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Statutory Audit Services India

Professional Company Audit by ICAI Qualified Chartered Accountants | Complete Compliance, Audit Report, ROC Filing | Starting ₹10,000

1000+ Audits Completed
10+ Years Audit Experience
100% Clean Reports
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What is Statutory Audit?

Understanding statutory audit requirements under Companies Act, 2013

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Definition

Statutory audit is a legally required examination of financial statements and accounting records by an independent qualified chartered accountant to verify accuracy and ensure compliance with accounting standards and company law.

⚖️

Legal Requirement

Mandatory under Companies Act, 2013 for all Private Limited Companies, Public Limited Companies, and certain LLPs. Provides independent assurance to stakeholders about financial health.

🎯

Objectives

Verify accuracy of financial records, ensure compliance with accounting standards, detect errors and frauds, provide true and fair view of financial position, and build stakeholder confidence.

Types of Audit Services We Provide

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Statutory Audit

Companies Act Compliance

Mandatory audit for all companies under Companies Act, 2013. Independent examination of financial statements by qualified CA.

  • ✓ Financial statement audit
  • ✓ Compliance verification
  • ✓ Audit report (CARO)
  • ✓ ROC filing support

From ₹10,000

📊

Tax Audit (44AB)

Income Tax Act Compliance

Mandatory if business turnover exceeds ₹1 crore or professional receipts exceed ₹50 lakhs.

  • ✓ Form 3CA/3CB audit
  • ✓ Form 3CD report
  • ✓ Tax computation
  • ✓ ITR filing support

From ₹8,000

🏦

Bank Audit

RBI Approved Auditors

Audit of banks, cooperative societies, and financial institutions as per RBI guidelines.

  • ✓ Concurrent audit
  • ✓ Revenue audit
  • ✓ Stock audit
  • ✓ RBI compliance

Custom Quote

🔍

Internal Audit

Risk Management & Controls

Systematic examination of internal controls, processes, and risk management systems.

  • ✓ Process review
  • ✓ Control evaluation
  • ✓ Risk assessment
  • ✓ Recommendations

From ₹15,000

🧾

GST Audit

GST Compliance Verification

Audit of GST records and returns if turnover exceeds ₹5 crores.

  • ✓ GSTR-9C reconciliation
  • ✓ ITC verification
  • ✓ Compliance check
  • ✓ Certification

From ₹12,000

📈

Management Audit

Performance Evaluation

Assessment of management effectiveness, operational efficiency, and performance metrics.

  • ✓ Operational review
  • ✓ Efficiency analysis
  • ✓ Performance metrics
  • ✓ Strategic recommendations

Custom Quote

💰

Forensic Audit

Fraud Detection & Investigation

Specialized audit to detect fraud, financial irregularities, and legal disputes.

  • ✓ Fraud investigation
  • ✓ Financial disputes
  • ✓ Legal evidence
  • ✓ Expert opinion

Custom Quote

🏗️

Project Audit

Project Financial Review

Audit of project accounts, fund utilization, and compliance for grants/subsidies.

  • ✓ Fund utilization check
  • ✓ Project accounts review
  • ✓ Grant compliance
  • ✓ Utilization certificate

From ₹20,000

📦

Stock/Inventory Audit

Physical Verification

Physical verification of stock, inventory valuation, and reconciliation with books.

  • ✓ Physical stock count
  • ✓ Valuation verification
  • ✓ Reconciliation
  • ✓ Inventory report

From ₹10,000

Statutory Audit Pricing

Transparent pricing based on company size and complexity

Small Company

₹10,000
Turnover up to ₹2 Crore
  • Complete statutory audit
  • Financial statement review
  • Audit report (CARO)
  • Compliance verification
  • Board report
  • AOC-4 filing support
  • 1-2 weeks completion
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Most Popular

Medium Company

₹25,000
Turnover ₹2-10 Crore
  • All Small Company features
  • Detailed audit procedures
  • Branch audit (if applicable)
  • Related party transactions
  • Internal control review
  • Management letter
  • 2-3 weeks completion
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Large Company

₹50,000+
Turnover above ₹10 Crore
  • All Medium Company features
  • Extensive audit testing
  • Multi-location audit
  • Complex transactions review
  • Risk assessment
  • Detailed management letter
  • 3-4 weeks completion
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Tax Audit (44AB)

₹8,000+
Income Tax Compliance
  • Form 3CA/3CB audit
  • Form 3CD report
  • Tax computation
  • Disallowances check
  • Books verification
  • ITR filing support
  • Quick turnaround
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💡 Factors Affecting Audit Cost:

