Statutory Audit Role

Statutory Audit Role

Audit Planning & Execution:

- Lead and manage statutory audit engagements from planning to finalization, ensuring compliance with applicable accounting and auditing standards (e.g., IFRS, GAAP, IND-AS).

- Develop risk-based audit plans, assess financial statements, and identify key areas for examination.

- Ensure timely execution of audit procedures, including substantive testing, analytical reviews, and internal control evaluations.

- Review working papers and ensure high-quality documentation of audit findings and conclusions.

- Conduct technical research on complex audit and accounting issues and provide practical solutions.

Regulatory Compliance & Risk Management:

- Ensure adherence to all regulatory requirements (e.g., Companies Act, Income Tax Act, GST laws, SEBI regulations) and maintain compliance with professional ethics.

- Identify audit risks and implement risk mitigation strategies in collaboration with the audit team.

- Monitor changes in accounting and auditing regulations and ensure that audit methodologies align with updated requirements.

Team Leadership & Client Management:

- Lead and mentor audit teams, providing technical guidance and training to develop audit staff.

- Serve as the primary point of contact for clients, maintaining strong professional relationships and addressing audit-related queries.

- Facilitate effective communication between internal teams, clients, and regulatory authorities.

- Present audit findings and recommendations to senior management and stakeholders, ensuring transparency in financial reporting.

Financial Reporting & Process Improvement:

- Review and assess financial statements for accuracy, completeness, and compliance with relevant accounting frameworks.

- Identify opportunities for process improvement and suggest best practices to enhance financial reporting and internal controls.

- Provide insights on financial risks, operational efficiencies, and strategic financial planning.

Stakeholder Engagement:

- Coordinate with external auditors, tax consultants, and regulatory bodies to ensure smooth audit execution.

- Collaborate with internal teams such as finance, legal, and compliance to resolve audit issues effectively.