{"id":1667,"date":"2025-03-12T12:12:08","date_gmt":"2025-03-12T06:42:08","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=1667"},"modified":"2025-06-26T15:55:46","modified_gmt":"2025-06-26T10:25:46","slug":"statutory-audit","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/","title":{"rendered":"Statutory Audit: Who Needs It and Why?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-1024x538.png\" alt=\"\" class=\"wp-image-1669\" srcset=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-1024x538.png 1024w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-300x158.png 300w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-768x403.png 768w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Statutory_Audit_Meaning\" >Statutory Audit Meaning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Who_Qualifies_for_Statutory_Audit_Appointment_and_Who_Doesnt\" >Who Qualifies for Statutory Audit Appointment and Who Doesn\u2019t?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Difference_Between_Internal_Audit_and_Statutory_Audit\" >Difference Between Internal Audit and Statutory Audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Audit_Process\" >Audit Process<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Internal_Control_verification\" >Internal Control verification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Statutory_compliances\" >Statutory compliances<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#GST_Compliance\" >GST Compliance<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Input_tax_credit\" >Input tax credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Output_tax_Liability\" >Output tax Liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Input_Tax_Credit\" >Input Tax Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#Tax_Deducted_at_Source_Compliances\" >Tax Deducted at Source Compliances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caclubindia.com\/guide\/statutory-audit\/#ROC_Compliances\" >ROC Compliances<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Statutory_Audit_Meaning\"><\/span>Statutory Audit Meaning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A statutory audit is a compulsory audit of the financial records of a business conducted by an external entity. This audit is made compulsory under the law or statute that governs a company\u2019s ethics and principles.<\/p>\n\n\n\n<p>It is done by checking bank accounts, transactions, ledgers, financial statement, booking records and various critical documents which are submitted for government records and tax purpose.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Qualifies_for_Statutory_Audit_Appointment_and_Who_Doesnt\"><\/span>Who Qualifies for Statutory Audit Appointment and Who Doesn\u2019t?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-Appointment-1024x538.png\" alt=\"\" class=\"wp-image-1668\" srcset=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-Appointment-1024x538.png 1024w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-Appointment-300x158.png 300w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-Appointment-768x403.png 768w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2025\/03\/Statutory-Audit-Appointment.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_Between_Internal_Audit_and_Statutory_Audit\"><\/span>Difference Between Internal Audit and Statutory Audit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Internal Audit<\/strong><\/td><td><strong>Statutory Audit<\/strong><\/td><\/tr><tr><td>The nature and scope of internal audit are fixed by the management.<\/td><td>The nature and scope of statutory audit are fixed by the Law.<\/td><\/tr><tr><td>It is not Compulsory<\/td><td>It is made compulsory by Statute.<\/td><\/tr><tr><td>The internal auditor and his staff are appointed by the management and their duties and remuneration are fixed by them.<\/td><td>The statutory auditor is appointed by the shareholders. His rights, duties and liabilities are laid down by the Companies Act, 2013.<\/td><\/tr><tr><td>Internal auditor is an employee of the company.<\/td><td>Statutory auditor is an independent person.<\/td><\/tr><tr><td>Internal auditor need not be a Chartered Accountant.<\/td><td>Statutory auditor must be a Chartered Accountant.<\/td><\/tr><tr><td>Internal auditor can be removed at any time by the management.<\/td><td>Statutory auditor can only be removed by the shareholder and that too after undergoing the procedure laid down by the Companies Act.<\/td><\/tr><tr><td>The auditor is not required to attend the shareholders meetings.<\/td><td>The law gives a right to the statutory auditor to attend the annual general meeting.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Audit_Process\"><\/span>Audit Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Internal_Control_verification\"><\/span>Internal Control verification<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To review processing pattern of company \/ firm from purchase order placed by company to actual delivery to its customer.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If there is too much reversal of accounting entries, the companies\u2019 internal controls in bookkeeping are weak, higher chances of accounting error.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Statutory_compliances\"><\/span>Statutory compliances<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GST_Compliance\"><\/span><strong>GST Compliance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Input_tax_credit\"><\/span><strong>Input tax credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To verify eligibility, invoice type (B2B\/B2C).<\/li>\n\n\n\n<li>To ensure that the invoice against which ITC claimed have been paid within 180 days from the date of invoice.<\/li>\n\n\n\n<li>If Non\u2013GST invoice received, then check the number and volume of invoices received from the same vendor during the year.<\/li>\n\n\n\n<li>To reconcile monthly balance in E-ledger with books.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Output_tax_Liability\"><\/span><strong>Output tax Liability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To check invoice series from the new financial year have started from new series.<\/li>\n\n\n\n<li>To Check whether the nature of tax levied is as per destination of goods.<\/li>\n\n\n\n<li>To verify HSN\/SAC-wise recording for ICFR compliance.<\/li>\n\n\n\n<li>To confirm <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/rcm-under-gst\/\">RCM<\/a><\/strong> tax payment where applicable.<\/li>\n\n\n\n<li>To match E-way bills with invoices.<\/li>\n\n\n\n<li>To monitor credit notes and their impact on GST returns.<\/li>\n\n\n\n<li>To ensure correct treatment of zero-rated supplies under LUT.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Input_Tax_Credit\"><\/span><strong>Input Tax Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Check whether invoice received in B2C or B2B.<\/li>\n\n\n\n<li>Check whether expenses are eligible for input tax credit.<\/li>\n\n\n\n<li>Ensure that the invoice against which ITC claimed have been paid within 180 days from the date of invoice (aging clause).<\/li>\n\n\n\n<li>If Non\u2013GST invoice received, then check the number and volume of invoices received from the same vendor during the year, If volume is high then confirm the applicability of GST on vendor.<\/li>\n\n\n\n<li>Reconcile monthly balance in E-ledger with books.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Deducted_at_Source_Compliances\"><\/span><strong>Tax Deducted at Source Compliances<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tax Deducted at Source Checklist<\/li>\n\n\n\n<li>To Ensure Form 26AS matches with Form 16A<\/li>\n\n\n\n<li>To verify tax payable according to returns, challans or advances given to vendors.<\/li>\n\n\n\n<li>To review Dividend Distribution Tax, if the business offers dividends to the shareholders.<\/li>\n\n\n\n<li>Encashment of Gratuity, Leaves, Bonus, ESIC, and Provident Fund.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ROC_Compliances\"><\/span><strong>ROC Compliances<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>ROC compliances are necessary to know the default status of the company.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Form ADT\u20131: Appointment of Auditor.<\/li>\n\n\n\n<li>Form <strong><a href=\"https:\/\/www.caclubindia.com\/guide\/aoc-4\/\">AOC\u20134<\/a><\/strong>: Filling of statement of accounts.<\/li>\n\n\n\n<li>Form MGT\u20137: Filling of Annual Returns.<\/li>\n\n\n\n<li>Form MGT\u201314: Filling of resolution and agreement to ROC<\/li>\n\n\n\n<li>Form CRA\u20134: Filling of cost auditor report, if applicable)<\/li>\n\n\n\n<li>INC\u201322: Director KYC<\/li>\n\n\n\n<li>DPT\u20133 and MSME compliance form.<\/li>\n<\/ul>\n\n\n\n<p>This audit process ensures compliance, accuracy, and risk mitigation in financial reporting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statutory Audit Meaning A statutory audit is a compulsory audit of the financial records of a business conducted by an [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":1669,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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