Statutory Audit Requirements: Understanding Auditor Appointment and Reporting
As a private limited company you will likely be looking to complete your first year of trading. Your accountant has produced the company’s financial statements. However, you’re then asked whether you’ve appointed a statutory auditor and performed the correct audit procedures. You might be wondering why you need to perform any audit procedures. Under st a nding the requirements around st a t u t o r y a u d i t ing will help your business avoid any delays when appointing an auditor, ensuring your records are complete and you’ll know what reporting requirements you need to perform. By using an audit and assurance service in India your company can under st a nd its audit requirements. What Are the St a t u t o r y A u d i t or Appointment Requirements? Under the Companies Act, 2013 a company will generally need to appoint a qualified auditor to audit their financial st a t ements. This applies to both large and small companies. Under st a nding what is required at the st a rt of the...