  • Company Turnover: Higher turnover requires more extensive audit procedures
  • Number of Transactions: More transactions mean more audit testing required
  • Branches/Locations: Multi-location companies require additional audit visits
  • Complexity of Business: Complex businesses (manufacturing, trading, services mix) need detailed audit
  • Accounting System: Well-maintained books reduce audit time and cost
  • Prior Year Issues: Previous audit qualifications require additional work
  • Compliance Status: Better compliance means smoother, faster audit

Our Statutory Audit Process

Systematic and thorough audit methodology ensuring quality and compliance

1

Planning

Understanding business, risk assessment, audit planning, and scheduling audit procedures

2

Document Collection

Collecting financial statements, books of accounts, bank statements, and supporting documents

3

Audit Execution

Verification of transactions, vouching, physical verification, and detailed audit testing

4

Compliance Check

Verifying compliance with Companies Act, accounting standards, and tax laws

5

Reporting

Preparing audit report, CARO report, management letter, and board report

6

Filing & Follow-up

ROC filing support, AGM attendance, and addressing post-audit queries

📋 Documents Required for Statutory Audit:

  • Financial Statements: Trial balance, Profit & Loss, Balance Sheet, Cash Flow
  • Books of Accounts: Sales register, purchase register, cash book, bank book
  • Bank Statements: All bank accounts for the entire year
  • Vouchers & Bills: Purchase bills, sales invoices, expense vouchers
  • Statutory Records: Share register, minutes books, statutory registers
  • Tax Records: GST returns, TDS returns, income tax returns
  • Agreements: Loan agreements, lease deeds, contracts
  • Previous Audit Report: Prior year audit report and management letter

Why Choose Us for Statutory Audit?

✅

ICAI Qualified CAs

All audits conducted by experienced ICAI qualified chartered accountants with proven expertise in statutory audits and compliance.

🎯

Industry Expertise

Experience across multiple industries - manufacturing, trading, services, IT, real estate, healthcare, and more.

⚡

Quick Turnaround

Fast and efficient audit completion. Small companies in 1-2 weeks, medium in 2-3 weeks, large in 3-4 weeks.

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Transparent Pricing

Clear upfront pricing with no hidden charges. Competitive rates for quality audit services.

📊

Thorough Audit

Comprehensive audit procedures following ISA and SA standards. Detailed testing and verification of all transactions.

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Collaborative Approach

Working closely with management, providing regular updates, and ensuring smooth audit process with minimal disruption.

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Quality Reports

Well-drafted audit reports with clear opinions, CARO reporting, and comprehensive management letters.

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Confidentiality

Strict confidentiality maintained. All client information handled with utmost care and professional ethics.

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Complete Support

Support for ROC filing, AGM attendance, addressing shareholder queries, and post-audit follow-up.

🌟

Value Addition

Beyond compliance - we provide insights on internal controls, process improvements, and financial efficiency.

Who Needs Statutory Audit?

🏢

All Private Limited Companies

Statutory audit is mandatory for all Private Limited Companies registered under Companies Act, 2013, irrespective of turnover or capital.

🏛️

Public Limited Companies

All Public Limited Companies must get their accounts audited annually by qualified chartered accountants.

👤

One Person Company (OPC)

OPC requires audit if turnover exceeds ₹2 crore or outstanding loans/deposits exceed ₹1 crore.

🤝

Limited Liability Partnership (LLP)

LLP audit mandatory if turnover exceeds ₹40 lakhs or contribution exceeds ₹25 lakhs.

🏦

Banks & Financial Institutions

All banks, NBFCs, and financial institutions require statutory audit as per RBI guidelines.

📈

Large Businesses (Tax Audit)

Businesses with turnover > ₹1 crore or professional receipts > ₹50 lakhs need tax audit under Section 44AB.

