Statutory Audit under Companies Act
As per the section 139(1) of the Companies Act,2013 read with rule 3 of Companies (Audit & Auditors) Rules, 2014 every company shall appoint an individual or a firm as an auditor.
Section 139(6) of the Act stipulated that the first Auditor of the Company shall be appointed within 30 days of its date of registration.
Our firm is well equipped and well experienced in Statutory Audit and we perform it as per the Audit Program designed for the company after assessment of their Internal Control.
Steps generally followed to conduct Statutory Audit:
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1. Getting Appointment Letter & Board Resolution Copy
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2. Getting NOC from Previous Auditor
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3. Filing our no disqualification status to the company
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4. Filing of Form ADT-1 to ROC
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5. Getting Letter of Engagement
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6. Assessment of Internal Control
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7. Formulation of Internal Audit Program Action Plan and Calendar
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8. Conduction Audit as per IGAAP Companies Act ICAI Accounting Standards and Auditing Standards
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9. Forming an opinion on financial statement prepared by the company
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10. Reporting to Shareholders
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11. Attending AGM
Statutory Audit Requirement
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Company
All companies (Private Limited Company, One Person Company, Limited Company, Section 8 Company, Nidhi Company, Producer Company), irrespective of nature of business and sales turnover must appoint a Statutory Auditor.
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Certificate of Incorporation (In case of Private or Public Company)
All Limited Liability Partnership (LLP) must have its accounts audited if the annual sales turnover exceeds Rs.40 lakhs or if capital contribution exceeds Rs.25 lakhs, irrespective of the nature of business.
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Registration Certificate (In case of society)
Proprietorship firm must complete a tax audit by a Chartered Accountant if the annual sales turnover exceeds Rs.1 crore in terms of business or if annual gross receipts exceed Rs.25 lakhs in terms of a Profession.