Statutory audit is not just signature work
A meaningful statutory audit reviews books, financial statements, controls, bank balances, receivables, payables, statutory dues and supporting documents before issuing a report.
Situations this page is built for
- Company or entity requires statutory audit.
- Books need cleanup before audit.
- Bank, debtor, creditor or inventory balances need verification.
- You need financial statements for ROC, banks or investors.
- Previous auditor remarks need follow-up.
Documents and details usually required
- Trial balance, ledgers and financial statements.
- Bank statements and bank confirmation details.
- Sales, purchase, expense and payroll records.
- GST, TDS, PF/ESI and statutory dues details.
- Fixed asset register and depreciation working.
- Board minutes, agreements and loan confirmations where applicable.
Practical process before hiring
Define audit scope
Confirm entity type, period, reporting requirement and deadlines.
Prepare books
Complete accounting, bank reconciliation and schedules before audit review.
Perform audit checks
Auditor reviews balances, samples, controls, statutory dues and supporting documents.
Close observations
Resolve queries, finalise financial statements and issue audit report.
What to expect in India
| Work type | Typical price range | Timeline |
|---|---|---|
| Small company/entity audit | Rs. 20,000 - Rs. 60,000 | 7-20 days |
| Medium business audit | Rs. 60,000 - Rs. 2,00,000 | 15-30 days |
| Complex/group audit | Rs. 2,00,000+ | Case-specific |
Prices vary by documents, urgency, city, professional experience and whether previous periods need cleanup.
Common red flags and mistakes
- Starting audit before books are reconciled.
- Not sharing statutory dues and compliance details.
- Ignoring auditor queries until deadline.
- Confusing tax audit and statutory audit.
- Selecting only on price without checking audit experience.
What to mention when you post
- Entity type, financial year, turnover and compliance deadline.
- Whether books are final, partly ready or need cleanup before filing/audit.
- Which forms/reports are needed: audit report, ROC forms, ITR, financial statements or board records.
- Number of pending years, if any.
- Whether DSC, MCA login, previous filings and financial statements are available.
How to choose the right professional
- Confirm professional qualification and whether certification/signature is included.
- Ask for a document checklist before work starts.
- Clarify whether accounting cleanup is included or billed separately.
- Check who coordinates CA, CS, DSC, MCA and tax filing steps.
- Insist on deadline tracking and proof of filing/challans.
Questions people ask before hiring
Who can perform statutory audit?
For companies, statutory audit generally needs a qualified auditor as required under applicable law.
How long does statutory audit take?
Small entities may finish in 1-3 weeks if books are ready. Complex audits take longer.
Does statutory audit include ROC filing?
Not always. Ask whether financial statement filing support is included.
Can WorkIndex help find an auditor?
Yes. Post scope and deadlines to compare audit professionals.