Statutory Audit Automation
Automate Companies Act statutory audits with AI-powered ledger scrutiny, CARO reporting, related party transaction verification, and compliance testing. Complete audits 70% faster with 100% transaction coverage.
The Statutory Audit Challenge
CA firms conducting statutory audits under the Companies Act face mounting pressure: increasing transaction volumes, complex compliance requirements, and tight deadlines.
Traditional manual audit methods are time-consuming, error-prone, and rely on sampling that covers only 2-5% of transactions, leaving significant audit risk.
The Risk: Manual ledger scrutiny takes weeks, CARO reporting is tedious, and sample-based testing misses critical exceptions that could lead to qualified opinions.
Common Pain Points
- Manual ledger scrutiny takes 3-4 weeks
- CARO reporting is time-consuming and error-prone
- Related party transactions hard to identify
- Sample-based testing misses exceptions
- Working paper preparation is tedious
- Director remuneration compliance checks are manual
- Loan and advances verification is incomplete
The CORAA Solution
End-to-end statutory audit automation from data ingestion to audit report
Automated Ledger Scrutiny
Analyze 100% of ledger entries for unusual patterns, policy violations, and compliance issues.
- Round-dollar transactions
- Unusual account combinations
- Duplicate entries detection
CARO Reporting
Automated CARO clause verification with supporting evidence and workpapers.
- Fixed asset verification
- Inventory verification
- Loan and advances checks
Related Party Transactions
Automatically identify and verify all related party transactions for compliance.
- RPT identification
- Arm's length verification
- Disclosure compliance
Director Remuneration
Verify director remuneration compliance with Companies Act limits and approvals.
- Remuneration limit checks
- Approval verification
- Disclosure compliance
Loan & Advances Verification
Complete verification of loans and advances given by the company.
- Terms and conditions review
- Repayment schedule verification
- Security documentation
Audit Working Papers
Auto-generate comprehensive working papers with full audit trails.
- Audit-ready documentation
- Exception reports with evidence
- Compliance checklists
How CORAA Automates Statutory Audits
From data upload to audit report in 4 simple steps
Upload Data
Upload trial balance, ledgers, and supporting documents in any format
AI Analysis
CORAA analyzes 100% of transactions, identifies exceptions, and flags compliance issues
Review Findings
Review AI-identified exceptions, add notes, and validate findings
Generate Reports
Export audit-ready working papers, CARO report, and audit documentation
Measurable Impact
Complete statutory audits in days instead of weeks
Move from 2-5% sampling to full population testing
Handle 3x more audit engagements with same team
Who Benefits from CORAA
CA Firms & Audit Practices
Complete statutory audits 70% faster while improving audit quality and coverage
- Faster audit completion
- Better quality
- More engagements
Solo Practitioners
Handle more audit clients without hiring additional staff
- Scale your practice
- Reduce manual work
- Improve profitability
Audit Managers
Reduce review time and focus on high-risk areas and client advisory
- Less review time
- Better risk focus
- More advisory work
Audit Assistants
Eliminate tedious manual work and focus on analysis and judgment
- Less manual work
- More learning
- Better work-life balance
Related Solutions
Explore other audit automation use cases
Transform Your Statutory Audit Practice
Join 50+ CA firms automating statutory audits with CORAA