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Company

Statutory Audit

A Statutory Audit is a legally mandated examination of a company's financial records by an independent Chartered Accountant (CA). Required under the Companies Act 2013, the audit ensures that a company's financial statements give a true and fair view of its financial position and are free from material misstatements.

2,500+
Audits Completed
100%
AGM-Ready Delivery
4.9 ★
Client Rating
20+
Years CA Experience
Service Overview

Trust Through Independent Verification

Every company incorporated in India must get its accounts audited by a qualified Chartered Accountant at the end of each financial year — regardless of turnover or profitability. The auditor examines the books, verifies transactions, and issues an audit report that is attached to the annual financial statements filed with the MCA. A clean audit report builds investor confidence, supports loan applications, and protects the company's directors from personal liability. Our panel of experienced CAs ensures thorough, timely, and compliant statutory audits.

Critical: The auditor must be appointed within 30 days of incorporation at the first Board Meeting, and ratified at every AGM. An unaudited company cannot file its financial statements with MCA — blocking annual compliance entirely and exposing directors to personal liability.

Financial Statement Verification

True and fair view certification

The auditor verifies that the Balance Sheet, P&L Account, and Cash Flow Statement are prepared in accordance with applicable Accounting Standards and give a true and fair view of the company's finances.

Internal Control Assessment

Identify and fix control gaps

Beyond financial verification, the auditor evaluates the adequacy of the company's internal controls — identifying risks, gaps, and recommendations for stronger financial management.

Fraud & Misstatement Detection

Protect against errors and fraud

Auditors look for material misstatements, accounting irregularities, and potential fraud indicators. Early detection protects the company from larger financial and legal consequences.

Audit Report & CARO

Compliance with CARO 2020

The statutory audit report must comply with CARO 2020 (Companies Auditor's Report Order), requiring specific disclosures on loans, fixed assets, related party transactions, and statutory dues.

Eligibility Criteria

Who Needs a Statutory Audit?

Statutory audit is mandatory for most types of companies and some other entities under Indian law.

1

All Companies Under Companies Act

Every company — Private Limited, Public Limited, OPC, Section 8 — must get a statutory audit regardless of turnover or activity level.

2

LLPs Above ₹40 Lakhs Turnover

An LLP must get its accounts audited if annual turnover exceeds ₹40 lakhs OR if capital contribution exceeds ₹25 lakhs. Below these thresholds, audit is optional.

3

Trusts with 12A Registration

Income tax registered trusts (under Section 12A) must get accounts audited annually and file the audit report with the Income Tax Return to maintain tax-exempt status.

4

Businesses Under GST Audit Threshold

Businesses with annual GST turnover exceeding ₹5 crores must file a GST Annual Return (GSTR-9) with a reconciliation statement — though the mandatory GST audit was removed in 2021.

Key Benefits

Benefits of a Clean Statutory Audit

A statutory audit is not just a compliance requirement — it is a sign of financial health and organizational credibility.

01

MCA & Tax Compliance

The audited financial statements and audit report are essential for filing MCA Annual Returns (AOC-4) and income tax returns. Without an audit, these filings cannot be completed.

02

Investor & Lender Confidence

Investors, venture capitalists, and banks rely on audited financials for due diligence. A clean audit report significantly accelerates fundraising and loan approvals.

03

Director Protection

An independent audit protects company directors from personal liability by establishing that financials were independently verified and any irregularities were identified early.

04

Identify Operational Inefficiencies

Auditors often identify cost inefficiencies, revenue leakages, and accounting inconsistencies that management may have missed — adding business value beyond compliance.

05

Government Contract Eligibility

Government agencies and PSUs require audited financial statements for vendor empanelment, tenders, and grant applications.

06

Early Fraud Detection

Regular audits deter internal fraud and quickly surface anomalies in cash flows, inventory, or vendor payments that could signal misappropriation.

Step-by-Step Process

How We Conduct Your Statutory Audit

Our experienced CA team follows a structured, risk-based audit approach aligned with Standards on Auditing (SAs) issued by ICAI.

Your journey Step 1 of 6

Scroll through the steps — or skip the queue and let our experts handle every one of them for you.

