Statutory audit is required to assess whether the company complies with the applicable laws, rules and regulations and standards and whether the financial statements reflect a true and fair view of the financial position of the company.

Steps generally followed in conducting Statutory Audit:

1. Getting appointment letter & board resolution copy
2. Getting NOC from the previous auditor
3. Filing no disqualification status to the company
4. Filing of Form ADT-1 to ROC
5. Letter of engagement
6. Assessment of internal control
7. Formulation of internal audit program action plan and calendar
8. Conduction audit as per IGAAP, Companies Act, ICAI Accounting Standards and Auditing Standards.
9. Forming an opinion on the financial statement prepared by the company
10. Reporting to shareholders
11. Attending AGM