Statutory Compliance & Audit
We have a team of legal and law experts possessing the significant academic and practical knowledge addressing aspects of Indian Labor Law. Poussé offers single window strategic support services, which includes registration , maintenance of records and consultation for compliance on the following statutes viz.
- The Payment of Wages Act, 1936
- The Minimum Wages Act, 1948
- The Factories Act, 1948
- The Bombay Shops & Establishment Act, 1948
- The Employees State Insurance Act, 1948
- The Employees Provident Fund Act, 1952
- The Maharashatra Labour Welfare Fund Act, 1953
- The Employment Exchange (Compulsory Notification of Vacancies) Act, 1959
- The Maternity Benefit Act, 1961
- The Payment of Bonus Act, 1965
- The Contract Labour (Regulation and Abolition) Act, 1970
- The Payment of Gratuity Act, 1972
- The Professional Tax Act, 1975
- The Equal Remuneration Act, 1976
Advantages of statutory audits
It enlarges the faith of published financial statements.
It assures the management that they have performed their statutory duties accordingly.
It gives assurance to management that they have acquicese with non statutory compulsion such as corporate governance requirements.
It gives view on the adequacy of internal factors.
Disadvantages of statutory audits
The spending of an audit can be very high.yet,if the audit firm is already employed to carry out non-audit work such as accounts preparation more advisory work,the further cost of an audit may be quite small.
The interruption occurred to a company’s staff during the audit. The company’s staff may be recommended to hold auditors by responding to questions,arranging documents and other information. And So on.