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1
Step 1 of 6

Audit Planning

Understand the business, identify key risk areas, and plan the audit scope — defining materiality levels and areas requiring detailed examination.

2
Step 2 of 6

Internal Control Review

Review the company's internal control systems — accounting procedures, authorization controls, bank reconciliations, and access controls — to assess control risk.

3
Step 3 of 6

Substantive Testing

Verify balances and transactions through sampling — reconcile bank statements, confirm receivables/payables, verify fixed asset records, and check related party transactions.

4
Step 4 of 6

Management Queries

Raise queries on unusual entries, missing vouchers, or unexplained variances. Obtain management representations and clarifications.

5
Step 5 of 6

Finalize Financial Statements

Finalize the Balance Sheet, P&L, and Notes to Accounts after resolving all audit queries and applying necessary adjustments.

6
Step 6 of 6

Issue Audit Report

Issue the Auditor's Report with CARO 2020 disclosures. The report confirms whether the financials give a 'true and fair view' — or qualifies exceptions found.

Document Checklist

Documents Required for Statutory Audit

Our CA team reviews these records during the audit. Organized documentation speeds up the process significantly.

Financial Records

Trial Balance & Ledger

Complete trial balance and detailed ledger accounts from your accounting software (Tally, QuickBooks, Zoho Books, etc.)

Bank Statements

All company bank account statements for the full financial year.

Invoices & Vouchers

Sales invoices, purchase bills, expense vouchers, and journal entries for the year.

Fixed Asset Register

Detailed list of all fixed assets with purchase date, cost, accumulated depreciation, and WDV.

Statutory Auditor appointment must be done through a formal Board Resolution. For companies appointing a new auditor, Form ADT-1 must be filed with MCA within 15 days of the AGM.

Post Registration

After the Audit is Completed

Post-audit, use the audit report and findings to strengthen governance and complete annual compliance filings.

Within 60 days of AGM

File AOC-4 with MCA

Attach the audited financial statements and audit report to Form AOC-4 and file with the MCA within 60 days of the AGM. Our team handles this filing.

By Oct 31

File Income Tax Return

Use the audited financials to file the company's Income Tax Return (ITR-6) by October 31. Tax audit under Section 44AB may be required if turnover exceeds specified limits.

Ongoing

Address Audit Observations

Review the auditor's management letter (if any) with operational recommendations. Implementing audit suggestions improves internal controls and reduces risk for next year's audit.

Why Finace India?

Your Trusted Statutory Audit Partner

An unaudited company can't file its financial statements with MCA at all. Our independent Chartered Accountants complete audits accurately and on schedule, every AGM cycle.

Independent CA Panel

Audits conducted by qualified, independent Chartered Accountants who meet Companies Act appointment norms.

Director Liability Protection

A clean, timely audit report shields directors from the personal liability that follows unaudited financials.

Fraud & Inefficiency Detection

Beyond compliance, our audit process surfaces operational red flags before they become larger problems.

AGM-Ready Turnaround

Audit reports delivered in time for board approval and AOC-4 filing — no last-minute scrambles before the AGM.

2,500+

Audits Completed

100%

AGM-Ready Delivery

4.9 ★

Client Rating

20+

Years CA Experience

4.9 / 5from 2,400+ verified reviews
Talk to an Expert
FAQ

Frequently Asked Questions

Yes. All companies incorporated under the Companies Act 2013 must get a statutory audit regardless of whether they have any business activity, turnover, or profit during the year.
Only a Chartered Accountant (CA) holding a valid Certificate of Practice from ICAI can conduct a statutory audit. The auditor must be independent — they cannot be a director, officer, or relative of a director of the company.
CARO 2020 is a detailed reporting requirement issued by the MCA requiring auditors to report on specific aspects like loans, fraud, related party transactions, and statutory dues. It applies to most companies except small companies, OPCs, and banking companies.
For a well-organized company, a statutory audit typically takes 1–3 weeks. Complex companies with multiple branches or large transaction volumes may take longer. Providing organized records significantly reduces the audit timeline.
Under the Companies Act 2013, an individual CA can be auditor for a maximum of 5 consecutive years, and a CA firm for 10 consecutive years, before mandatory rotation applies. Small companies are exempt from rotation requirements.

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