WHO THIS WORK IS FOR
Companies reviewing auditor appointment or preparing for annual statutory audit.
Statutory Audit Services — what the work covers
An effective audit begins with an appropriate appointment and a clear understanding of the reporting framework, financial year and responsibilities. We review the proposed engagement and professional requirements before acceptance.
Once engaged, audit work is planned around the entity’s activities, records and risks. Financial statement balances must be supported by schedules and evidence, with significant issues communicated and addressed through the appropriate process.
WORK TO BE AGREED
Statutory Audit Services: scope and deliverables
Confirm which of the following tasks, records and deliverables are included in your proposal before work starts.
- Appointment and independence assessment
- Audit planning and information request
- Financial statement audit procedures within the engagement
- Reporting and communication on completion of the work
What to confirm in your handover
- The reporting documents appropriate to the accepted audit engagement
- Communication of matters requiring management attention
- The agreed handover of reports and supporting schedules
Agree the information you will provide, the work we will perform and the records you will receive on completion.
PREPARATION CHECKLIST
Documents for Statutory Audit Services
Start with these records. The initial review identifies any additional information needed for your entity and period.
- 01Entity and appointment records
- 02Financial statements, trial balance and full ledgers
- 03Bank, debtor, creditor and loan support
- 04Fixed asset, inventory and statutory due schedules
- 05Minutes, agreements and relevant prior reports
Use an agreed secure channel for documents. The initial enquiry form is for a description of your requirement, not financial documents or portal passwords.
Discuss the document requirementsHOW THE WORK PROGRESSES
How statutory audit services work progresses
Assess the engagement
Review appointment, independence, objectives and reporting requirements.
Gather and evaluate
Perform the agreed work using records, explanations and supporting evidence.
Communicate and report
Address identified matters and complete the appropriate reporting process.
FEES & TIMING
Fees and timing for Statutory Audit Services
Your proposal should identify the professional work, deliverables and any separate charges. Relevant fee factors for this service include:
- The type of audit, reporting period and engagement requirements
- Entity operations, locations and transaction complexity
- Availability of financial statements, schedules and supporting evidence
- The extent of reporting and specialist work required
Appointment and independence are considered before acceptance. The audit plan depends on record readiness, evidence and responses; findings and reporting follow the work performed.
BEFORE YOU BEGIN
Questions worth asking.
Does a company with no activity still need an audit review?
The company’s legal obligations must be checked. No trading activity should not be assumed to remove all annual responsibilities.
Can you accept an appointment immediately?
Acceptance follows review of the appointment, independence, professional requirements and available information.
Can audit and ROC work be coordinated?
The records can be coordinated where appropriate, while keeping each engagement’s responsibilities and professional requirements distinct.
Professional information & official sources
Prepared by Mohit R Gupta & Associates, Chartered Accountants, Delhi. General service information; not a substitute for advice on your facts. Applicability and period-specific requirements depend on your facts. Use the official portals for current forms, rules and notifications.
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