Legal Requirement
Statutory audit is mandatory for every registered company — non-compliance attracts penalties on the company and its directors under the Companies Act.
Audit & Accounts
Statutory & Tax Audit
Mandatory audits handled with precision — statutory audit under the Companies Act for all registered companies, and tax audit under Section 44AB for businesses above the turnover threshold.
Response within a few hours
Talk to a CA / CS / legal specialist — Mon – Sat · 11:00 AM – 7:00 PM.
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Overview
What is Statutory & Tax Audit?
Statutory audit is the legally mandated independent examination of a company’s financial statements and records — 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 ₹1 crore (₹10 crore for predominantly digital businesses) and professionals with receipts above ₹50 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
Bank & Investor Trust
Audited financial statements are required for bank loans, investor due diligence, and government tenders — a clean audit report builds credibility.
Tax Accuracy & Savings
Tax audit ensures all deductions are correctly claimed and income is properly reported — protecting you from disallowances and future notices.
ROC Compliance
Audited financial statements are required for annual ROC filings (AOC-4, MGT-7) — no audited accounts means non-compliance with MCA.
Fraud & Error Detection
Statutory audit identifies misstatements, fraud, and internal control weaknesses — protecting the company and its shareholders from financial risks.
Regulatory Protection
A properly conducted statutory audit provides a legal shield — directors can demonstrate due diligence and proper financial governance.
How it works
Step-by-Step Process
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01
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.
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02
Planning & Risk Assessment
We assess the company's business, internal controls, and risk areas — designing an audit plan tailored to your company's size and complexity.
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03
Books & Records Examination
All books of accounts, vouchers, invoices, minutes of meetings, and statutory registers are reviewed and verified against financial statements.
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04
Verification & Testing
Assets, liabilities, income, and expenses are independently verified — including physical verification, bank confirmations, and debtor/creditor confirmations.
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05
Audit Report & CARO
Statutory audit report is prepared per SA (Standards on Auditing); CARO 2020 report covers additional observations on loans, fraud, and compliances.
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06
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
- Books of accounts (Tally / accounting software)
- Bank statements for the full financial year
- All invoices — sales, purchases, expenses
- Fixed asset register and depreciation schedule
- Statutory registers (share register, minute books)
- Previous year audited financials and tax returns
- Loan agreements and outstanding balance confirmations
- TDS returns and certificates
- ROC filings (AOC-4, MGT-7) of prior years
FAQs
Frequently Asked Questions
Is statutory audit mandatory for all Private Limited Companies?
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.
What is the due date for statutory audit?
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.
What is CARO 2020?
Companies (Auditor's Report) Order 2020 requires auditors to report on specific matters including fixed assets, inventories, loans, fraud, and statutory dues — applicable to most companies except small companies and OPCs.
Can a company change its auditor?
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).
What happens if statutory audit is not done?
The company and every officer in default is liable to a fine of ₹25,000 to ₹5 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 — from documentation to final registration. Most services are completed faster than you expect.