⚠️ Consequences of Not Getting Audit Done:

  • Penalty of ₹1,00,000 to ₹5,00,000 on company under Section 147
  • Penalty on every officer in default - ₹50,000 to ₹5,00,000
  • Difficulty in obtaining bank loans and credit facilities
  • Loss of credibility with investors and stakeholders
  • Inability to file ROC returns (AOC-4, MGT-7)
  • Possible prosecution and imprisonment in serious cases
  • Company may be struck off from ROC register

Frequently Asked Questions

What is statutory audit?
Statutory audit is a mandatory examination of financial statements and accounting records of a company by an independent qualified chartered accountant as required by Companies Act, 2013. The auditor verifies the accuracy of financial records, checks compliance with accounting standards and laws, and provides an independent opinion on whether the financial statements present a true and fair view of the company's financial position. It's required to ensure transparency, accountability, and protect stakeholder interests.
How much does statutory audit cost?
Statutory audit costs vary based on company size and complexity. Small companies (turnover up to ₹2 crore) typically cost ₹10,000-25,000. Medium companies (turnover ₹2-10 crore) cost ₹25,000-50,000. Large companies (turnover above ₹10 crore) cost ₹50,000-1,00,000 or more. Factors affecting cost include turnover, number of transactions, branches, business complexity, accounting system quality, and compliance status. We provide customized quotes based on your specific requirements.
Who needs statutory audit?
Statutory audit is mandatory for: (1) All Private Limited Companies regardless of turnover, (2) All Public Limited Companies, (3) One Person Companies (OPC) if turnover exceeds ₹2 crore or outstanding loans exceed ₹1 crore, (4) Limited Liability Partnerships (LLP) with turnover above ₹40 lakhs or contribution above ₹25 lakhs, (5) All banks and financial institutions. Additionally, businesses with turnover exceeding ₹1 crore (or professional receipts exceeding ₹50 lakhs) require tax audit under Section 44AB of Income Tax Act.
How long does statutory audit take?
Statutory audit duration depends on company size and complexity. Small companies typically take 1-2 weeks, medium companies take 2-3 weeks, and large companies take 3-4 weeks or more. The timeline depends on several factors including availability and quality of accounting records, number of transactions, business complexity, branches/locations, management cooperation, and prior year issues. Well-maintained books and organized documentation can significantly reduce audit time.
What is the difference between statutory audit and tax audit?
Statutory audit is required under Companies Act for all companies to verify financial statements and ensure compliance with company law. Tax audit is required under Income Tax Act (Section 44AB) for businesses with turnover exceeding specified limits to verify tax-related matters. Statutory audit covers overall financial statements, internal controls, and company law compliance. Tax audit focuses specifically on correctness of accounts for income tax purposes, tax computations, and allowances/disallowances. A company may need both audits if applicable criteria are met.
Who can be a statutory auditor?
Only a qualified Chartered Accountant holding Certificate of Practice from ICAI can be appointed as statutory auditor. The auditor must be independent and should not have any disqualifications under Section 141 of Companies Act, 2013. Disqualifications include being an officer/employee of the company, having business relationships, being indebted to company, having relatives as directors, and more. The auditor must also meet independence and ethical requirements as per ICAI guidelines.
When should statutory audit be completed?
Statutory audit should be completed before the Annual General Meeting (AGM). Companies must hold AGM within 6 months of financial year end (by 30th September for March year-end companies). The audit report must be ready before AGM as audited financial statements are presented and approved in AGM. It's advisable to start audit process 2-3 months before AGM date to allow sufficient time for audit completion, addressing queries, and finalizing reports.
What documents are required for statutory audit?
Required documents include: Trial balance, Profit & Loss statement, Balance Sheet, Cash Flow statement, all books of accounts (sales, purchase, cash book), complete bank statements for all accounts, all vouchers and supporting bills, statutory registers (share register, minutes books), GST returns and reconciliation, TDS returns, previous year audit report, loan agreements, fixed asset register, inventory records, and related party transaction details. Well-organized documentation ensures smooth and faster audit completion.
What is CARO report?
CARO (Companies Auditor's Report Order) is a reporting requirement under Companies Act where auditor must report on specific matters prescribed by government. CARO 2020 requires auditors to report on 21 clauses covering areas like: fixed assets, inventory, loans given/taken, internal controls, statutory dues, fraud, cash losses, default in loan repayment, fund utilization, and more. Not all companies require CARO reporting - small companies and certain other entities are exempt. Our auditors provide complete CARO reporting as applicable.
Can we change statutory auditor?
Yes, companies can change statutory auditor, but there are restrictions. Individual auditor can be appointed for maximum 1 term of 5 consecutive years. Audit firm can be appointed for maximum 2 terms of 5 consecutive years (total 10 years). After maximum term, there's a cooling-off period of 5 years before re-appointment. Change of auditor requires approval in AGM, filing Form ADT-1 with ROC within 15 days, and obtaining consent from new auditor. The outgoing auditor must provide NOC and necessary documents to incoming auditor.

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