Statutory Audit

Service Description

A Statutory Audit is one of the most important assurance engagements for any organisation, forming the foundation of financial credibility and regulatory compliance. At PRS&A, we approach statutory audits with a structured, risk‑based methodology that aligns fully with the Standards on Auditing issued by ICAI. Our process begins with a detailed understanding of the client’s business model, internal processes, revenue streams, and control environment. This allows us to identify key risk areas, determine materiality, and design audit procedures that are both efficient and effective. We perform analytical reviews, test internal controls, verify transactions, examine supporting documentation, and evaluate compliance with accounting standards and statutory requirements. Our team maintains strict independence and professional skepticism throughout the engagement, ensuring that every conclusion is backed by evidence and documented thoroughly. We also assess the adequacy of disclosures, compliance with the Companies Act and other applicable laws, and the overall presentation of financial statements. Beyond compliance, our audits provide meaningful insights that help organisations strengthen governance, improve financial discipline, and enhance transparency. We communicate observations clearly and constructively, enabling management to take informed corrective actions. Every statutory audit at PRS&A is conducted with diligence, confidentiality, and a commitment to the highest ethical standards prescribed under the Chartered Accountants Act, 1949 and the ICAI Code of Ethics.