Statutory audit is an “external audit” conducted “annually” to meet the mandatory requirements as per the government.
Sometimes, statutory audit is also required to be conducted "quarterly" or "monthly".
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Statutory or Annual Audit is required to be carried out by:
If you are looking for an annual audit to be carried out of your financial statements, we suggest you move on to requirements or fees or why us or our team because the contents of this section are more of academic interest and addresses complex requirements. To know more, Read More.
(Note that this website does not claim to be an authority on the law of auditing. The examples and excerpts presented here are not the complete provisions of the laws and have to be read along with other provisions of the same law and related laws.)
Annual Audit report should be completed within 3 months of the end of the financial year of the business. For a detailed explanation, read more.
With more qualified auditors on the team, we are more economical and faster than most auditors although we have a more elaborate report format and carry out a deeper audit scrutiny.
To know more, Read More
Audit Assistants will be assigned to collect information required for preparing your financial statements.
For a list of available audit assistants,
click here.
Audit Assistants will be assigned to collect information required for preparing your financial statements and to help the auditor evaluate the information presented in those financial statements.
(This is applicable even if an accountant is assigned to write your accounts, where you do not have books of accounts already written for the financial period under audit.)
Our audit assistants:
For those too busy to share information with the audit assistants, we're introducing Relationship Managers. (Yes, like Banks!)
To connect with your dedicated RM,
click here.
We have experienced that business persons are more and more in need of assistants, who can temporarily become a part of their office, to help them understand what the auditors are saying, collect information that the auditor wants from them (from the business persons), if required interpret the information in the manner required by the auditor (and redraft it) and submit it to the auditor.
This is expected to make their life easier. Think of it like the service of a travel planner for a journey, or an event manager for a wedding in the family or conference of the office, or just a private secretary.
This is a premium service which is being introduced shortly.
Audit Managers (your point of contact) will evaluate information and will ask for more information, to prepare the financial statements and the audit report.
For a list of available auditors,
click here.
Audit Managers will evaluate information and will ask for more information, to prepare the financial statements and the audit report. Your designated audit manager will also be your primary point of contact for all purposes.
(To escalate matters please reach out to the signing partner and the job tracker, who are in copy to your emails on [email protected] or [email protected] respectively, or who should be present in the chat on our App or on any other application.)
Our audit assistants:
Accountant Accounts Manager, Compliance Auditor, the Signing Auditor Time Keeper, Job Tracker, PDF Maker and Fee Note Maker.
To know more,
click here.
A whole bunch of people are working behind the scenes to complete your audit smoothly.
The ones who have a direct impact on your work, but with whom you are less likely to come in contact, are mentioned here.
After initial information, if required, additional information and explanations will be sought by the same auditor or by the audit senior during their review.
If your books of accounts are not written, we will assign an accountant from Prudential Accounting. Before 2012, we used to compile the information in a spreadsheet. But we realised that it takes longer to derive results from compiled accounts than writing it in an accounts writing software. And, when it’s in a software, carrying forward closing balances of the previous year to the forthcoming year becomes a breeze.
And even if your books of accounts are written, the accountant still helps in carrying out some calculations like depreciation, staff end-of-service gratuity, period closing adjustments and the likes.
Our accountants are:
An expert, equivalent to an auditor, will always review all accounts to evaluate if they are complete in all respects.
They will match corresponding information like sales and purchases, sales and receipts, purchases and payments, addition to staff and visa costs, utility payments, period ending provisions and overall completeness of the information by picking hints from transactions and using time tested formulas.
The probability that they will connect with the clients directly is extremely remote. It happens only when there needs to be a major discussion about some significant anomaly.
Our accounts managers are:
Countries all over the world keep introducing new laws. It’s difficult for everyone to keep track of these laws by themselves. While they do see if money is laundered, VAT laws are complied with, licensed activity is adhered to, salaries are paid on time, vehicles are renewed and so on, it is only human to expect that they will miss something.
An additional person, equivalent to an auditor, is assigned to check the work of the accountant, whether the accountant is from Prudential Accounting or the client’s own accountant.
Our compliance auditors are not being named to maintain their confidentiality.
Our audit reports are signed by Dhawal G Nandedkar.
The clients have already been troubled enough, by everyone from the accountant to the auditor, so they rarely want to poke the signing partner. Who wants to meet the Devil… umm, Dhawal… anyways?
Our reports are in spreadsheets because it is possible to embed complex formulas in them.
What started as simple logical and mathematical formulae went on to become complex formulae that needed databases and have now become more complex with pivot tables and longer formulae.
Our spreadsheet expert is at present Uday Kumar Shaw.
We calculate fees based on the level of expertise and the time required to carry out a task. To be fair to our colleagues and our clients, we log time required to carry out each task.
Our time keeper at present is Noor Mohd Sheikh.
Since all tasks follow a predetermined schedule and timeline, one of our colleagues tracks the progress of each task. He or she also aligns the tasks carried out by his or her teammates and balances the various angles involved in the multiple tasks being handled by each.
The job tracker receives emails sent on [email protected].
Our job tracker at present is Preeti Jangid.
What used to be called DTP (desk-top-publishing) work is now being carried out by a team of two people.
One is good at using spreadsheets, because almost all our deliverables are now prepared in those, who converts the content to a deliverable format, usually a pdf file. If required, he / she also prints the reports on paper.
If it is printed on paper, because it is in A3 format, one of his / her colleagues creases it, staples it, folds it, cuts it to size and makes it ready for delivery.
And yet another of their colleagues, who is usually the PRO, delivers it to the clients.
This team presently includes:
Upon completion of the engagement or sometimes before, we raise fee notes. That is an invoice for the tasks performed.
Our fee note makers at present are:
Then there are our janitors, cooks and other administrative staff, without whom we could not even be at our workplaces. However, we’ll mention them on another page.
