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Accounting & Audit

Statutory & Tax Audit

Mandatory audits handled with precision โ€” statutory audit under the Companies Act for all registered companies, and tax audit under Section 44AB for businesses above the turnover threshold.

Overview

What is Statutory & Tax Audit?

Statutory audit is the legally mandated independent examination of a company’s financial statements and records โ€” required for every Private Limited Company, Public Limited Company, and LLP under the Companies Act 2013 and the LLP Act 2008. The audit must be conducted by a qualified, independent Chartered Accountant. Tax audit under Section 44AB of the Income Tax Act is additionally required for businesses with turnover exceeding โ‚น1 crore (โ‚น10 crore for predominantly digital businesses) and professionals with receipts above โ‚น50 lakhs. Calcutta Corporate’s qualified CAs conduct both statutory and tax audits with complete accuracy, meticulous documentation, and strict adherence to ICAI standards and legal timelines.

Why do it

Key Benefits

Legal Requirement

Statutory audit is mandatory for every registered company โ€” non-compliance attracts penalties on the company and its directors under the Companies Act.

Bank & Investor Trust

Audited financial statements are required for bank loans, investor due diligence, and government tenders โ€” a clean audit report builds credibility.

Tax Accuracy & Savings

Tax audit ensures all deductions are correctly claimed and income is properly reported โ€” protecting you from disallowances and future notices.

ROC Compliance

Audited financial statements are required for annual ROC filings (AOC-4, MGT-7) โ€” no audited accounts means non-compliance with MCA.

Fraud & Error Detection

Statutory audit identifies misstatements, fraud, and internal control weaknesses โ€” protecting the company and its shareholders from financial risks.

Regulatory Protection

A properly conducted statutory audit provides a legal shield โ€” directors can demonstrate due diligence and proper financial governance.

How it works

Step-by-Step Process

Auditor Appointment

Board resolution appointing the auditor is passed; Form ADT-1 is filed with ROC within 15 days of AGM for company auditor appointments.

Planning & Risk Assessment

We assess the company's business, internal controls, and risk areas โ€” designing an audit plan tailored to your company's size and complexity.

Books & Records Examination

All books of accounts, vouchers, invoices, minutes of meetings, and statutory registers are reviewed and verified against financial statements.

Verification & Testing

Assets, liabilities, income, and expenses are independently verified โ€” including physical verification, bank confirmations, and debtor/creditor confirmations.

Audit Report & CARO

Statutory audit report is prepared per SA (Standards on Auditing); CARO 2020 report covers additional observations on loans, fraud, and compliances.

Finalisation & Filing

Signed audit report is attached to financial statements for AGM presentation and ROC filing. Tax audit report (Form 3CA/3CB) is filed on the Income Tax portal.

What you need

Documents Required

FAQs

Frequently Asked Questions

The company and every officer in default is liable to a fine of โ‚น25,000 to โ‚น5 lakh. The company also cannot file its annual ROC returns without audited financial statements.
Yes. Every Private Limited Company, regardless of turnover or profit, must have its accounts audited by a qualified CA every financial year under Section 139 of the Companies Act 2013.
Audited accounts must be presented at the AGM held within 6 months of the financial year end (i.e., by September 30). ROC filing of financial statements is due within 60 days of AGM.
Companies (Auditor's Report) Order 2020 requires auditors to report on specific matters including fixed assets, inventories, loans, fraud, and statutory dues โ€” applicable to most companies except small companies and OPCs.
Yes. An auditor can be changed at the AGM by shareholder resolution. Listed companies must mandatorily rotate auditors every 5/10 years. The outgoing auditor must provide a NOC (no-objection certificate).
The company and every officer in default is liable to a fine of โ‚น25,000 to โ‚น5 lakh. The company also cannot file its annual ROC returns without audited financial statements.

Ready to get your Statutory & Tax Audit done?

Our team will guide you through every step โ€” from documentation to final registration. Most services are completed faster than you expect.