A statutory audit is an independent audit of a company's financial statements by an eligible auditor under the Companies Act, 2013. CorporateWalla can assist with statutory-audit engagements for eligible companies, including audit planning, financial-statement review, audit procedures, reporting and coordination with the company's annual compliance process.
Important: Statutory audit is an independent assurance engagement. The final audit opinion, qualifications, emphasis of matter and other reporting are matters for the appointed statutory auditor based on the audit evidence obtained.
For companies governed by the Companies Act, 2013, statutory audit requirements are principally contained in Chapter X of the Act. Section 139 deals with appointment of auditors, while Section 143 sets out auditors' powers and duties and the audit-report framework. The auditor reports on the financial statements and related matters required by applicable law and auditing standards.
The statutory audit is different from:
For companies incorporated under the Companies Act, the statutory-audit requirement is not based simply on crossing a turnover threshold. Companies generally require statutory audit of their financial statements, subject to the applicable provisions, exemptions and entity-specific rules.
This page is primarily for:
An LLP is not a company under the Companies Act, 2013. LLP audit requirements arise under the Limited Liability Partnership Act, 2008 and the applicable LLP Rules, including the prescribed turnover/contribution tests. An LLP audit is therefore not a statutory audit “under the Companies Act, 2013.”
The exact audit procedures depend on the entity, financial statements, risks, applicable accounting framework and engagement circumstances. Typical areas include:
The auditor determines the nature, timing and extent of procedures based on professional judgment, materiality and assessed risks.
For a company, the audit is performed over the applicable financial statements and disclosures prepared by management. Depending on the entity and reporting framework, this may include:
The statutory auditor then issues the applicable auditor's report. Where the accounts themselves still need to be prepared, see annual financial statements.
Where the Companies (Auditor's Report) Order, 2020 applies, the statutory auditor has additional reporting responsibilities on the matters specified in CARO.
CARO applicability is not universal. It depends on the entity and the exemptions specified in the Order. CARO does not automatically apply to every company, and no single turnover/capital threshold determines applicability in every case.
Where applicable, the audit workflow should separately identify the CARO reporting requirements and gather the supporting information needed for the relevant clauses.
Where applicable, the auditor's reporting on internal financial controls over financial reporting is considered separately from general management-control observations. The precise reporting requirement depends on the company and applicable exemptions.
Internal financial controls reporting is not the same as internal audit.
Depending on the engagement, CorporateWalla can provide or coordinate:
Audit procedures are designed based on the engagement's risk assessment, materiality and applicable auditing standards. They may include substantive testing, analytical procedures, verification of balances and review of supporting evidence.
Where the engagement includes statutory audit, the appointed auditor prepares and signs the applicable audit report after completing the required procedures.
Where applicable, additional reporting and annexures are prepared based on the relevant legal requirements.
The audited financial statements and audit report are used in the company's annual ROC filing process. AOC-4 filing is a separate compliance filing and is not part of the audit unless specifically included in the engagement. See annual compliance for private limited companies.
| Service | Main purpose | Legal framework |
|---|---|---|
| Statutory audit | Independent audit of company financial statements | Companies Act, 2013 and applicable standards |
| Tax audit | Tax-law reporting for specified taxpayers | Applicable Income-tax law |
| Internal audit | Internal controls, risk and process review | Section 138 / applicable rules for prescribed classes |
| GST reconciliation | Reconciliation of GST records and returns where applicable | GST law / GSTR-9C framework |
| Financial statement preparation | Preparation of accounts and disclosures | Applicable accounting/reporting framework |
A company may need more than one of these services.
Pick the speed and depth that matches your need. Same quality, same CA team — only the timeline changes.
Timeline: Depends on books and audit complexity
Timeline: Depends on books and audit complexity
Timeline: Depends on entities, locations and consolidation
Every price above is a professional fee, excluding GST and government charges. 50% upfront, 50% on delivery.
Indicative professional fees: small private company from ₹13,499, mid-size private company from ₹24,999 and large / multi-entity from ₹44,999. Final pricing depends on transaction volume, turnover, number of locations / entities, accounting framework, inventory, consolidation, audit complexity and the agreed scope. Government/statutory charges, if any, are shown separately.
Confirm the engagement and check auditor independence before accepting the work.
Establish the information requirements and request the books, schedules and records needed.
Understand the entity and reporting framework, review prior-year audit matters and assess risks and materiality.
Review the trial balance and ledgers, reconcile material balances and review year-end adjustments.
Perform substantive testing, analytical procedures, verification of balances and review of supporting evidence.
Raise queries with management and obtain responses and explanations.
Where applicable, prepare additional reporting and annexures under the relevant legal requirements.
Finalise the draft financial statements and the draft auditor's report.
The appointed auditor completes the review and signs the applicable audit report.
Coordinate the AGM and ROC filing where separately engaged.
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The entity, reporting framework, financial-year and filing requirements and prior-year audit matters are understood before information is requested.
Trial balance and ledgers are reviewed, material balances reconciled and year-end adjustments examined in coordination with the bookkeeping team.
Procedures are designed from the risk assessment, materiality and auditing standards, and the appointed auditor signs the applicable report after completing them.
Applicable CARO reporting and annexures are prepared, and the audited financial statements are coordinated with the company's annual ROC filing.
From ₹8,999 • After assessment
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From ₹13,499 • Scope-dependent
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From ₹6,699 • 15–30 days (indicative)
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From ₹7,499/year • Annual retainer
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From ₹4,999/year • Annual
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From ₹4,499 • 15–30 days (indicative)
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From ₹8,999 • 30–60 days
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From ₹8,999 • 30–45 days
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