Financial Statement Opinion
Examination of financial statements to form an independent opinion on whether they present a true and fair view in accordance with applicable standards.
Audit & Assurance
Statutory Audit
Practice01/06
Financial Statement Opinion.
Note01Refer — Scope
SA 700/705/706 audit opinions on true-and-fair presentation under the applicable framework.
Index06 Practices
Statutory Audit Scope
Our statutory audit engagements address the requirements of Section 143 of the Companies Act, 2013 and applicable Standards on Auditing.
IFCoFR Reporting
Evaluation of Internal Financial Controls over Financial Reporting as required under Section 143(3)(i), with reporting on control adequacy and operating effectiveness.
CARO Compliance
Reporting under the Companies (Auditor's Report) Order on specified matters including fixed assets, inventory, loans, and statutory dues.
Accounting Standards
Examination of compliance with applicable accounting framework—Ind AS or Accounting Standards—and Schedule III presentation and disclosure requirements.
Statutory Compliance
Assessment of compliance with relevant provisions of the Companies Act, 2013 and other applicable statutes as required under auditing standards.
Auditor's Report
Issuance of the auditor's report to shareholders covering opinion, basis for opinion, key audit matters, and other reporting responsibilities.
The Role of Statutory Audit
Statutory audit is an independent assurance function addressed to shareholders and regulators—distinct from internal audit, which serves management's oversight needs.
- Independent opinion on financial statements addressed to shareholders and stakeholders
- Examination conducted in accordance with Standards on Auditing issued by ICAI
- IFCoFR reporting on control adequacy as mandated under the Companies Act
- CARO reporting on specified operational and compliance matters
- Procedures designed to detect material misstatements whether due to error or fraud
- Compliance with regulatory filing requirements under the Companies Act, 2013
Our Audit Approach
Step 1
Planning & Understanding
We obtain understanding of your entity, its environment, applicable financial reporting framework, and internal control system to plan the audit engagement.
Step 1
Planning & Understanding
We obtain understanding of your entity, its environment, applicable financial reporting framework, and internal control system to plan the audit engagement.
Step 2
Risk Assessment
We identify and assess risks of material misstatement at financial statement and assertion levels to direct audit procedures to higher-risk areas.
Step 2
Risk Assessment
We identify and assess risks of material misstatement at financial statement and assertion levels to direct audit procedures to higher-risk areas.
Step 3
IFCoFR Evaluation
We evaluate design and test operating effectiveness of Internal Financial Controls over Financial Reporting as required under Section 143(3)(i).
Step 3
IFCoFR Evaluation
We evaluate design and test operating effectiveness of Internal Financial Controls over Financial Reporting as required under Section 143(3)(i).
Step 4
Substantive Procedures
We perform substantive analytical procedures and tests of details to gather audit evidence regarding financial statement assertions.
Step 4
Substantive Procedures
We perform substantive analytical procedures and tests of details to gather audit evidence regarding financial statement assertions.
Step 5
Opinion & Reporting
We form our opinion based on audit evidence gathered and issue the auditor's report addressing statutory reporting requirements including CARO.
Step 5
Opinion & Reporting
We form our opinion based on audit evidence gathered and issue the auditor's report addressing statutory reporting requirements including CARO.