What are statutory requirements?


A firm needs to have the following documents before getting a statutory audit started:

  • Details of fixed assets

  • Bank statements with details of transactions therein and the details of cash receipts & payments

  • Information on secured and unsecured loans and advances

  • Trade payables & receivables

  • Local purchases & import purchases

  • Local sales and export sales information

  • Details of inventory

  • Administration and selling expenses

  • Details of foreign exchange earnings & expenditures

  • Statutory dues & other levies


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