Statutory Audit

Statutory audit is no longer a year-end formality. NFRA enforcement, CARO 2020, and updated Standards on Auditing have raised the bar on auditor judgment, reporting quality, and professional scepticism. A statutory audit now demands year-round engagement and genuine understanding of the business — not just its trial balance.

Scope

  • Risk-based audit planning tailored to your business model and industry.
  • Evaluation of accounting policies for compliance with Ind AS or Indian GAAP.
  • Testing of revenue recognition, inventory valuation, fixed asset capitalisation, provisions, and related party transactions.
  • Assessment of internal financial controls over financial reporting under Section 143(3)(i).
  • CARO 2020 reporting with substantive procedures.
  • Evaluation of going concern, subsequent events, and contingent liabilities.

Engagement

Engagement begins well before year-end — with early planning, risk identification, and interim audit work that reduces last-minute pressure and produces higher quality output. Partner-led from planning through sign-off. Management letter observations are detailed, specific, and discussed directly with the promoter or CFO.

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