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Statutory Audit Services

Statutory Audit Services

Along with the globalization and ever-increasing regulatory requirements, companies need to be dynamic and transparent in the business to create a trustworthy image in the minds of stakeholders.
The financial statements of a company should offer clarity, precision, and foster trust among stakeholders. At Beetaone Fintax LLP our statutory auditors bring in-depth expertise in regulatory requirements, business dynamics, and both local and international accounting standards to deliver exceptional statutory audit services. We focus on adding value by conducting audits in a fair and transparent manner, ensuring compliance with regulatory mandates and enhancing the reliability of financial statements through our external audit services.

What is Statutory audit ?

Statutory audit, or external audit, is a legally required process governed by the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, aimed at ensuring that an entity’s financial statements present a true and fair view of its financial position and profitability. This audit involves a detailed review of financial records to identify and address any discrepancies or misrepresentations, ensuring compliance with government regulations and enhancing the reliability and transparency of financial reporting.

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Internal Audit and Statutory Audit

Statutory audit, unlike internal audit, is conducted by auditors appointed by stakeholders and focuses on ensuring that a company’s financial statements provide a true and fair view as mandated by law, while internal audit is initiated by management to enhance operational efficiency. At Beetaone Fintax LLP, our statutory auditors are proficient in Indian Accounting Standards (Ind-AS) and International Financial Reporting Standards (IFRS), enabling us to perform audits for both local and international firms. By adhering to government-prescribed regulations, we deliver credible, precise, and reliable audit reports.
At Beetaone Fintax LLP, we are always here to provide you with exceptional accounting, auditing, and financial advisory services tailored to your unique business needs. Whether you’re looking for expert guidance in GST compliance, transfer pricing, RBI/FEMA regulations, or accounting outsourcing, our team of dedicated professionals is just a call or email away.
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Our Statutory Audit Methodologies:

  • Understanding the business of the entity and its environment
  • Understanding of business cycles and business
  • Identification of internal controls
  • Controls risk assessment
  • Detection risk assessment
  • Application of analytical audit procedures
  • Application of subtantive audit procedures
  • Issuance of audit report
At Beetaone Fintax LLP , we take a risk-based approach to auditing, focusing on key issues affecting your financials and business. Our proprietary audit methodologies are designed to provide reasonable assurance that financial statements are free from material misstatements by obtaining sufficient evidence to reduce audit risk. We apply professional skepticism, evaluate audit evidence critically, and customize our audit procedures based on identified risks. Our audits go beyond mere compliance, offering actionable recommendations to improve efficiency and support business goals. Leveraging state-of-the-art audit tools and techniques, we ensure efficient and effective audits, monitor progress closely, and meet deadlines with the deployment of the best resources.

Our Strengths:

At Beetaone Fintax LLP , our statutory auditors possess in-depth knowledge and extensive experience in delivering top-notch auditing services. They are well-versed in the challenges and nuances of various industries, ensuring that audits are conducted by professionals who truly understand the specific demands of your sector. We carefully allocate audit resources based on client profiles and industry requirements to provide tailored, effective service. To maintain the highest standards, we invest significantly in continuous training and development for our auditors. Additionally, we hold weekly meetings with partners and auditors to exchange ideas, discuss challenges, and continuously enhance our collective expertise.

Quality is Our Prime Focus:

At Beetaone Fintax LLP , we are committed to delivering the highest quality in all aspects of our work. Our audit professionals are rigorously trained on our quality standards and code of conduct, ensuring that every audit is conducted with the utmost precision and integrity. We have established robust processes and procedures to maintain consistent quality across all our services. To further uphold these standards, we have a peer review system in place, where partners and managers review each audit to ensure full compliance with our internal policies and procedures, guaranteeing excellence in every project we undertake.

Benefits of a statutory audit

It enhances the credibility and authenticity of your financial statements because an independent statutory auditor does the audit.

While it confirms that the firm’s financials represent a true and fair view of its state of affairs and profitability, it also helps in assessing the areas prone to risk and losses.

The external audit helps in securing finance from financial institutions as it makes their financial statements more authentic and reliable.​

External auditors also provide valuable insights that can help a business improve in several areas and achieve higher profitability and growth. 

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