A statutory audit runs far more smoothly when the groundwork is done before the auditors arrive, rather than being pulled together during the audit itself.
Start with bank reconciliations, ledger scrutiny, and confirming that all provisions — gratuity, bonus, doubtful debts — are updated and supported by working papers.
Fixed asset registers should be reconciled with the books, and any additions or disposals during the year documented with proper approvals and invoices.
Keeping statutory registers, board resolutions and related-party transaction disclosures organised in advance turns the audit from a disruptive exercise into a routine, predictable process.
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