What do statutory audits in India entail?

Statutory audits are conducted to report the current state of a company’s finances and accounts to the Indian government and shareholders. Such audits are performed by qualified auditors working as external and independent parties. The audit report of statutory audit is made in the form prescribed by the government agency.

Statutory audits are conducted for each fiscal year (April 1 to March 31) and are not the calendar year. The two most common types of statutory audits in India are tax audits and company audits.