Ensure Compliance & Avoid Audit Risks with Proper Statutory Audit
As per the Companies Act, 2013 (Section 143), statutory audit is mandatory for companies to ensure proper verification of financial statements and compliance with legal requirements. Similarly, under the Income Tax Act, 1961 (Section 44AB), certain businesses and professionals are required to undergo tax audit based on turnover limits.
Many businesses face audit issues due to improper accounting, missing records, or non-compliance, which can lead to penalties, notices, or qualification in audit reports.
At Prakasha & Co, our Chartered Accountant team handles statutory audits for private limited companies, LLPs, and businesses in Bangalore — ensuring proper compliance, accurate reporting, and smooth audit completion.
Common Issues Faced During Statutory Audit
Many companies face challenges during statutory audit due to lack of proper accounting and compliance. These issues often arise when records are not maintained correctly throughout the year.
Incomplete Books of Accounts
Improper or delayed accounting leads to missing entries and inconsistencies during audit.
Mismatch in Financial Statements
Differences between books, bank statements, and returns create complications during audit verification.
Non-Compliance with Companies Act
Failure to follow statutory requirements may lead to audit qualifications or reporting issues.
GST & Tax Reconciliation Issues
Mismatch between GST returns, TDS, and books is a common issue noticed during audits.
Improper Expense Classification
Incorrect classification of expenses affects profit reporting and tax compliance.
Last-Minute Audit Preparation
Preparing documents at the last stage leads to errors, delays, and unnecessary stress.
How We Conduct Statutory Audit for Your Business
We follow a structured and practical audit approach to ensure compliance, accuracy, and smooth completion without last-minute issues.
Understanding Business & Records
We review your business model, accounting system, and financial records before starting the audit.
Verification of Books & Documents
Books of accounts, invoices, bank statements, and supporting documents are verified in detail.
Compliance Check
We ensure compliance with Companies Act, Income Tax Act, GST, and other applicable laws.
Identifying Errors & Gaps
We highlight mismatches, missing records, and incorrect entries that may impact audit reporting.
Audit Report Preparation
Preparation of audit report as per statutory requirements with proper disclosures and notes.
Finalization & Filing Support
We assist in finalizing audit and support in filing and compliance requirements.
Statutory Audit for Different Types of Businesses
Statutory audit requirements vary based on the type of entity and its operations. We handle audits across different business structures in Bangalore.
Private Limited Companies
Mandatory statutory audit under Companies Act for financial reporting and compliance.
Limited Liability Partnerships (LLPs)
Audit applicable based on turnover and contribution limits with proper compliance requirements.
Startups & Growing Businesses
Audit support for startups to maintain proper financial records and investor compliance.
Small & Medium Enterprises (SMEs)
Structured audit approach to ensure compliance and accurate financial reporting.
Companies with GST & Multi-State Operations
Handling reconciliation and compliance complexities across multiple transactions and locations.
Businesses Requiring Tax Audit (44AB)
Audit under Income Tax Act for businesses exceeding prescribed turnover limits.
Practical Statutory Audit Cases We Have Handled
These are common audit situations where businesses approached us for proper audit handling and compliance support.
Books Not Maintained Properly
Issue: Company records were incomplete and not updated.
Our Approach: Reconstructed books and aligned entries with supporting documents.
✔ Result: Audit completed without qualification.
Mismatch Between GST & Books
Issue: Differences between GST returns and accounting records.
Our Approach: Performed reconciliation and corrected reporting.
✔ Result: Proper compliance ensured before audit finalization.
Improper Expense Classification
Issue: Expenses wrongly classified affecting financial statements.
Our Approach: Reviewed and reclassified entries as per standards.
✔ Result: Accurate reporting and audit clarity achieved.
Non-Compliance with Statutory Requirements
Issue: Missing compliance under Companies Act provisions.
Our Approach: Identified gaps and ensured corrective compliance.
✔ Result: Audit completed with proper disclosures.
Delayed Audit Preparation
Issue: Client approached at last stage without preparation.
Our Approach: Fast-track review and structured documentation.
✔ Result: Audit completed within deadline.
Multiple Transactions & Complex Operations
Issue: High volume transactions with reconciliation challenges.
Our Approach: Detailed verification and structured audit process.
✔ Result: Smooth audit completion without discrepancies.
Statutory Audit Fees in Bangalore
Audit fees depend on the size of the business, volume of transactions, and readiness of accounts. We offer a basic audit package to get started, with additional work charged based on actual requirements.
Basic Statutory Audit Package
Standard Business Audit
Complex / High Volume Cases
Tax Audit (Section 44AB)
Documents Required for Statutory Audit
You don’t need to worry about collecting everything at once. Based on your business, we will guide you step-by-step. Here is a general list of documents required for statutory audit.
Basic Company Documents
- Certificate of Incorporation
- PAN of Company / LLP
- MOA & AOA / LLP Agreement
Financial Statements
- Profit & Loss Account
- Balance Sheet
- Trial Balance
Books of Accounts
- Ledger accounts
- Cash book / Bank book
- Sales & purchase records
Bank & Financial Records
- Bank statements
- Loan statements
- Investment details
GST & Tax Records
- GST returns (GSTR-1, 3B)
- TDS returns
- Income tax filings
Other Supporting Documents
- Invoices & bills
- Expense proofs
- Agreements / contracts
Why Choose Prakasha & Co for Statutory Audit
Businesses approach us not just for audit completion, but for proper compliance, clarity, and long-term support.
Experienced CA Team
20+ years of handling statutory audits for companies, LLPs, and businesses across industries.
Compliance-Focused Approach
We ensure audit is conducted as per Companies Act, Income Tax, and other applicable laws.
Handled Real Audit Issues
Experience in resolving mismatches, compliance gaps, and audit complications.
Practical & Clear Guidance
We explain audit findings in simple terms without unnecessary technical confusion.
Bangalore-Based Office
Direct consultation support available for businesses requiring in-person discussions.
End-to-End Support
From preparation of records to audit completion and compliance filing support.
Client Feedback on Our Statutory Audit Services
Businesses in Bangalore trust us for structured audit handling, compliance support, and smooth audit completion.
Need Statutory Audit Support in Bangalore?
Whether your audit is pending, delayed, or requires proper compliance handling, our Chartered Accountant team can assist you with a structured and smooth audit process.
Get your statutory audit completed correctly — without last-minute issues, delays, or compliance risks.
Sahakar Nagar, Bangalore
📞 +91 70198 27351
✉️ crp@prakashaandco.com
⏰ Mon – Sat | 10 AM – 8 PM
