CORAA
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Use case · Statutory audit

Statutory audit automation.

Automate Companies Act statutory audits with AI-powered ledger scrutiny, CARO reporting, RPT verification, and compliance testing. 100% transaction coverage.

CORAA CARO 2020 clause-wise opinion report, drafted from the audit file
How Coraa addresses them

End-to-end automation, from data ingestion to audit report.

Ledger
Automated scrutiny
Analyze 100% of ledger entries for unusual patterns, policy violations, and compliance issues, round-dollar transactions, duplicate entries, unusual account combinations.
CARO 2020
Clause verification
Automated CARO clause verification with supporting evidence and workpapers, fixed asset verification, inventory checks, loans and advances.
RPT
Identification & testing
Identify and verify all related party transactions for compliance, arm's length verification, disclosure compliance, board approval traceability.
Working papers
Audit trail
Auto-generate comprehensive working papers with full audit trails, audit-ready documentation, exception reports with evidence, compliance checklists.
How it works

Data to audit report - in four simple steps.

Step 01
Upload data
Trial balance, ledgers, and supporting documents in any format.
Step 02
AI analysis
Coraa analyzes 100% of transactions, identifies exceptions, and flags compliance issues.
Step 03
Review findings
Review AI-identified exceptions, add notes, and validate findings.
Step 04
Generate reports
Export audit-ready working papers, CARO report, and audit documentation.
Faster
70%
Statutory audits completed in days
Coverage
100%
Every transaction, every ledger
Sampling risk
0
Every exception flagged
Statutory audit, answered

The questions auditors actually ask.

No — it removes the need to sample purely because manual review couldn't reach the whole ledger. CORAA reads every voucher, every journal, every ledger and tests each against a defined rule set. Where the auditor deliberately chooses to sample under SA 530, for instance a procedure that specifically calls for it, CORAA runs Monetary Unit Sampling to the ICAI formula, with a seeded, re-performable selection. Both are legitimate; the auditor decides per procedure.
Every clause attempts a data-driven draft from the books and the working papers already done. Where the books settle the question, the clause arrives concluded, Yes, No, or a reasoned Not Applicable by entity type. Where only an auditor can conclude, physical verification, fraud, disputed dues, deposits compliance, the draft arrives Pending with the governing question and the source data, never a guessed answer. Nothing enters Annexure A until the auditor confirms it.
Related-party transactions are tested against the RPT schedule and the Sec 177 / Sec 188 approval and disclosure requirements, with candidates surfaced from ledger names, common directors, PAN and address matches, and transaction patterns that resemble related-party dealing. Every match is a candidate for the auditor's judgement, never an auto-asserted relationship — a no-register or an incomplete list is itself flagged rather than silently accepted.
Director remuneration is tested against the Companies Act ceilings and the board/shareholder approval trail. Loans, guarantees and security given by the company are checked against the Sec 185 / Sec 186 compliance conditions, with the terms, overdues and approvals traced to the underlying schedule so the conclusion is sourced, not asserted.
The auditor is, entirely. CORAA tests the population, drafts the mechanical clauses and presents the evidence behind each one — it never signs, and it never concludes the judgement calls. Every clause and every finding is a draft awaiting the auditor's confirmation, exportable to the working-paper file and re-performable under SA 230.
Data is hosted in India, handled in line with the DPDPA, on ISO 27001-certified infrastructure. Client data is never used to train shared or third-party models.
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Statutory Audit Automation | Companies Act Audit | CORAA