory audit is not just a legal requirement—it plays a key role in enhancing the credibility and reliability of financial statements for stakeholders, including investors, boards, lenders, and regulatory authorities.
At Lekshmi N Iyer & Associates, we conduct independent audits in accordance with the Companies Act, Income Tax Act, and Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI).
Our approach combines sector understanding, timely execution, and methodical procedures to support regulatory compliance and transparent reporting.
From startups to established enterprises, our audits are tailored to align with statutory obligations, with a clear focus on professional independence, risk assessment, and governance oversight.
Our Statutory Audit Services Include
- Audit Planning & Risk Assessment
Design of audit procedures based on your industry profile, internal control environment, and financial reporting risks. - On-Site & Remote Audit Execution
Conducting audits through a structured plan—either on-premise or through verified digital channels—based on engagement requirements. - Compliance Review
Examination of records and processes for adherence to the Companies Act, Income Tax Act, CARO, and other applicable legal and regulatory standards. - Financial Statement Audit
Verification and reporting on financial statements, including Balance Sheet, Profit & Loss Account, Cash Flow Statement, and Notes to Accounts.
Audit Reporting & Management Communication
Issuance of audit reports as per statutory format, and where required, communication of key observations to management or the board.- Audit Planning & Risk Assessment
Audit That Upholds Trust. Accuracy That Supports Governance
Statutory audits serve a critical role beyond regulatory compliance—they reflect a business’s commitment to financial discipline, transparency, and good governance.
An independent audit provides stakeholders—such as investors, lenders, and regulatory authorities—with greater confidence in the reliability of financial information, supporting long-term decision-making and business sustainability.
Methodical. Independent. Compliant.
- Understanding Entity & Applicable Regulations
Assess the nature of the business, applicable laws (e.g., Companies Act, Income Tax Act), and determine audit requirements based on turnover and structure. - Audit Planning & Materiality Assessment
Define scope, assess risk areas, set materiality thresholds, and prepare a tailored audit plan. - Testing of Transactions & Internal Controls
Perform substantive procedures on financial transactions, verify supporting documentation, and assess internal control systems and regulatory compliances. - Drafting Observations & Management Queries
Record audit observations and inconsistencies, if any, and seek necessary explanations or clarifications from the management.
Final Report & Coordination for Filing
Issue the signed audit report in the prescribed format. Where applicable, assist in coordination for ROC (MCA) and Income Tax filings in alignment with audit conclusions.- Understanding Entity & Applicable Regulations
The Role of Statutory Audit in Ensuring Financial Reliability
Startups Raising Funds
Ensure reliable financial reporting during fundraising rounds. Independent audits support transparency and readiness for investor scrutiny.
Growing Companies
Timely audits help assess compliance with statutory thresholds under the Companies Act, and align financials with applicable standards.
Multi-Entity Corporates
Coordinate inter-company audits with structured consolidation support, ensuring accuracy across group entities and adherence to Ind AS.
LLPs & SMEs
Evaluate audit applicability based on turnover, borrowing, or partner contribution thresholds. Guidance tailored for LLPs, SMEs, and unlisted entities.
Statutory Audit FAQs
Common questions about income tax, compliance, and litigation support in India.
Who is required to get a statutory audit?
All companies registered under the Companies Act must undergo a statutory audit annually, while LLPs, NGOs, and other entities require audit only if they cross prescribed regulatory thresholds.
Can my audit be remote?
Yes, audits may be conducted remotely or in a hybrid mode, subject to availability of required records and effective coordination with the entity.
Will the audit include suggestions for improvement?
Yes. Where applicable, we issue a separate management letter to communicate key observations noted during the audit—particularly relating to internal controls, compliance processes, or record-keeping practices.
These suggestions are not part of the statutory audit opinion and are provided solely to assist management in strengthening internal systems, without compromising the auditor’s independence or objectivity.
How long does a typical audit take?
The duration of an audit depends on the size and complexity of the entity, and subject to the timely availability of complete and accurate documentation.
