Checklist
Documents required for Statutory Audit Readiness
Keep these ready (clear photos or PDFs are fine) and share them on WhatsApp or email.
Documents required
- Books of accounts / Tally backup
- Bank statements and balance confirmations
- Fixed asset details and invoices
- Stock records
- Loan agreements and sanction letters
- Statutory returns filed (GST, TDS)
- Board resolutions and minutes
Who it is for
Who needs this service?
- 01Private limited companies preparing for their annual statutory audit
- 02Companies whose previous audits raised many observations
- 03Startups facing their first statutory audit
- 04Companies that must report under CARO 2020
How it works
Step-by-step process
- 01 Books reviewed and gaps identified before the audit
- 02 Reconciliations and schedules prepared
- 03 Fixed asset register and CARO information compiled
- 04 Draft Schedule III financial statements prepared
- 05 Support during auditor queries
Typical timeline: Readiness work typically takes 1–3 weeks before the audit, depending on the state of the books.
Deliverables
What you receive
- Audit-ready reconciliations and schedules
- Fixed asset register
- CARO 2020 information pack
- Draft financial statements in Schedule III format
FAQs
Statutory Audit Readiness: frequently asked questions
Can EthicsComputer conduct our statutory audit?
The statutory audit must be carried out by the independent auditor your company appoints. We prepare your books and records for that audit; to protect independence, the auditor should be a different firm from the one that keeps your books.
What is CARO 2020?
The Companies (Auditor's Report) Order, 2020 requires auditors of many companies to report on specific matters such as fixed assets, inventory, loans, statutory dues and fraud. We compile the information they need.
When does the statutory audit need to be completed?
After the financial year ends, in time for the audited financial statements to be adopted at the annual general meeting, which is generally due by 30 September, followed by ROC filings.
Do small private companies need an audit?
Yes. Every company registered under the Companies Act must have its financial statements audited, whatever its turnover, although some reporting requirements are relaxed for small companies.
Keep exploring
