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  • Statutory Audit

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    Statutory Audit

    We at Whatif Global Advisors, conduct the audit of the private limited company, Startups, Banks, Multi-National companies (MNCs), partnership firms, proprietary concerns, NGOs, Societies, and Trusts.

    We are having a team of Elite and young Chartered Accountants who have expert knowledge in the field of advisory which is the essential element for providing you best in class services.

    As a team of young and energetic Chartered Accountants, we rigorously preach the automation technique while auditing which saves the time and cost of our clients. We use Excel macros, VBA, python scripts, and Robotic process automation tools (RPA tools).

    We are offering our services to various industries such as Fast-moving Consumer Goods (FMCG), Ecommerce, automobiles, manufacturing, and Information Technology (IT).

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    Frequently Ask Questions (FAQ)

    What is a Statutory Audit?

    Examination and review of the books of accounts/records which is maintained by the organization, company, government entity, or individuals on the annual basis, involve the analysis of these financial records and checking the legality of the transaction at the same time.

    Statutory Audit is compulsory or not?

    According to section 139(1) of the Companies Act, 2013 read with rule 3 of Companies (Audit and Auditors) Rules, 2014 every company shall appoint an individual or a firm as an auditor.

    What we do in conducting the Statutory Audit?

    We have a team that does the expenses analyses, Revenue and their trend analysis, various related party transactions, various compliance of law like Income Tax act 1961. We also check the all required records and filings are accurate. We have a designed program that prevents activities such as the misappropriation of funds by ensuring regular examination of various records by a competent third party.

    Are there any Consequences for not conducting a statutory audit on the Directors of the Company?

    Yes, the Directors of the company are liable for the Imprisonment for a term of 1 year or fine which amounts to a minimum of Rs. 10,000 and a maximum of Rs. 1,00,000 or with both depending on various other factors.