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Give me a rought estimate

Akhil (169 Points)

10 May 2007

Friends,

I would like to know how long does it take to complete an statutory audit of small companies (manufacturing company and finance companies)? (Need this information for a project please help urgently)

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6 Replies

Suraj Jain (Member) (173 Points)
Replied 10 May 2007

one to two days

Akhil (169 Points)
Replied 10 May 2007

Thanks Suraj

Muthu (70 Points)
Replied 10 May 2007

Hai,

Statutory audit time will be variying depends upon the the style of audit.

If small companies, make limited review in the schedule, take 3 days.
But, it is manufacturing companies, it will take more than 5 days. Because, as a audit, i am also done various statutory audit in public companies. We must veritying various precedure for finalising the statutory report. It is not a simple P&l, BS., it will accompanished with various rules as per Companies act like Accouting standards, guidlines, etc. It is 3 part, 1. prepartion of audit report with director commends, etc
2. Preparing BS, P&l ACC. with schedule 3.Preapring Notes from the part of the accounts.

There for kindly note it, it is depend upong the transaction volume of the company the audit time may be change.

I your want to any help ...

Kindly contact my mail id : muthuakhilesh @ indiatimes.com

Take care,

Muthu ACA

Pooja (13 Points)
Replied 10 May 2007

Thank Muttu,

Could you give me a more detailed account of your audit procedure? It would be a major assistance....... Thank you

CA KiranKumar.K (FCA) (902 Points)
Replied 10 May 2007

HI BUDDY !

IT DEPENDS ON THE MANPOWER YOUR DEPLOYING :
A SIMPLE CALC..

1 AUDIT ASST, 1 SR.ARTICLED, 1 MANAGER OR PARTNER. HOW THEY SPEND HOURS A DAY SAY FOR AUDIT ASST 20 HRS, FOR SENIRO 5 HRS, FOR PARTNER 1 HR. TOTALLY 26 HOURS OR YOU CAN SAY IN A SPAN OF 2 OR 3 DAYS. AND ONE SHOULD MIND THE EXTENT OF VERIFICATION AND EXPERTISE OF THE STAFF.

LET ME KNOW IF U NEED FURTHER CLARIFICATION. I AM HARDLY INTO CACLUB..
U CAN MAIL ME AT KIRANKUMARCA @ GMAIL.COM

THX. N WELCOME TO UR MORE Q'S.

Raj (16 Points)
Replied 10 May 2007

[quote=Pooja (Guest)]Friends,

I would like to know how long does it take to complete an statutory audit of small companies (manufacturing company and finance companies)? (Need this information for a project please help urgently)[/quote]

HI !

Best estimate can be had by doing statutory audit yourself.

In any case week to 15days depending on the internal controls and how accounts are compiled Information availability.

Raj.