Statutory Audit & Assurance | Thakur & Associates

An audit meets a statutory requirement. Conducted properly, it also strengthens financial discipline, surfaces issues while they are still small, and builds credibility with the investors, lenders, boards and regulators who rely on the numbers. This practice combines regulatory rigour with a practical, business-first approach, so that the process produces something useful beyond the opinion itself.

Statutory audit

Statutory audit under the Companies Act
Audit of LLPs, partnership firms and proprietorships
Conducted in compliance with the Standards on Auditing

Tax audit

Tax audit under Section 44AB
Reporting and reconciliation support

Internal audit

Risk-based internal audit planning and execution
Process and control reviews
Internal audit reports with actionable recommendations

Management and concurrent audit

Periodic management audits
Concurrent audits

Special purpose and certification work

Stock and receivables audits
Certifications required under FEMA, RBI, GST
Due diligence audits
Net worth, turnover and other certifications

Assurance and attestation

Review and limited assurance engagements
Agreed-upon procedures engagements
Compliance certifications

Who this is for03 scenarios

A limited company approaching financial year end and needing its statutory audit completed within the filing window.
A foreign-owned subsidiary whose Indian audit must be coordinated with the parent group's audit timetable.
A business entering a lending relationship or investment process where audited financial statements are a condition.

How we engage04 steps

Step 01 of 04
Audit planning
A risk assessment of operations, the control environment and prior-year matters, resulting in an audit plan and timeline agreed with management.

What you receive

the audit report, the internal financial controls opinion where applicable, and a management letter written to be useful rather than procedural.

Why work with us04 reasons

Independence maintained by process
Audit engagements are structured to preserve independence from any accounting work performed for the same entity, rather than relying on assertion alone.
Risk-focused rather than checklist-driven
Audit scope is built around the business's actual risks, informed by a practice that also works inside finance functions and understands where things genuinely go wrong.
Planned around your deadline
Fieldwork is scheduled to meet your filing and stakeholder timelines rather than fitted in around them.
Cross-functional visibility
Audit teams work alongside the tax, CFO advisory and compliance practices, so observations reflect a full view of the business.

Frequently asked questions05 questions

Common questions, answered directly.

The queries that come up most often on assurance engagements — answered plainly, without the hedging.

Still have a question? Contact us

Which entities require a statutory audit in India?

Every company incorporated under the Companies Act, 2013 requires an annual statutory audit regardless of size or turnover. LLPs and certain other entities become subject to audit once specified turnover or contribution thresholds are crossed. Tax audit under Section 44AB is a separate requirement driven by its own turnover thresholds.

Can the firm that maintains our books also audit them?

No. Professional independence requirements prevent the firm responsible for maintaining a set of books from also providing the statutory audit opinion on them. Where we provide accounting services to a client, statutory audit for that entity is declined or referred, so independence is preserved as a matter of process rather than assertion.

What is a concurrent audit and who needs one?

A concurrent audit is a continuous examination of transactions as they occur rather than after period end, required by banks, NBFCs and certain financial institutions under regulatory mandate. It is designed to catch exceptions while they can still be corrected.

Why is this page written differently from the other service pages?

Audit and attest work are activities exclusive to the Chartered Accountancy profession. Under the ICAI Code of Ethics, information about them may be provided on a pull basis — to someone who has sought it out — but not promoted through advertising or solicitation. This page therefore informs rather than markets, and is deliberately excluded from any paid campaign.

What certifications can you issue?

Net worth, turnover and other certificates commonly required for tenders, banking relationships or regulatory filings, along with certifications required under FEMA, RBI and GST. Where a certification carries a prescribed format, we issue it in that format.

Explore

Other Services.

Every practice the firm runs, less the one you are reading. Each is scoped to stand on its own, and coordinated so nothing falls between compliance and strategy.