Statutory Audit(Above 3 Crore Upto 10 Crore Turnover Along With AOC-4 & MGT-7)

Description

Statutory Audti

Statutory Audit Report for a Company with a Turnover Between ₹3 Crore and ₹10 Crore

Introduction

We have audited the attached financial statements of [Company Name] (the “Company”), which comprise the Balance Sheet as at [Date] and the Income Statement, Cash Flow Statement, and Statement of Changes in Equity for the year ended on that date.

Scope of Audit

Our audit was conducted in accordance with the Auditing Standards issued by the Institute of Chartered Accountants of India. These Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.  

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.  

Opinion on the Financial Statements

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at [Date] and its financial performance and its cash flows for the year then ended in accordance with the Indian Accounting Standards.  

Emphasis of Matter

While we believe that the financial statements present fairly, in all material respects, the financial position, financial performance, and cash flows of the Company, we draw your attention to the following matter:  

[If any specific matter requires emphasis, such as significant uncertainties or going concern issues, it should be detailed here.]

Other Reporting Responsibilities

We have also audited the following:

• AOC-4: We have examined the records and verified the correctness of the information and reports filed in Form AOC-4.
• MGT-7: We have examined the records and verified the correctness of the information and reports filed in Form MGT-7.

In our opinion, the information and reports filed in Forms AOC-4 and MGT-7 are correct and comply with the requirements of the Companies Act, 2013.

Report on Other Legal and Regulatory Requirements

We have also reviewed the Company’s compliance with the following legal and regulatory requirements:

• Income Tax Act, 1961: We have reviewed the Company’s income tax returns and related working papers to ensure compliance with the provisions of the Income Tax Act, 1961.
• Goods and Services Tax Act, 2017: We have reviewed the Company’s GST returns and related records to ensure compliance with the provisions of the GST Act, 2017.
• Other applicable laws and regulations: We have reviewed the Company’s compliance with other applicable laws and regulations, such as the Companies Act, 2013, the Securities and Exchange Board of India (SEBI) regulations, and other relevant statutory provisions.

Based on our review, we believe that the Company is in compliance with the aforementioned legal and regulatory requirements.

Limitations of the Review

A review is limited in scope and does not involve an audit, which involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. A review does not provide the same level of assurance as an audit.  

Conclusion

Based on our audit and review, we conclude that the Company’s financial statements present fairly, in all material respects, the financial position, financial performance, and cash flows of the Company, and that the information and reports filed in Forms AOC-4 and MGT-7 are correct and comply with the applicable legal and regulatory requirements.  

For [Firm Name]

[Signature] [Name] [Designation] [Membership Number]

Date:

Additional Considerations:

1. Specific Company Requirements: The report should be tailored to the specific circumstances of the Company, taking into account its business activities, industry, and regulatory environment.
2. Additional Matters: The report may need to address other specific matters, such as related party transactions, contingent liabilities, significant accounting policies, and other disclosures required by the applicable accounting standards and legal requirements.
3. Professional Judgment: The auditor should exercise professional judgment in determining the scope and nature of the audit and review procedures.
4. Independence and Objectivity: The auditor should maintain independence and objectivity throughout the audit and review process.
5. Quality Control: The firm should have a robust quality control system to ensure the quality and consistency of its audit and review services.