Nareshv and Associates

Company Audit

Expert assistance at your fingertips

Steps

1. Fill out the Form

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from our nareshv & associates CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

2. List of Documents Required

Required Documents for Company Audit/Statutory Audit Services

Appointment of Auditor in Company

Verification of Books of Accounts

Preparation of Audit Report

Clarification & Query Supports

Filing of MCA Annual Forms

General Audit related Services

3. Process of Company/LLP Audit

Step-1 : Make Inquiry

Send us your company details. Our Representative will connect with you for Appointment of Auditor in Company.

Step-2 : Auditor Appointment

Our Manager will File required forms to MCA for Appoinment of Auditor in your Company.

Step-3 : Book of Account

Once We will start Audit Procedure, You need to give our Auditor a Complete books of Accounts with Required information asked by CA.

Step-4 : Query Solving

Once Completion of Audit, Chartered Accountant will issue Query list (if found any). Company will Resolve such query.

Step-5 : Audit Report

Auditor will Issue Independed Audit Report with their opinion on financial statement of the company. For Such Financial year audit will be considered as completed.

Step-6 : RoC Filings

ast Stage, Filing of Audit Report and Financial Statement to MCA/ROC.

4. Whether All Company (Pvt Ltd/LLP/Limited Company) Required Statutory Audit?

Public Limited Company : Compulsory Audit Required

Private Limited Company : Mandatory Audit Even if Nil Turnover

One Person Company : Mandatory Audit

LLP : If turnover is morethan 40 Lakhs

Section 8 Company : Audit is Compulsory

Banking, Insurance, Govt Co etc: Audit Required

5. How long does a company audit take?

The duration of a company audit can vary depending on the size and complexity of the business. Smaller companies may require a few days to complete the audit, while larger companies may take several weeks or even months.

Company Audit

What is Company/Statutory Audit Service?

The statutory audit is a mandatory audit that every private limited company must conduct irrespective of its profit or turnover. A company incurring loss must also conduct a statutory audit. Every private limited company must compulsorily get their annual accounts audited each financial year as per the Act and Companies (Accounts) Rules, 2014. The objective of the statutory audit is to determine if a company is providing an accurate representation of its financial situation after examining the information in the books of account, bank balance and financial statements.

Frequently Asked Questions

1. How to conduct a statutory audit?

At each Annual General Meeting (AGM), the shareholders of the company must appoint an auditor who holds the position from one AGM to the conclusion of the next AGM. The Companies (Amendment) Act, 2017 maintains that the auditors can only be appointed for a maximum term of five consecutive AGMs.

2. Who can conduct a statutory audit?

A person who is a partner with an employee of the company or employee of a company employee;
Any person who is indebted to a company for a sum exceeding INR 1,000 (US$14) or who have guaranteed to the company on behalf of another person a sum exceeding INR 1,000 (US$14);
Any person who has held any securities in the company after one year from the date of commencement of the Companies (Amendment) Act, 2000;

3. What does the audit report include?

The Company Auditor's Report Order (CARO), 2016 requires an auditor to report on various aspects of the company, such as fixed assets, inventories, internal audit standards, internal controls, statutory dues, among others. The auditor must follow the auditing standards as recommended by the Institute of Chartered Accountants of India (ICAI). In case the auditor uncovers any fraud during the audit must report it to the government immediately.

4. Is there a penalty for non-compliance?

For non-compliance with a statutory audit, fines range from INR 25,000 (US$351) to INR 500,000 (US$7,029) for the company. For every officer in default, imprisonment of up to one year, or fine of INR 10,000 (US$140) to INR 100,000 (US$1,405), or both.

5. What happens if I get audited and don’t have receipts?

While auditing if you do not have any receipt, the auditor may accept any other documentation and in case you fail to present the same the auditor will not accept the entry in the books of accounts.