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Statutory Audit Services
A statutory audit is an independent examination of a company's financial statements by a Chartered Accountant appointed under the Companies Act, 2013, ending in an audit report on whether the accounts give a true and fair view. Every company in India must have its accounts audited each financial year regardless of size or profit, and an LLP needs an audit once its turnover exceeds ₹40 lakh or its contribution exceeds ₹25 lakh. Cosomtax Solution helps businesses prepare for, coordinate and complete these audits, with audit opinions issued by qualified Chartered Accountants in practice as the law requires.
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What's included
What does our statutory audit service cover?
Audit planning and risk assessment
Understanding your business and its controls to plan the audit in line with the Standards on Auditing issued by ICAI.
Verification of books and records
Testing transactions, balances and disclosures, including bank, receivables, payables, inventory and fixed assets.
Internal control review
Reviewing internal financial controls and sharing practical observations to strengthen them.
CARO 2020 reporting
Reporting under the Companies (Auditor's Report) Order, 2020, where it applies to your company.
Audit report
The independent auditor's report prepared in line with SA 700 and related standards, issued by a Chartered Accountant in practice.
Tax audit
Tax audit and reporting in the prescribed forms where your turnover or receipts cross the limits under the Income-tax Act.
Audit readiness support
Help closing books, preparing schedules and reconciliations so the audit runs smoothly and on time.
Filing coordination
Coordinating with your team for auditor appointment filings (ADT-1) and filing financial statements (AOC-4) after adoption.
Who needs a statutory audit?
- Every private and public limited company, including One Person Companies, irrespective of turnover or profit.
- LLPs whose turnover exceeds ₹40 lakh or whose contribution exceeds ₹25 lakh in a financial year.
- Businesses and professionals whose turnover or gross receipts cross the tax audit limits under the Income-tax Act.
- Entities that need audited financial statements for banks, investors, tenders or government schemes.
What documents are needed for a statutory audit?
- Trial balance, general ledger and books of account for the year
- Bank statements and bank reconciliation statements
- Sales and purchase registers, with GST returns filed during the year
- Fixed asset register and invoices for additions
- Inventory records and physical verification details, where applicable
- TDS returns, challans and the income tax computation
- Loan agreements, sanction letters and confirmations of major balances
- Statutory registers, board and shareholder meeting minutes
- Previous year's audited financial statements
What are the key due dates?
| Requirement | Due date |
|---|---|
| First auditor appointment by the board | Within 30 days of incorporation |
| Annual General Meeting (other than the first) | Within six months of the end of the financial year, generally by 30 September |
| Filing of financial statements (AOC-4) | Within 30 days of the AGM |
Timelines are subject to extensions notified by the Ministry of Corporate Affairs.
Our process
How does the audit process work?
- 01
Consult
We understand your business, accounting system, past audit observations and reporting deadlines.
- 02
Document
We share a document request list and collect records securely, in phases if needed.
- 03
Process
Fieldwork, testing and discussion of observations with management before the report is finalised.
- 04
Done
Audited financial statements and the audit report, with support for the related MCA and income tax filings.
FAQ
Statutory audit: frequently asked questions
Straight answers to the questions we hear most often. Need something specific? Ask us directly.
Yes. Under the Companies Act, 2013, every company must have its financial statements audited each year, whatever its size, turnover or profit. Even a company with no business activity in the year needs an audit.
Only a Chartered Accountant in practice, or a firm or LLP of Chartered Accountants, can be appointed as the statutory auditor of a company. The auditor must also satisfy the eligibility and independence requirements of the Companies Act, 2013.
The board of directors must appoint the first auditor within 30 days of incorporation. If the board does not, the members must appoint the auditor within 90 days at an extraordinary general meeting.
A statutory audit is required by the Companies Act, 2013 and reports on whether the financial statements give a true and fair view. A tax audit is required by the Income-tax Act when turnover or receipts cross prescribed limits, and reports specific tax-related particulars in a prescribed form. A company may need both.
The Companies (Auditor's Report) Order, 2020 requires auditors to report on additional matters such as fixed assets, inventory, loans and statutory dues. It does not apply to some small private companies, broadly those that are not subsidiaries or holding companies of a public company and that stay within specified limits for capital, borrowings and revenue. We confirm whether it applies to you.
A company files its audited financial statements in form AOC-4 within 30 days of the Annual General Meeting, which is generally held within six months of the end of the financial year. These timelines are subject to extensions notified by the MCA.
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