Statutory Audit Services in Delhi | Company Audit under Companies Act 2013

In a Nutshell: Every Company Needs One, Every Year

Every company registered in India — private limited, OPC, Section 8 or public — must have its financial statements audited every year by a chartered accountant in practice under the Companies Act, 2013, regardless of turnover or profit. Startup Advisory acts as statutory auditor for companies and LLPs across Delhi NCR, from first-year startups to established family businesses.

Who needs it: every company, without any turnover threshold; LLPs with turnover above ₹40 lakh or contribution above ₹25 lakh.
Appointment: first auditor by the board within 30 days of incorporation; thereafter at the AGM for a five-year term, with Form ADT-1 filed within 15 days.
Report: audit opinion under Section 143, plus CARO 2020 for companies not exempted, and internal financial controls reporting where applicable.
Timeline: AGM within six months of the year end (by 30 September for a March year end); AOC-4 within 30 days of the AGM.
Independence: Section 144 bars an auditor from also providing bookkeeping, internal audit and certain other services to the same company.
Provider: Startup Advisory, CA firm in Saket, New Delhi 110030. Call 9311972982.

Reviewed by CA Neeraj Rohilla, FCA — Chartered Accountant, Startup Advisory, Saket, New Delhi.

A Clean Audit Report Is Built Through the Year, Not in September

The statutory audit is the one review every company must have, and the audited financial statements are what banks, investors, tax authorities and the Registrar rely on. A smooth audit depends less on the auditor than on the year that preceded it: books closed monthly, reconciliations done, registers maintained. We plan the audit with you early so that the AGM deadline is met without a scramble.

Who needs a statutory audit

Entity	Audit requirement	Law
Private limited company, OPC, Section 8 company, public company	Every year, irrespective of turnover, profit or activity	Companies Act, 2013 (Sections 139–148)
LLP	If turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh in the year	LLP Act, 2008, Section 34 and Rule 24(8) of the LLP Rules, 2009
Partnership firm, proprietorship	No company-law audit; a tax audit applies if income-tax limits are crossed	Income-tax law

Appointment of the statutory auditor

First auditor: appointed by the board within 30 days of incorporation; if the board fails, by the members at an EGM within 90 days (Section 139(6)). The first auditor holds office until the first AGM.
Subsequent auditor: appointed at the AGM to hold office from the conclusion of that meeting until the conclusion of the sixth AGM, i.e. a five-year term (Section 139(1)). Form ADT-1 is filed with the Registrar within 15 days of the meeting.
Rotation: listed companies and prescribed classes — such as unlisted public companies with paid-up capital of ₹10 crore or more, and private companies with paid-up capital of ₹50 crore or more — must rotate an individual auditor after one five-year term and an audit firm after two (Section 139(2) and Rule 5). OPCs and small companies are outside rotation.
Changing auditor: removal before the term needs a special resolution and Central Government approval; resignation requires Form ADT-3.

What the audit covers and reports

Audit opinion (Section 143): whether the financial statements give a true and fair view in accordance with the applicable accounting standards — AS under the 2021 Rules for most private companies, Ind AS where applicable.
CARO 2020: reporting on fixed assets, inventory, loans, deposits, statutory dues, borrowings, fraud, related parties, internal audit and more — for companies not exempted (OPCs, small companies and certain small private companies are exempt).
Internal financial controls: auditor’s report on the adequacy and operating effectiveness of IFC over financial reporting, unless the company falls within the exemption for small private companies.
Fraud reporting: under Section 143(12), suspected fraud by officers or employees is reported to the Central Government (₹1 crore or more) or to the board or audit committee.
Schedule III presentation: balance sheet, profit and loss, cash flow (where required) and notes in the prescribed format.

How we run the audit

Planning: applicability check (CARO, IFC, Ind AS, small-company status), materiality, and a requirements list sent before year end.
Interim work: for larger clients, controls testing and a first pass on the books before March.
Final audit: vouching, confirmations, physical verification attendance, related-party and compliance checks.
Reporting: draft financial statements and audit report reviewed with management; board approval; UDIN-generated signed report.
After the audit: a management letter on control and compliance points, and support with AOC-4 and MGT-7 filings.

Because Section 144 prohibits a company’s auditor from also providing its accounting and bookkeeping services, we do not audit companies whose books we maintain. Our statutory audit preparation checklist covers what to have ready.

Related Audit & Assurance Services

Tax Audit →Income-tax audit under Section 44AB (Section 63 of the Income-tax Act, 2025 from Tax Year 2026-27) — Form 3CA/3CB-3CD, now Form 26.

Internal Audit →Risk-based internal audit under Section 138 — process reviews, control testing and quarterly reports to the board or audit committee.

Fixed Assets Audit →Fixed asset register review, capitalisation, depreciation, CWIP and title checks — aligned to CARO 2020 clause 3(i).

Secretarial Due Diligence →Companies Act compliance trail — share capital, ROC filings, registers, minutes, charges and FEMA filings — for deals and lenders.

See all audit & assurance services

Frequently Asked Questions

Yes. Every company registered under the Companies Act, 2013 must have its accounts audited every year, even with nil turnover, a loss or no business activity. There is no turnover threshold for company audits.

The board must appoint the first auditor within 30 days of incorporation. If it does not, the members must appoint one at an extraordinary general meeting within 90 days. The first auditor holds office until the conclusion of the first annual general meeting.

Only if its turnover exceeds ₹40 lakh or its partners’ contribution exceeds ₹25 lakh in the financial year, under Rule 24(8) of the LLP Rules, 2009. Below those limits the accounts need not be audited, though the designated partners still certify them.

A statutory audit is required for every company under the Companies Act and gives an opinion on the financial statements as a whole. A tax audit is required under income-tax law only when turnover or receipts cross prescribed limits, and reports specific tax particulars. A company can need both in the same year; the tax audit can rely on the statutory audit.

The Companies (Auditor’s Report) Order, 2020 requires the auditor to report on additional matters such as fixed assets, inventory, loans, statutory dues and fraud. It does not apply to OPCs, small companies, banking, insurance and Section 8 companies, or to private companies meeting all the small-size conditions in the Order. Most other companies are covered.

No. Section 144 of the Companies Act prohibits the statutory auditor from providing accounting and bookkeeping, internal audit and certain other services to the company it audits. If we maintain your books, another firm must audit them, and vice versa.

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